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Sinopec achieves sound operational results

27 Aug '12
4 min read

Total capital expenditure was RMB51.504 billion for the first six months of 2012. 

The first half of 2012 witnessed an economic slow-down in the United States, the debt crisis and consequent recession in Europe, and slower growth in China and other emerging markets. The international price of crude oil rose and then dropped in the first half of 2012. The domestic market for refined oil products was well supplied; however the price regulation on domestic refined oil products is tight and is misaligned with the international crude price. The chemicals market saw intense competition, leading to a drastic drop in products prices. In the second half of the year, the Chinese government is expected to implement a number of fiscal and monetary policies in pursuit of steady economic growth, driving infrastructure investment and domestic consumer spending. Given these macro-control policies to be in place in the second half of 2012, Sinopec expects the domestic demand for refined oil products and chemicals will steadily increase, which provides favorable conditions for the Company to scale up business operations.
 
Mr. Fu Chengyu, Chairman of Sinopec commented, “In the first half of 2012, the volatile economic environment, both internationally and domestically, brought challenging operating conditions. That Sinopec managed to maintain our overall growth momentum is thanks to our vertically integrated business model and fast response. Looking ahead, Sinopec will monitor closely the macro-economic situation, improve the efficiency of our production operations, reinforce production safety, and ensure effective cost control, in order to maintain a solid foundation for the sustainable development of our business.”

Sinopec

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