China's Sinopec, the largest oil refiner in Asia, said Sunday its first-half net profit rose nearly seven percent from a year earlier to 35.4 billion yuan (5.2 billion dollars). Net profit in the first six months of the year increased by 6.7 percent from the year-earlier period, Sinopec said in a statement to the Hong Kong stock exchange.
The news comes as Sinopec looks for overseas investments in oil and gas resources to meet China's soaring demand for energy and commodities. Earlier this year, it said it had agreed to buy an interest in a deep-water oil block off Angola by acquiring 55 percent of Sonangol Sinopec International Ltd for 2.5 billion dollars from its parent China Petrochemical Corporation.
Sinopec announced it was "studying the investment opportunity" to build a large refining and petrochemical complex in Singapore. And US oil firm ConocoPhillips sold its stake in Canada's Syncrude - a leading producer of crude oil from oil sands, with output of 350,000 barrels a day - to Sinopec for 4.65 billion dollars.
Comments
Comments are closed.