'We will stage comeback in 2009' – Mr Shulin, Sinopec Corp
Mr Shulin, Chairman, Sinopec Corp
Sinopec Corporation the state owned refining major expects to stage a comeback in 2009 after having posted losses in the last few years, Mr Shulin, Chairman of the company said at a board meeting.
He also anticipates refining to be the main area to generate profits for the company. Infact 2008 has been a watershed year of the company as crude oil prices touched the nadir while on the other hand adequate returns could not be generated due to controlled prices of petroleum fuel.
With the drop in crude prices in the last few months of 2008 and having reached four year lows, Sinopec expects to deliver better results in 2009. Sinopec along with having a big refining capacity also has large capacities in production of petrochemicals.
But along with crashing of crude oil prices, the petrochemical prices have also taken a hit; thereby increasing the woes of the refining company. The company plans to increase its oil and gas exploration activities in the eastern part of China.
The company will strive to keep its market share in refining and fuel sales, but also strive to raise its share of the high margin jet fuel business. Sinopec is China's second largest oil and gas producer after PetroChina.
Fibre2fashion News Desk - India
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