BEIJING, Aug. 26, 2018
/PRNewswire/ -- China Petroleum & Chemical
Corporation ("Sinopec" or the "Company")(HKEX: 386; SSE:
600028; NYSE: SNP) today announced its interim results for the six
months ended 30 June 2018.
Financial Highlights:
- In accordance with the International Financial Reporting
Standards (IFRS), the Company's operating profit reached
RMB 61.6 billion, increased by 56.6%
year on year. Profit attributable to equity shareholders of the
Company was RMB 42.4 billion, surged
by 51.8% year on year. Basic earnings per share were RMB 0.350 (1H2017: RMB
0.231).
- In accordance with China Accounting Standards for Business
Enterprises ("ASBE"), the Company's operating income reached
RMB 1,300 billion. Operating profit
was RMB 67.9 billion, surged by 51.3%
year on year. Net profit attributable to the equity shareholders of
the Company was RMB 41.6 billion, up
by 53.6% year on year. Basic earnings per share were RMB 0.344 (1H2017: RMB
0.224).
- In accordance with IFRS, the Company's liability-to-asset ratio
was 47.1%, reflecting a solid financial position. The Company's
cash and cash equivalents (including time deposits) was
RMB 205.2 billion, maintaining a
healthy cash flow level.
- The Board of Directors declared an interim dividend of
RMB 0.16 per share, up by 60.0% year
on year.
Business Highlights:
In the first half of 2018, global economy recorded slow
recovery, while China economy
maintained a stable performance and secured progress in its
economic development with gross domestic product (GDP) grew by
6.8%. While the domestic demand for oil products maintained steady
growth, the market witnessed strong competition because of abundant
supply. According to the statistics of NDRC, domestic consumption
of refined oil products increased by 5.7% compared with the first
half of 2017, among which gasoline consumption increased by 4.6%,
consumption growth for kerosene and diesel was 10.9% and 5.6%,
respectively. Domestic demand for natural gas recorded higher
growth rate. Domestic consumption of major chemicals maintained
significant growth with consumption of ethylene continued to report
robust growth, and gross margin for chemical products remained at a
high level.
- Exploration and Production: the Company promoted efficient
exploration and effective production to increase proved reserves,
reduced costs and expenses and achieved superior results in its
upstream business. In exploration, the Company's continuing efforts
in exploration paid off with major discoveries in a number of
regions. In development, the Company adopted a profit oriented
approach, in resumption of crude oil production. The Company also
accelerated natural gas development by enhancing
production-supply-storage-marketing system building to realise
synergy along the entire value chain. In the first half of 2018,
this segment recorded an Earnings Before Interest and Tax ("EBIT")
of RMB 677 million.
- Refining: the Company maintained high operational utilisation
rates of refining facilities. Refined oil products mix has been
optimized to address market demand changes, more high value-added
products were produced. The Company actively promoted refined oil
products quality upgrading and optimised crude oil sourcing to
lower feedstock cost. The advantage of centralised marketing was
given full play. In the first half of 2018, this segment recorded
an EBIT of RMB 39.4 billion, surged
by 32.3% year on year.
- Marketing and Distribution: the Company took full advantages of
its integrated distribution network to actively respond to
competitive market conditions, and achieved good operational
results. The Company intensified its efforts to explore more
markets, expanded retail scale, and achieved sustained growth in
total domestic sales volume. The domestic sales volume of refined
oil was 88.45 million tonnes, up by 1.4% year on year. In the first
half of 2018, the operating revenues and profit of non-fuel
business were up 15.8% and 32.0%, respectively. This segment
recorded an EBIT of RMB 18.3 billion,
surged by 1.6% year on year.
- Chemicals: adhering to the "basic and high-end" development
concept to adjust our feedstock structure and lower cost. The
Company optimised product mix by enhancing the dynamic optimisation
of facilities and product chains to provide more products needed by
the market. The Company strengthened the integration among
production, marketing, R&D, and application, and intensified
efforts on R&D, production and sales of high value-added
products. In the first half of 2018, this segment recorded an EBIT
of RMB 18.9 billion, up by 14.5% year
on year.
