China Petroleum & Chemical Corp

Sinopec posts third-quarter profit decline

Sinopec raised fuel prices in the past two months. Photo: Bloomberg

China Petroleum & Chemical Corp (Sinopec) saw its net profit slide 9.4 per cent in the third quarter but benefited from government-mandated fuel price rises to beat analysts' estimates.

Monday, 29 October, 2012, 5:08am

Reshuffle puts CNOOC chairman into top slot at oil refiner Sinopec

Fu Chengyu, the man behind China's most prominent overseas acquisition attempt, will take the helm of China Petroleum & Chemical Corp (Sinopec) as Beijing reshuffles managers at the mainland's largest oil companies.

Fu, 60, chairman of CNOOC, the nation's dominant offshore oil and gas producer, has been appointed chairman of Sinopec, a CNOOC official confirmed yesterday.

9 Apr 2011 - 12:00am

Sinopec awaits Beijing's magic wand

As crude costs continue to rise, the refining giant can only hope for a state-mandated increase in retail fuel prices or a subsidy handout to avert a drop in its bottom line

14 Apr 2008 - 12:00am

Refining losses cap Sinopec net at 56.5b yuan

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 full-year net profit to 56.53 billion yuan (HK$62.86 billion) last year.

7 Apr 2008 - 12:00am

Sinopec shuts out HK customers using underground fund channels

China Petroleum & Chemical Corp (Sinopec), the nation's largest fuel distributor, has ceased dealings with Hong Kong customers using allegedly illegal underground lenders to buy cheap fuel on the mainland, as it awaits approval to settle such trades through a bona fide bank.

20 Nov 2007 - 12:00am

Oil refiners bow to pressure on output rise

The country's top oil production and refining companies have again bowed to pressure from Beijing to increase fuel supply and fulfil social responsibility by raising refining throughput despite mounting losses.

20 Nov 2007 - 12:00am

Sinopec kick-starts 20b yuan bond sale

China Petroleum & Chemical Corp (Sinopec), the country's largest oil refiner, has started the 20 billion yuan bond sale yesterday to raise funds for a gas project in Sichuan province.

Sinopec will sell the bonds to domestic investors until Thursday, according to a company statement published in the China Securities Journal.

14 Nov 2007 - 12:00am

Sinopec chief's exit sparks sell-off

Shares of China Petroleum & Chemical Corp (Sinopec) fell as much as 8 per cent on its first day of trading in Shanghai yesterday following chairman Chen Tonghai's abrupt resignation after being detained for alleged economic irregularities.

26 Jun 2007 - 12:00am

Sinopec chief steps down amid rumours of graft

Chen Tonghai, the head of China Petrochemical Corp and listed subsidiary China Petroleum & Chemical Corp (Sinopec), has abruptly stepped down amid speculation that he is under investigation for economic irregularities, sources said.

23 Jun 2007 - 12:00am

Sinopec in talks to buy into Incheon offering

China Petroleum & Chemical Corp (Sinopec) is in talks with SK Corp, South Korea's largest oil refiner, about potentially investing in the planned initial public offering of its refining unit SK Incheon, an official at SK said.

According to the Korean company, the talks are part of wider negotiations on co-operation between the two companies, which already have dealings.

1 May 2007 - 12:00am

Sinopec, Lyondell form 4.4b yuan joint venture

A subsidiary of China Petroleum & Chemical Corp (Sinopec), the nation's largest petrochemical producer, has set up a 4.44 billion yuan chemical joint venture with North America's third-largest chemical company, Lyondell Chemical.

20 Apr 2007 - 12:00am

Sinopec bond sale raises US$1.5b

Proceeds from convertible notes will be used to repay loans

China Petroleum & Chemical Corp (Sinopec), the nation's second-largest oil company by capitalisation, raised US$1.5 billion from the largest international sale of a convertible bond in Asia outside Japan.

18 Apr 2007 - 12:00am

Sinopec profit soars on oil price fall

China Petroleum & Chemical Corp (Sinopec), the world's third-largest oil refiner by capacity, said first-quarter profit more than doubled, thanks to weaker oil prices that made its refinery business profitable.

Net profit rose to 20.28 billion yuan in the first three months from 9.73 billion yuan a year ago, based on international accounting standards.

16 Apr 2007 - 12:00am

Mainland oil majors review venture goals

Foreign partners are now prized for their supply commitments and know-how

China Petroleum & Chemical Corp (Sinopec) and other key mainland oil firms are taking a fresh look at what they want from foreign partners as they build multibillion-dollar projects to cope with of the country's runaway economic growth.

26 Mar 2007 - 12:00am

CRE sees HK$2.4b gain from petrol business sale

Sinopec acquires 20 filling stations and fuel wholesaling operation in the deal

Conglomerate China Resources Enterprise saw its share price gain as much as 5.1 per cent after announcing the sale of its Hong Kong petroleum distribution business, which is expected to result in a HK$2.4 billion exceptional gain.

16 Mar 2007 - 12:00am