State-owned oil giant Sinopec’s Q1 net income fell as weak petrochemical profit, rising material cost weighed

 

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China Petroleum & Chemical Corp, or Sinopec, saw its first-quarter net income decline 8.9% from a year earlier to 18.32 billion yuan, according to a filing with the Shanghai stock exchange based on Chinese accounting standards.

Crude oil prices have fluctuated upwards, and domestic demand for natural gas, refined oil products and petrochemical products grew compared to a year ago, but profits from petrochemicals were still muted as more production capacity came . . .

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