Mr. Dai Houliang, Chairman of Sinopec, said, "During the
first half of 2018, we carried out businesses in a practical manner
and fully realised the strengths of our integrated value chain. We
secured stable and higher-quality growth of the Company along with
improved performance. Looking into the second half of 2018, we
expect China's economy to maintain
steady growth and the demand for refined oil products and
petrochemicals to increase steadily with more robust demand for
high-end products. Along with the adjustments of China's energy structure, demand for natural
gas will maintain robust growth. The Company will continue to focus
on growth pattern upgrading, insist on specialized development,
market-oriented operation, optimised global presence and integrated
planning to enhance efficiency. This will strengthen our core
competence and extending our value chain to middle-end and
high-end, aiming to deliver better operating results and give back
to our country, shareholders, employees, customers and the
society."
Business Review
Exploration and Production
In the first half of 2018, capturing the recovery of crude oil
price, the Company promoted efficient exploration and effective
production to increase proved reserves, reduced costs and expenses
and achieved good results. Our continuing efforts in exploration
paid off with new oil and gas discoveries in Sichuan Basin, Tarim Basin, and Yin'e Basin.
In development, we adopted a profit-oriented approach in resumption
of crude oil production.) We also accelerated natural gas
development by enhancing production-supply-storage-marketing system
building to realise synergy along the entire value chain.
Production in the first half of 2018 was 224.59 million barrels of
oil equivalent, of which domestic crude production was 123.68
million barrels, overseas crude production was 19.95 million
barrels, and total gas production was 476.2 billion cubic feet,
increased by 5.3% compared to the same period of last year.
In the first half of 2018, operating revenues of the segment
were RMB 87.9 billion, representing
an increase of 18.6% year on year. This was mainly the increase of
crude oil and natural gas prices as well as expansion of scale of
natural gas and LNG business over the same period of 2017. In the
first half of 2018, the oil and gas lifting cost was RMB 768 per tonne, representing an increase of
0.1% year on year. In the first half of 2018, the operating loss of
the segment was RMB 0.4 billion,
representing a decrease of RMB 17.9
billion compared with the same period of last year. This was
mainly because the segment seised the opportunity of crude oil
price recovery to promote efficient exploration and effective
production and reduce costs and expenses and achieved good
results.
Exploration and
Production: Summary of Operations
|
|
Six-month period
ended 30 June
|
Changes
|
2018
|
2017
|
(%)
|
Oil and gas
production (mmboe)
|
224.59
|
221.38
|
1.4
|
Crude oil production
(mmbbls)
|
143.63
|
145.98
|
(1.6)
|
China
|
123.68
|
123.16
|
0.4
|
Overseas
|
19.95
|
22.82
|
(12.6)
|
Natural gas
production (bcf)
|
476.20
|
452.12
|
5.3
|
Refining
In the first half of 2018, with the market-oriented approach, we
optimised product mix to produce more gasoline and jet fuel, and
the diesel-to-gasoline ratio further decreased. We actively
promoted the GB VI refined oil products quality upgrading. Export
of refined oil products was increased to help maintain high
utilisation of refining facilities. Crude oil sourcing and
allocation optimisation continued to lower our feedstock cost. We
comprehensively optimised our production plans to ensure safe and
reliable operations. The advantage of centralised marketing was
given full play, and profitability of LPG, asphalt, and sulphur
maintained at a high level. In the first half of 2018, we processed
121 million tonnes of crude oil, and produced 76.37 million tonnes
of refined oil products, with production of gasoline and kerosene
up by 5.7% and 9.4% respectively from levels in the first half of
2017.
