China Petrochemical Corp. (Sinopec Group) forecasts that its 2018 profit jumped over 50% on the back of lower costs and rising sales.
As well as increasing production and cutting costs in the upstream sector, chemicals marketing volume rose from the previous year as the group “deepened integration” between production, marketing, research and application.
The group also aggressively expanded sales of refined oil, which exceeded 40 million t for the first time and total sales of lubricant rose 5% from last year; of which high-end products jumped 10%.
In its oil refining business, diesel to gasoline ratio was lowered to 1.06, as the group completed quality upgrading of the fuel.