Oil prices reduce Chinese Sinopec’s profits


China Petroleum and Petrochemical Corporation (Sinopec)’s annual profit fell 13 percent in 2023, hurt by falling oil and gas prices despite getting support from recovering fuel demand.

The largest fuel processing company in China announced a net income of 58.3 billion yuan ($8 billion) for last year, as stated in a notice to the Shanghai Stock Exchange, compared to 66.2 billion yuan in 2022, according to what Bloomberg reported.

Global oil prices fell by 17 percent in 2023 compared to the previous year, which led to a decrease in the value of Sinopec’s drilling production but also reduced crude oil costs. (Asharq Al-Awsat)

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