In the first half of 2018, operating revenues of the segment
were RMB 593.3 billion, representing
an increase of 21.5% year on year. This was mainly attributable to
increased prices of refined oil products, and the high utilisation
rate maintained by the Company by proactively confronting with the
over-supplied market.
In the first half of 2018, the refining margin was RMB 544.1 per tonne, up by RMB 70.4 per tonne, representing an increase of
14.9% year on year, which was mainly because the Segment put great
efforts to reduce crude oil purchasing cost and enhanced product
mix by optimising operation schedule according to market demand.
The Segment constantly optimised product mix, increased export of
refined oil products, optimised crude oil sourcing to lower
feedstock cost and achieved good result. In the first half of 2018,
the segment realised an operating profit of RMB 38.9 billion, up by RMB 9.5 billion, representing an increase of
32.5% year on year.
Refining: Summary of
Operations
|
Unit: Million
Tonnes
|
|
Six-month period
ended 30 June
|
Changes
|
2018
|
2017
|
(%)
|
Refinery
throughput
|
120.72
|
117.79
|
2.5
|
Gasoline, diesel and
kerosene production
|
76.37
|
74.11
|
3.0
|
Gasoline
|
30.04
|
28.41
|
5.7
|
Diesel
|
32.09
|
32.67
|
(1.8)
|
Kerosene
|
14.25
|
13.03
|
9.4
|
Light chemical
feedstock production
|
19.34
|
18.94
|
2.1
|
Note: Includes 100%
of production of domestic joint ventures.
|
Marketing and Distribution
In the first half of 2018, confronted with fierce competition,
the Company brought our advantages in distribution network into
full play, and achieved good operational results. We coordinated
internal and external resources, intensified efforts to explore
more markets, expanded retail scale, and achieved sustained growth
in total domestic sales volume. We proactively promoted precision
marketing and differentiated marketing, and improved our marketing
network to reinforce existing advantages. The total sales volume of
refined oil products in the first half of 2018 was 96.48 million
tonnes, of which domestic sales accounted for 88.45 million tonnes,
up by 1.4% year on year. We strengthened development of key
convenience store goods and proprietary brand to promote a rapid
growth of non-fuel business.
In the first half of 2018, the operating revenues of the segment
were RMB 668.3 billion, increased by
10.3% year on year. This was mainly due to the increasing refined
oil products prices and gasoline sales volume. In the first half of
2018, the segment brought our advantages in integrated business and
distribution network into full play, enhanced efforts to optimise
internal and external resources, actively responded to market
rebalancing, expanded markets, balanced profits and volume and
achieved good result. In the first half of 2018, the segment's
operating profit was RMB 17.2
billion, up by RMB 0.6
billion, representing an increase of 3.7% year on year.
Marketing and
Distribution: Summary of Operations
|
Unit: Million
Tonnes
|
|
Six-month period
ended 30 June
|
Changes
|
2018
|
2017
|
(%)
|
Total sales volume of
refined oil products
|
96.48
|
98.55
|
(2.1)
|
Total domestic sales
volume of refined oil
products
|
88.45
|
87.22
|
1.4
|
Retail
|
59.28
|
58.68
|
1.0
|
Direct sales and
Wholesale
|
29.16
|
28.54
|
2.2
|
Annualised average
throughput per station
(tonne/station)
|
3,870
|
3,832
|
1.0
|
|
|
As of 30 June
2017
|
As of 31
December 2016
|
Change from
the end of last
year(%)
|
Total number of
Sinopec-branded service stations
|
30,645
|
30,633
|
0.04
|
Number of
Company-operated stations
|
30,639
|
30,627
|
0.04
|
Number of convenience
stores
|
26,424
|
25,775
|
2.5
|
Chemicals
In the first half of 2018, we constantly fine-tuned chemical
feedstock mix to further lower costs, optimised product mix by
enhancing the dynamic optimisation of facilities and product chains
to provide more products needed by the market. We strengthened the
integration among production, marketing, R&D, and application,
and intensified efforts on R&D, production and sales of high
value-added products, with the ratio of specialty products of
synthetic resin reached 64.0% and our differential ratio of
synthetic fibre reached 90.3%. Ethylene production for the first
half of 2018 was 5.786 million tonnes, up by 3.2% year on year. We
coordinated internal and external resources, implemented precision
marketing and further expanded the market, with total chemical
sales volume increased by 14.1% from the corresponding period in
2017 to 42.56 million tonnes.
