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26

HighOil Prices Caused Loss in Profit of Chinese Refining Firm

The company does not have upstream oil and gas operations, and as a result, it is more sensitive to rising crude oil prices

Sinopec Shanghai Petrochemical Co. Ltd. announced a net loss of US$54.56 mln in H1 under Chinese accounting standards diu to hight oil prices.

Price of major feedstock crude oil has breached the US$100 mark since February, peaking at about US$140.

The company processed 5.0665 mln tons of crude oil in the 6 months, up 12.27% yoy, including 4.8933 mln tons of imported oil and 173,200 tons of offshore oil.

The company produced 480,900 tons of ethylene and 265,000 tons of propylene in the first half, up 0.92% and 6.85% respectively, while output of synthetic resins and plastics fell 3.99% to 536,100 tons.

The company does not have upstream oil and gas operations, and as a result, it is more sensitive to rising crude oil prices.