Read more at The Business Times.
Crashing crude prices cut into its drilling business, resulting in lower oil output and a loss of six billion yuan versus a profit of 6.24b yuan a year earlier.
Capital expenditure increased to 45 billion yuan in the first half, compared to 42.88 billion yuan the previous year. Sinopec also lowered its full-year capex outlook by 10 per cent from the 143.4 billion yuan it projected earlier this year.Sinopec announced a special dividend of 0.07 yuan per share after agreeing in July to sell equity stakes in its pipeline units to a new state entity for 47.1 billion yuan.
Total production decreased 0.4 per cent to 225.7 million barrels of oil equivalent, with overseas output down 8 per cent from the same period last year, while domestic production was unchanged. Looking forward, the company plans to boost refining output in the second half as the economy continues to recover from the pandemic. Sinopec forecast that it would process 130 million tons of crude in the second half, compared with 111 million in the first half.
Singapore Latest News, Singapore Headlines
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