In the first half of 2018, operating revenues of the chemicals
segment were RMB 256.3 billion,
representing an increase of 23.0% year on year, which was mainly
due to increased petrochemical products sales volume and prices
year on year as the Company seised market opportunities to expand
market, promote sales and optimise structure. In the first half of
2018, the segment seized the opportunity of good margin, continued
the 'basic and high-end' chemical business development concept,
strengthened the integration among production, sales, R&D and
application, further promoted optimisation of feedstock, product
and facilities to lower feedstock cost, increase high value added
products' proportion and achieved good result. The segment's
operating profit in the first half of 2018 was RMB 15.8 billion, up by RMB 3.6 billion, representing an increase of
29.7% year on year.
Major Chemical
Products: Summary of Operations
|
Unit: 1,000
tonnes
|
|
Six-month period
ended 30 June
|
Changes
|
2018
|
2017
|
(%)
|
Ethylene
|
5,786
|
5,609
|
3.2
|
Synthetic
resin
|
8,068
|
7,802
|
3.4
|
Synthetic fiber
monomer and polymer
|
4,601
|
4,659
|
(1.2)
|
Synthetic
fiber
|
603
|
616
|
(2.1)
|
Synthetic
rubber
|
405
|
412
|
(1.7)
|
Note: Includes 100%
of production of domestic joint ventures.
|
Safety Management and Environmental Protection
The Company prioritised safe production and intensified safety
supervision. In the first half of this year, we promote the
construction of tiered risk control and operation hazard
identification, prevention and rectification system. We advanced
safety control of contractors and on-site operation, enhanced
process safety of chemicals business, security and staff healthy
management, and further consolidated the foundation of safe
production at operational level. Above all, we achieved safe
production and operations.
The Company actively implemented its green and low-carbon
strategy and launched "Green Enterprise Campaign". We effectively
carried out pollution prevention and control and constantly pushed
forward energy efficiency improvement. We also accelerated carbon
asset management and made great progress in energy and environment
work.
Capital Expenditures
Focusing on quality and return on investment, the Company
continuously optimised its investment projects. In the first half
of 2018, total capital expenditures were RMB
23.687 billion. Capital expenditures for the exploration and
production segment were RMB 10.762
billion, mainly for oil and gas capacity building, Wen 23
Gas Storage Project, Erdos-Anping-Cangzhou Gas Pipeline Project,
the first phase of Xinjiang Coal Gas Pipeline Project as well as
overseas projects. Capital expenditures for the refining segment
were RMB 4.61 billion, mainly for the
Zhongke integrated refining and chemical project, product mix
optimisation of Zhenhai, Maoming and Tianjin, and GB VI gasoline and diesel quality
upgrading projects. Capital expenditures for the marketing and
distribution segment were RMB 5.373
billion, mainly for constructing refined oil products
depots, pipelines and service stations and revamping of underground
oil tanks, as well as other safety and environmental protection
hazard removal projects. Capital expenditures for the chemicals
segment were RMB 2.635 billion,
mainly for integrated refining and chemical projects of Zhongke and
ulei, high-efficiency and environmental friendly aromatics project
in Hainan and Zhong'an United Coal
Chemical project. Capital expenditures for corporate and others
were RMB 307 million, mainly for
R&D facilities and information technology application
projects.
