HomeNews listOBJECTIVE PRESSChinese Oil Giant Sinopec Posts Lower-Than-Expected Profits In 2022

Chinese Oil Giant Sinopec Posts Lower-Than-Expected Profits In 2022

  • March 27, 2023
  • Posted by: AliensFaith
  • Category: OBJECTIVE PRESS
No Comments

China’s state oil major Sinopec reported lower-than-expected net figures for 2022, citing the impact of Covid lockdowns that stifled China’s economy last year. The company reported a net profit of around $9.64 billion, or 66.2 billion yuan, for 2022, which compared with a record result of $10.47 billion, or 72 billion yuan, a year earlier. The main impact on Sinopec’s performance came from lower fuel demand amid the lockdowns. At the same time, chemicals prices were down, affecting refiners’ performance. Sinopec booked a…      



Author: AliensFaith
HighTech FinTech researcher, university lecturer & Scholar. He is studying his second doctoral degree at the Hague International University. Studying different fields of Sciences gave him a broad understanding of various aspects of life. His recent researches covered AI, Machine-learning & Automation concepts. The Information Technology Skills & Knowledge gave his company a higher position over other regional high-tech consultancy services. The other qualities and activities which can describe him are a Hobbyist Programmer, Achiever, Strategic Thinker, Futuristic person, and Frequent Traveler.

Discover more from Maheri Network

Subscribe now to keep reading and get access to the full archive.

Continue reading