MOSCOW (MRC) -- Sinopec’s chemical segment reports a 1.5% rise in operating profits in the first nine months of 2016 compared with the year-ago period, to 15.1 billion renminbi (USD2.25 billion), said Chemweek.
Nine-month sales for the chemicals segment decreased 8.3%, to 224.1 billion renminbi. Chemical sales volume in the first nine months of 2016 increased 11.2% year-on-year (YOY), to 50.46 million metric tons (MMt), Sinopec says. Ethylene-equivalent consumption in China in the first three quarters of 2016 was flat compared with the same period last year and the competitiveness of naphtha-based chemicals improved in the low oil price environment, Sinopec says. Third-quarter figures have not been disclosed.
Sinopec’s ethylene production decreased 1.9% YOY in the first nine months of 2016, to 8.11 MMt; production of plastics decreased 1.1%, to 11.13 MMt; production of synthetic rubber decreased 7.3%, to 619,000 metric tons; and the output of fibers decreased 3.4%, to 934,000 metric tons. Sinopec's production of monomers and polymers for synthetic fibers increased 2.1%, to 6.83 MMt.
Sinopec’s total capital expenditure was 24.9 billion renminbi in the first nine months of 2016, of which the chemical segment accounted for 3.96 billion renminbi.
As MRC informed earlier, in June 2016, Rosneft and Sinopec signed a Framework Agreement on joint pre-feasibility study of the project related to the construction and operation of a gas processing and petrochemical complex in East Siberia.
China Petrochemical Corporation (Sinopec Group) is a super-large petroleum and petrochemical enterprise group established in July 1998 on the basis of the former China Petrochemical Corporation. Sinopec Group's key business activities include the exploration and production of oil and natural gas, petrochemicals and other chemical products, oil refining.
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