Business Prospects
Looking into the second half of 2018, we expect China's economy to maintain steady growth and
the demand for refined oil products and petrochemicals to increase
steadily with more robust demand for high-end products. Along with
the adjustments of China's energy
structure, demand for natural gas will maintain robust growth. For
the second half of 2018, the uncertainty of international crude oil
prices will increase due to trade frictions and geopolitical
tensions.
Confronted with the present situation, the Company will
integrate reform, management, innovation and development, to fully
improve operational performances, expand markets, reduce costs,
prevent risks and realise structural adjustments. Our focuses are
on the following aspects:
For Exploration and Production, we will continue to advance
high-efficiency exploration, profitable production and cost
reduction. In crude oil development, we will accelerate profitable
development of new oilfields and resumed production of suspended
wells, deepen the structural adjustments of mature fields, and
increase yields of profitable crude oil. In natural gas
development, we will advance key projects for capacity
construction, enhance the efficiency and quality of developed gas
fields, as well as promote synergy of production, supply, storage
and marketing to push forward the development of natural gas. In
the second half of 2018, we plan to produce 146 million barrels of
crude oil, of which domestic production will account for 125
million barrels and overseas production will account for 21 million
barrels. We plan to produce 497.8 billion cubic feet of natural gas
during the period.
For Refining, with efficiency-oriented approach, we will
optimise our production plans based on market demand to consolidate
our competitive advantages in refining business. We will continue
to adjust our product mix by further lowering the
diesel-to-gasoline ratio and increasing the production of gasoline,
jet fuel and light chemical feedstock. We will complete GB VI
refined oil products upgrading project as scheduled. We will fully
optimise operations and ensure safe and stable production, and we
plan to process 121 million tonnes of crude oil in the second half
of the year.
For Marketing and Distribution, we will intensify our marketing
strategy of balancing profit and volume by optimising resources
allocation and operational efficiency. We will make efforts to
expand retail scale through implementing precision marketing as
well as differentiated marketing. We will further improve our
marketing network to reinforce existing advantages and enhance the
ability of exporting refined oil products. We will push forward the
construction and operation of natural gas stations and expand
natural gas market for automobiles. We will take the advantage of
"Internet +" marketing strategy and accelerate the development and
marketing of proprietary brand and products to advance the growth
of non-fuel business. In the second half, we plan to sell 90.50
million tonnes of refined oil products in the domestic market in
the second half of 2018.
For Chemicals, we will focus on the "basic and high-end"
development concept to adjust our feedstock structure and lower
cost. We will fine-tune our product slate, improve the coordination
among mechanism combining production, marketing, research and
application, advance new product development, promotion and
application, and deliver more high-end products. We will put more
emphasis on the dynamic optimisation of facilities and product
chains and improving the utilisation and production scheduling
based on market demands. Meanwhile, we will promote the precision
marketing and services, improve customer services and provide total
solutions and value-added services. We plan to produce 5.734
million tonnes of ethylene in the second half of 2018.
In the second half of the year, the Company will continue to
focus on growth pattern upgrading, insist on specialized
development, market-oriented operation, optimised global presence
and integrated planning to enhance efficiency and deliver superior
operating results.
