Sinopec Corp posted its first-ever loss over a half year as the COVID-19-induced lockdowns and the oil price crash continue to weigh on the oil giant’s earnings.
The net loss at Asia’s top refiner was 21.7 billion yuan (US$3.2 billion), the company said in a statement.
Capital expenditure increased to about 45 billion yuan in the first half. China Petroleum & Chemical Corp., as it is officially known, will adjust investment decisions dynamically according to market changes.
State-owned Sinopec has never posted a half-year loss since listing in Hong Kong in 2000.
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Asia