Sinopec Expects 50% Jump in 2018 Profit

Chinese state-owned Sinopec’s 2018 profit is expected to jump over 50% year-on-year thanks to lower costs and higher sales, it said January 7.

In 2017, the company had reported a profit of yuan 51.1bn ($7.5bn).

In the field of natural gas, Sinopec said it strengthened coordination between self-produced gas and imported LNG and accelerated the pace of entering the end user market by building pipelines and LNG receiving facilities.

Sinopec expanded sales of refined oil, which exceeded 40 million metric tons for the first time and total sales of lubricant rose 5% from last year; of which high-end products jumped 10%, it said. 

In the chemicals production and operation segment, Sinopec enhanced efficiency, by closely integrating production with sales, and speeding up adjustment of product slate. The cost of producing each ton of ethylene continued to fall, it said.

In its oil refining business, Sinopec said it maintained strong sales momentum owing to enhanced coordination between production and marketing.