Appendix:
Key financial data and indicators
|
|
FINANCIAL DATA AND
INDICATORS PREPARED IN ACCORDANCE WITH ASBE
|
|
Principal accounting
data
|
Items
|
Six-month periods
ended 30 June
|
Changes
over the same
period of the
preceding year
(%)
|
2018
RMB
million
|
2017
RMB
million
|
Operating
income
|
1,300,252
|
1,165,837
|
11.5
|
Net profit
attributable to equity
shareholders of the Company
|
41,600
|
27,092
|
53.6
|
Net profit
attributable to equity
shareholders of the Company
after deducting
extraordinary
gain/loss items
|
39,791
|
26,099
|
52.5
|
Net cash flows from
operating
activities
|
71,620
|
60,847
|
17.7
|
|
At 30 June
2018
RMB
million
|
At 31 December
2017
RMB
million
|
Change from
the end of last year
(%)
|
Total equity
attributable to equity
shareholders of the Company
|
721,193
|
727,244
|
(0.8)
|
Total
assets
|
1,617,304
|
1,595,504
|
1.4
|
|
Principal financial
indicators
|
Items
|
Six-month periods
ended 30 June
|
Changes
over the same
period of the
preceding year
(%)
|
2018
RMB
|
2017
RMB
|
Basic earnings per
share
|
0.344
|
0.224
|
53.6
|
Diluted earnings per
share
|
0.344
|
0.224
|
53.6
|
Basic earnings per
share after deducting
extraordinary gain/loss items
|
0.329
|
0.216
|
52.5
|
Weighted average
return on net assets (%)
|
5.74
|
3.79
|
1.95 percentage
points
|
Weighted average
return on net assets after
deducting extraordinary gain/loss items (%)
|
5.49
|
3.65
|
1.84 percentage
points
|
FINANCIAL DATA AND
INDICATORS PREPARED IN ACCORDANCE WITH IFRS
|
|
Principal accounting
data
|
Items
|
Six-month periods
ended 30 June
|
Changes
over the same
period of the
preceding year
(%)
|
2018
RMB
million
|
2017
RMB
million
|
Operating
Profit
|
61,576
|
39,309
|
56.6
|
Profit attributable
to owners of the
Company
|
42,386
|
27,915
|
51.8
|
Net cash generated
from operating
activities
|
71,620
|
60,847
|
17.7
|
|
At 30 June
2018
RMB
million
|
At 31 December
2017
RMB
million
|
Changes from the
end of last year
(%)
|
Total equity
attributable to owners of the
Company
|
720,113
|
726,120
|
(0.8)
|
Total
assets
|
1,617,304
|
1,595,504
|
1.4
|
|
Principal financial
indicators
|
Items
|
Six-month periods
ended 30 June
|
Changes
over the same
period of the
preceding year
(%)
|
2018
RMB
|
2017
RMB
|
Basic earnings per
share
|
0.350
|
0.231
|
51.8
|
Diluted earnings per
share
|
0.350
|
0.231
|
51.8
|
Return on capital
employed (%)
|
6.48
|
4.39
|
2.09 percentage
points
|
The following table sets forth the operating revenues, operating
expenses and operating profit/(loss) by each segment before
elimination of the inter-segment transactions for the periods
indicated, and the percentage changes between the first half of
2018 and the first half of 2017.
|
Six-month periods
ended 30 June
|
Changes
|
2018
|
2017
|
RMB
million
|
(%)
|
Exploration and
Production Segment
|
|
|
|
Operating
revenues
|
87,924
|
74,109
|
18.6
|
Operating
expenses
|
88,336
|
92,443
|
(4.4)
|
Operating
(loss)/profit
|
(412)
|
(18,334)
|
-
|
Add: Share of
profits/(losses) from associates and joint ventures
|
1,087
|
875
|
24.2
|
Add: Investment
income/(loss)
|
2
|
48
|
(95.8)
|
EBIT
|
677
|
(17,411)
|
-
|
Refining
Segment
|
|
|
|
Operating
revenues
|
593,327
|
488,172
|
21.5
|
Operating
expenses
|
554,395
|
458,779
|
20.8
|
Operating
profit
|
38,932
|
29,393
|
32.5
|
Add: Share of profits
from associates and joint ventures
|
487
|
409
|
19.1
|
Add: Investment
income/(loss)
|
12
|
10
|
20.0
|
EBIT
|
39,431
|
29,812
|
32.3
|
Marketing and
Distribution Segment
|
|
|
|
Operating
revenues
|
668,325
|
605,960
|
10.3
|
Operating
expenses
|
651,139
|
589,394
|
10.5
|
Operating
profit
|
17,186
|
16,566
|
3.7
|
Add: Share of profits
from associates and joint ventures
