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Sinopec achieves rapid growth in revenue in first half
31 Aug '11
5 min read
In the first half of 2011, international crude oil prices fell after a rise but in general tended to surge significantly and remained at high levels. The Group's average unit cost of crude oil processed was RMB4,937.91/ton in the first half of 2011, representing an increase of 25.57% year-on-year. The Group's total costs of crude oil processed during the Period increased substantially by 42.89% year-on-year to RMB27,390.2 million, accounting for 61.76% of the Group's cost of sales for the Period.
During the Period, the Group fully commenced the construction of the Phase 6 Project, with the refinery revamping and expansion project as the key project, of which the construction of the new 3,900,000 tons/year residual oil hydrogenation plant, the new 3,500,000 tons/year catalytic cracking plant and the carbon fiber project with a capacity of 1,500 tons/year have already commenced; preliminary works for other projects such as the ethanolamine project with a capacity of 50,000 tons/year and the EVA (ethylene-vinyl acetate copolymer) project with a capacity of 100,000 tons/year proceeded actively as planned.
Meanwhile, other key technological renovation projects of the Group such as optimization of energy saving and consumption reduction at No. 2 PTA Plant, the renovation on energy conservation and consumption reduction of No. 2 and No. 3 aromatics complexes, No. 4 main transformer of the 220 KV petrochemical substation and the capacity expansion of No. 6 main transformer of the No. 1 thermal power station, were also being carried out in an orderly manner.
Looking forward, Mr. Rong Guangdao said, "In the second half of 2011, there will be numerous uncertainties and instabilities during the process of recovery of the world economy. Amid steady and relatively fast development, China's economy will be faced with the contradictions and problems of unbalanced and uncoordinated development. Although the economic operation of the domestic petrochemical industry will maintain a stable and sound trend in general, the industry also faces pressures from policies, energy resources and environmental protection restrictions. Meanwhile, international crude oil prices are likely to lose the momentum for a substantial rise but to fluctuate at relatively high price levels."
"The Group expects that the cost pressure upon enterprises will increase and market competition will further intensify in the second half. The Group will continue to focus on the operation of plants, strive to increase the total physical production volume of products, push forward in full scale the construction of the Phase 6 Project, further optimize production and operation, and strive to improve profitability."
During the Period, the Group fully commenced the construction of the Phase 6 Project, with the refinery revamping and expansion project as the key project, of which the construction of the new 3,900,000 tons/year residual oil hydrogenation plant, the new 3,500,000 tons/year catalytic cracking plant and the carbon fiber project with a capacity of 1,500 tons/year have already commenced; preliminary works for other projects such as the ethanolamine project with a capacity of 50,000 tons/year and the EVA (ethylene-vinyl acetate copolymer) project with a capacity of 100,000 tons/year proceeded actively as planned.
Meanwhile, other key technological renovation projects of the Group such as optimization of energy saving and consumption reduction at No. 2 PTA Plant, the renovation on energy conservation and consumption reduction of No. 2 and No. 3 aromatics complexes, No. 4 main transformer of the 220 KV petrochemical substation and the capacity expansion of No. 6 main transformer of the No. 1 thermal power station, were also being carried out in an orderly manner.
Looking forward, Mr. Rong Guangdao said, "In the second half of 2011, there will be numerous uncertainties and instabilities during the process of recovery of the world economy. Amid steady and relatively fast development, China's economy will be faced with the contradictions and problems of unbalanced and uncoordinated development. Although the economic operation of the domestic petrochemical industry will maintain a stable and sound trend in general, the industry also faces pressures from policies, energy resources and environmental protection restrictions. Meanwhile, international crude oil prices are likely to lose the momentum for a substantial rise but to fluctuate at relatively high price levels."
"The Group expects that the cost pressure upon enterprises will increase and market competition will further intensify in the second half. The Group will continue to focus on the operation of plants, strive to increase the total physical production volume of products, push forward in full scale the construction of the Phase 6 Project, further optimize production and operation, and strive to improve profitability."
Sinopec Shanghai Petrochemical Company Limited
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