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  1. Sinopec slashes spending as cash inflows dwindle

    Posted Aug 27th 2008, 12:00am by Eric Ng

    ... Eric Ng 8.2b yuan cut off capacity expansion China Petroleum & Chemical Corp (Sinopec) is scaling back its capital expenditure this year after hefty refining losses caused net cash ... on new production capacity by 8.2 billion yuan (HK$9.35 billion) or 6.7 per cent, chairman Su Shulin said yesterday. The belt tightening comes two days after Sinopec posted a 77.3 per cent ...

  2. Refiners tumble on expected end to tax rebates

    Posted Jul 04th 2008, 12:00am by Eric Ng

    ... Chemical Corp (Sinopec) and PetroChina. Analysts said the move could result in overall third-quarter losses for Sinopec and its refining and petrochemical subsidiary Sinopec Shanghai Petrochemical, ... in the second quarter. 'It was not meant to be a permanent policy, and we have so far not been officially informed that the rebate will stop,' he said. A Sinopec spokesman declined to comment. ...

  3. Corrections & clarifications

    Posted Jun 11th 2008, 12:00am by Staff Reporter

    ... SK Energy signed a framework agreement to take a 35 per cent stake in a petrochemical plant in Wuhan being built by China Petroleum & Chemical (Sinopec). The stake percentage was misreported in yesterday's paper. ...

  4. Sinopec expands overseas reserves with US$1.9b deal for Tanganyika

    Posted Sep 26th 2008, 12:00am by Staff Reporter

    ... Tim LeeMaster China Petrochemical Corp (Sinopec Group), the mainland's second-largest oil and gas company, has offered about US$1.93 billion in cash to take over Canada's Tanganyika Oil. Sinopec's wholly owned unit, Sinopec International Petroleum Exploration and Production Corp, would pay C$31.50 (HK$236.85) a share for the company, Tanganyika said yesterday. ...

  5. Results

    Posted Apr 07th 2008, 12:00am by Staff Reporter

    ... Today Final: AAC Acoustic Technologies Holdings, AMVIG Holdings, COSCO Pacific, Omnicorp, Prosperity Investment Holdings, Shanghai Allied Cement, Sinopec Shanghai Petrochemical, Sinopec Yizheng Chemical Fibre, Tristate Holdings, Wasion Meters Group Tomorrow Interim: Far East Pharmaceutical Technology Final: APT Satellite Holdings, Beijing Development (Hong Kong), Beijing ...

  6. Sinopec faces sharp fall in profits as oil price rises lift operating costs

    Posted Jul 18th 2008, 12:00am by Denise Tsang, Eric Ng

    ... Eric Ng and Denise Tsang China Petroleum & Chemical Corp (Sinopec), the world's third-largest oil refiner by capacity, and two of its refining and petrochemical units, have warned of sharp profit decline or net loss for this year's first half. Surging oil prices increased their operating cost. Sinopec in a statement last night said that its net profit for the six months ...

  7. Sinopec awaits Beijing's magic wand

    Posted Apr 14th 2008, 12:00am by Eric Ng

    ... If anything is certain about the profit outlook of China Petroleum & Chemical Corp (Sinopec) this year, it has to be this: uncertainty. And any analyst hoping to give an accurate forecast of its ... operates in the toughest environment, with crude oil prices staying stubbornly at record highs and Beijing keeping a firm lid on fuel price rises to tame inflation. Sinopec's refining ...

  8. Refining losses cap Sinopec net at 56.5b yuan

    Posted Apr 07th 2008, 12:00am by Denise Tsang

    ... Hefty refining losses erased more than 60 per cent of the fourth-quarter profit of the mainland's No2 oil firm, Sinopec, leading to worse than expected 5.5 per cent growth in its ... from a year earlier, based on mainland accounting standards, as some analysts said record-breaking global crude oil prices left snowballing losses at Sinopec's refining unit that required ...

  9. Sinopec retains lead in Top 500

    Posted Sep 02nd 2008, 12:00am by Tom Miller

    ... Tom Miller in Beijing Oil refining giant China Petroleum & Chemical Corp (Sinopec) is the mainland's biggest company, according to a new list of the Top 500 Chinese Enterprises. Sinopec beat off competition from State Grid Corp of China and PetroChina to claim the top spot for the fourth year running as the mainland's top companies began to close the gap ...

  10. Former Sinopec chief dismissed from posts

    Posted Jan 26th 2008, 12:00am by Cary Huang

    ... Cary Huang in Beijing Ex-chairman accused of taking bribes ousted from party as judiciary takes over his case A former chairman of state oil-refining giant Sinopec has been expelled from ... of Supervision decided to expel Chen Tonghai, former chairman of China Petroleum and Chemical Corp (Sinopec), from the party and civil service, said a government statement cited by Xinhua last night. ...




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