Sinopec signs $3bn deal despite fall in profits - sportstextiles: Lea SportsTextiles

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Sinopec signs $3bn deal despite fall in profits

27/03/2013
China Petroleum & Chemical Corporation (Sinopec), a processor of crude oil for synthetic fibres, resins and plastics, has announced annual income of RMB 3.79 trillion ($609.7 billion) for 2012, up 11.2% year-on-year.

However, net profit was down 11.4% at RMB 63.5 billion ($10.2 billion).

Fu Chengyu, chairman of Sinopec, said: "The world witnessed difficult macroeconomic conditions in 2012, as well as a complex and volatile environment in the petroleum and petrochemical markets. By planning ahead, the company was able to respond proactively to market dynamics, while also strengthening corporate governance, increasing shareholder returns and deepening internal reforms."

This week, the group announced it will acquire $3 billion in oil and gas assets held by its state-owned parent in countries including Kazakhstan, Colombia and Russia.

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