SHANGHAI :
Sinopec’s First-Half Sales of Refined Oil Fell 15.3% on Chinese Mainland
Tang Shihua
DATE:  Jul 31 2020
/ SOURCE:  Yicai
Sinopec’s First-Half Sales of Refined Oil Fell 15.3% on Chinese Mainland Sinopec’s First-Half Sales of Refined Oil Fell 15.3% on Chinese Mainland

(Yicai Global) July 31 -- Sales of refined oil by China Petroleum and Chemical, one of  the country’s biggest oil conglomerates, fell 15.3 percent in the first half of the year because of the economic effects of the coronavirus pandemic.

The company, also known as Sinopec, sold 77.8 million tons of refined oil in the six months ended June, according to operating data the Beijing-based company released today.

It refined 10.5 percent less oil, putting through 111 million tons in total, compared with a year earlier. Kerosene output fell the most, down 35.6 percent to 9.9 million tons, followed by gasoline, down 14.4 percent to 26.8 million tons. Diesel production slipped 5.5 percent to 30.8 million tons.

But Sinopec’s crude oil and natural gas output stayed relatively stable, with oil 1 percent lower at 140.3 million barrels. Domestic pumping was unchanged from a year earlier, but overseas it declined 8 percent. Gas output fell 0.6 percent to 514.2 million cubic feet.

The company’s chemicals production posted a narrower decline. Output of synthetic resin, synthetic fiber and synthetic rubber fell 0.6 percent, 9.5 percent and 0.6 percent, respectively.

Editor: Peter Thomas

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Keywords:   Business Data,Crude,Natural Gas,Gasoline,Chemical Product,Covid-19,Sinopec