VenkatChina Petroleum & Chemical's net profit in the first half fell over 19% on year, mainly due to weak demand for chemical and certain refinery products, including naphtha and petroleum coke. Net profit for the period ended June was 36.12 billion yuan ($4.95 billion), while revenue fell 1.1% on year to CNY1.59 trillion, the company, also known as Sinopec, said Sunday. Sinopec attributed the decline in revenue to lower prices for crude oil, refined oil products and chemical products and lower sales volume of petrochemical products. In the second half, Sinopec expects China's economy to improve. Domestic demand for refined oil products is expected to pick up, and gradual recovery is expected for natural gas and chemical products, it said.

Source: Wall Street Journal August 28, 2023 00:18 UTC