Sinopec says 2021 profit up 103% to 122%
Chinese state-owned energy company Sinopec on January 27 said its net profit rose 103% to 122% in 2021 from a year earlier owing to higher oil prices.
Profit is likely to rise by 34bn ($5.3bn) to 40bn yuan over the 2020 level of 32.9bn yuan. The profit is expected to be highest in a decade.
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“In 2021, international crude oil prices rose substantially year over year, the domestic economy recovered steadily, and the demand for petroleum and petrochemical products recovered,” Sinopec said.