BEIJING: China Petroleum and Chemical Corp on Sunday reported that 2016 net profit rose 44 percent to 46.4 billion yuan ($6.74 billion) from 32.3 billion in 2015. The company, known as Sinopec, said operating income last year was 1.93 trillion yuan ($280.51 billion), down from 2.02 trillion yuan the previous year. Oil and gas production came to 431.29 million barrels of oil equivalent (BOE), versus 471.91 million a year earlier. Refinery throughput fell 0.4 percent, the company said in a statement to the Shanghai Stock Exchange. Copyright Reuters, 2017
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Sinopec plans to boost capital expenditure in 2017 to 110.2 billion yuan, up 44 percent from last year's 76.46 billion yuan. This year's refinery throughput is set to reach 240 million tonnes, and production of oil products will reach 150 million tonnes. For 2015, Asia's largest refiner reported total net profit of 32.3 billion yuan. Refinery throughput fell 0.4 percent compared with 2015 to 235.5 million tonnes, or about 4.71 million bpd. The state-owned company, known as Sinopec Corp, saw fourth quarter net profit jump to 17.25 billion yuan from 9.9 billion yuan in the third quarter, it said in a statement to the Shanghai Stock Exchange.
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Sinopec profit rises as pipeline sales top up refining boost
That compares with a mean of 39.9 billion yuan from 19 estimates compiled by Bloomberg. It also booked a 20.56 billion yuan gain from the December sale a 50 per cent stake in a pipeline unit, Sinopec Sichuan-to-East China Gas Pipeline Co. Along with slashing spending, that has helped the Beijing-based company outperform its state-owned rivals despite falling oil prices and declining production. Net income in 2016 rose 44 per cent to 46.7 billion yuan (Dh24.9 billion, $6.8 billion), the company known as Sinopec said in a statement to the Shanghai stock exchange Sunday. It was able to eke out a 637 million yuan net income thanks to bigger income tax credits, cost cutting and a recovery in oil prices.Sinopec plans to boost capital expenditure in 2017 to 110.2 billion yuan, up 44 percent from last year's 76.46 billion yuan. This year's refinery throughput is set to reach 240 million tonnes, and production of oil products will reach 150 million tonnes. For 2015, Asia's largest refiner reported total net profit of 32.3 billion yuan. Refinery throughput fell 0.4 percent compared with 2015 to 235.5 million tonnes, or about 4.71 million bpd. The state-owned company, known as Sinopec Corp, saw fourth quarter net profit jump to 17.25 billion yuan from 9.9 billion yuan in the third quarter, it said in a statement to the Shanghai Stock Exchange.
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