摘要
Sinopec Corp, China's second largest oil producer,released its first-half net profit on August 30, which rose 51 percent to 16 billion yuan (US$2 billion) owing to the increased domestic demand and higher oil prices. Earnings per share rose from 0.12 yuan to 0.19 yuan. The company produced 136 million barrels of oil and 100 billion cubic feet of natural gas in the first six months of this year. Sinopec expects that the global demand for crude oil will continue to grow in the second half, with crude oil prices fluctuating at a relatively high level.
Sinopec Corp, China's second largest oil producer, released its first-halfnet profit on August 30, which rose 51 percent to 16 billion yuan (US$2 billion) owing to theincreased domestic demand and higher oil prices. Earnings per share rose from 0.12 yuan to 0.19yuan. The company produced 136 million barrels of oil and 100 billion cubic feet of natural gas inthe first six months of this year. Sinopec expects that the global demand for crude oil willcontinue to grow in the second half, with crude oil prices fluctuating at a relatively high level.At the interim results review briefing, Chairman of Sinopec Corp Chen Tonghai said 'China's economy,despite the selective tightening policy, is expected to grow 8 percent or above in the second halfof 2004. The full recovery in global economy including US, European Union, and the resultingclimbing global oil demand will all help stage a favorable market for Sinopec.' He added the currentsoaring crude oil prices were not resulting from the imbalance of supply and demand, but because ofthe full global economic recovery that had led to surging oil demand.
