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2021-03-29

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China's Sinopec raises 2021 capital expenditure by 23.8%

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Demand for refined oil products is expected to recover strongly and demand for natural gas and petrochemical products will continue to grow,\" the company said in a statement filed to the Shanghai Stocks Exchange on Sunday.</p><p>The company on Sunday also reported a 42.9% drop in net profit to 32.92 billion yuan last year, the lowest since 2015, as the pandemic dented fuel consumption amid months-long lockdowns.</p><p>That just beat analysts' forecast for net profit of 32.3 billion yuan, according to IBES data from Refinitiv.</p><p>In 2020, Sinopec's crude oil throughput fell 4.7% from a year earlier to 236.91 million tonnes, with gasoline and diesel output down 7.7% and 4.3%, respectively, while kerosene production plunged 34.6%.</p><p>Its crude oil production was 280.22 million barrels in 2020, down 1.4% year-on-year, and natural gas output at 1,072.3 billion cubic feet, was up 2.3% from 2019.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina's Sinopec raises 2021 capital expenditure by 23.8%\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-03-29 09:29</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(Repeats story published on Sunday with no changes to text)</p><p>* Sinopec 2021 capex at 167.2 bln yuan vs 135.1 bln yuan in 2020</p><p>* 2020 net profit down 42.9% to lowest since 2015</p><p>BEIJING, March 28 (Reuters) - China Petroleum &amp; Chemical Corp   , better known as Sinopec, plans a 23.8% increase in capital spending to 167.2 billion yuan in 2021 following recovery of oil prices and energy demand as the COVID-19 epidemic subsided.</p><p>Sinopec expects to spend 66.8 billion yuan on upstream exploration focusing on shale gas development in southwest China and construction of liquefied natural gas <a href=\"https://laohu8.com/S/LNG\">$(LNG)$</a> terminals in coastal areas, up from 56.4 billion yuan last year.</p><p>\"China's economy is recovering and is expected to achieve relatively good growth. Demand for refined oil products is expected to recover strongly and demand for natural gas and petrochemical products will continue to grow,\" the company said in a statement filed to the Shanghai Stocks Exchange on Sunday.</p><p>The company on Sunday also reported a 42.9% drop in net profit to 32.92 billion yuan last year, the lowest since 2015, as the pandemic dented fuel consumption amid months-long lockdowns.</p><p>That just beat analysts' forecast for net profit of 32.3 billion yuan, according to IBES data from Refinitiv.</p><p>In 2020, Sinopec's crude oil throughput fell 4.7% from a year earlier to 236.91 million tonnes, with gasoline and diesel output down 7.7% and 4.3%, respectively, while kerosene production plunged 34.6%.</p><p>Its crude oil production was 280.22 million barrels in 2020, down 1.4% year-on-year, and natural gas output at 1,072.3 billion cubic feet, was up 2.3% from 2019.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b91ace4cf3d2f33d48dac10824aea4ac","relate_stocks":{"SCO":"二倍做空彭博原油指数ETF","DUG":"二倍做空石油与天然气ETF(ProShares)","DGAZ":"三倍做空天然气ETN(VelocityShares)","USO":"美国原油ETF","00386":"中国石油化工股份","DDG":"ProShares做空石油与天然气ETF","UGAZ":"三倍做多天然气ETN(VelocityShares)","UNG":"美国天然气基金","DWT":"三倍做空原油ETN","UCO":"二倍做多彭博原油ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2123328412","content_text":"(Repeats story published on Sunday with no changes to text)* Sinopec 2021 capex at 167.2 bln yuan vs 135.1 bln yuan in 2020* 2020 net profit down 42.9% to lowest since 2015BEIJING, March 28 (Reuters) - China Petroleum & Chemical Corp   , better known as Sinopec, plans a 23.8% increase in capital spending to 167.2 billion yuan in 2021 following recovery of oil prices and energy demand as the COVID-19 epidemic subsided.Sinopec expects to spend 66.8 billion yuan on upstream exploration focusing on shale gas development in southwest China and construction of liquefied natural gas $(LNG)$ terminals in coastal areas, up from 56.4 billion yuan last year.\"China's economy is recovering and is expected to achieve relatively good growth. Demand for refined oil products is expected to recover strongly and demand for natural gas and petrochemical products will continue to grow,\" the company said in a statement filed to the Shanghai Stocks Exchange on Sunday.The company on Sunday also reported a 42.9% drop in net profit to 32.92 billion yuan last year, the lowest since 2015, as the pandemic dented fuel consumption amid months-long lockdowns.That just beat analysts' forecast for net profit of 32.3 billion yuan, according to IBES data from Refinitiv.In 2020, Sinopec's crude oil throughput fell 4.7% from a year earlier to 236.91 million tonnes, with gasoline and diesel output down 7.7% and 4.3%, respectively, while kerosene production plunged 34.6%.Its crude oil production was 280.22 million barrels in 2020, down 1.4% year-on-year, and natural gas output at 1,072.3 billion cubic feet, was up 2.3% from 2019.","news_type":1},"isVote":1,"tweetType":1,"viewCount":26,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/352277773"}