Sinopec's third-quarter profit drops a third on fuel glut, lower oil prices

BEIJING/SINGAPORE (Reuters) – Sinopec Corp, Asia’s top refiner, posted a 35% fall in third-quarter net profit versus a year earlier, according to Reuters calculations based on a company filing, dragged down by narrowing refining margins and weaker global oil prices. The decline follows the launch of two privately owned mega-refineries and the expansion of other major refining plants, which added to the fuel surplus in China’s refined oil market, slashing profit margins for oil processors. Sinopec reported 11.94 billion yuan ($1.69 billion) net earnings for the July-September period, down just over a third from the same period …read more

Source:: Yahoo Finance


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