|
1,125
|
1,416
|
(20.6)
|
Add: Investment
income
|
11
|
48
|
(77.1)
|
EBIT
|
18,322
|
18,030
|
1.6
|
Chemicals
Segment
|
|
|
|
Operating
revenues
|
256,268
|
208,429
|
23.0
|
Operating
expenses
|
240,504
|
196,272
|
22.5
|
Operating
profit
|
15,764
|
12,157
|
29.7
|
Add: Share of profits
from associates and joint ventures
|
3,137
|
4,242
|
(26.0)
|
Add: Investment
income
|
13
|
115
|
(88.7)
|
EBIT
|
18,914
|
16,514
|
14.5
|
Corporate and
others
|
|
|
|
Operating
revenues
|
585,443
|
488,015
|
20.0
|
Operating
expenses
|
589,897
|
487,276
|
21.1
|
Operating
profit
|
(4,454)
|
739
|
-
|
Add: Share of profits
from associates and joint ventures
|
782
|
709
|
10.3
|
Add: Investment
income
|
802
|
65
|
1,133.8
|
EBIT
|
(2,870)
|
1,513
|
(289.7)
|
Elimination of
inter-segment
profit/(loss)
|
(5,440)
|
(1,212)
|
-
|
About Sinopec Corp.
Sinopec Corp. is one of the largest integrated energy and
chemical companies in China. Its
principal operations include the exploration and production,
pipeline transportation and sale of petroleum and natural gas; the
sale, storage and transportation of petroleum products,
petrochemical products, coal chemical products, synthetic fibre and
other chemical products; the import and export, including an import
and export agency business, of petroleum, natural gas, petroleum
products, petrochemical and chemical products, and other
commodities and technologies; and research, development and
application of technologies and information.
Sinopec Corp. sets 'fueling beautiful life' as its corporate
mission, puts 'people, responsibility, integrity, precision,
innovation and win-win' as its corporate core values, pursues
strategies of value-orientation, innovation-driven development,
integrated resource allocation, open cooperation, and green and
low-carbon growth, and strives to achieve its corporate vision of
building a world leading energy and chemical company.
Disclaimer
This press release includes "forward-looking statements". All
statements, other than statements of historical facts that address
activities, events or developments that Sinopec Corp. expects or
anticipates will or may occur in the future (including but not
limited to projections, targets, reserve volume, other estimates
and business plans) are forward-looking statements. Sinopec Corp.'s
actual results or developments may differ materially from those
indicated by these forward-looking statements as a result of
various factors and uncertainties, including but not limited to the
price fluctuation, possible changes in actual demand, foreign
exchange rate, results of oil exploration, estimates of oil and gas
reserves, market shares, competition, environmental risks, possible
changes to laws, finance and regulations, conditions of the global
economy and financial markets, political risks, possible delay of
projects, government approval of projects, cost estimates and other
factors beyond Sinopec Corp.'s control. In addition, Sinopec Corp.
makes the forward-looking statements referred to herein as of today
and undertakes no obligation to update these statements.
Investor
Inquiries:
|
|
|
Media
Inquiries:
|
Beijing
|
|
|
|
Tel: (86 10) 5996
0028
|
|
|
Tel: (86 10) 5996
0028
|
Fax: (86 10) 5996
0386
|
|
|
Fax: (8610) 5996
0386
|
Email:
ir@sinopec.com
|
|
|
Email:
ir@sinopec.com
|
|
|
|
|
Hong
Kong
|
|
|
|
Tel: (852) 2824
2638
|
|
|
Tel: (852) 2522
1838
|
Fax: (852) 2824
3669
|
|
|
Fax: (852) 2521
9955
|
Email:
ir@sinopechk.com
|
|
|
Email:
sinopec@prchina.com.hk
|
View original
content:http://www.prnewswire.com/news-releases/sinopecs-profit-for-1h2018-up-52-with-dividend-payout-surges-60-300702434.html
SOURCE China Petroleum & Chemical Corporation