Top Biz News

Net profit of Sinopec more than doubles in 2009

(Xinhua)
Updated: 2010-03-29 10:45

BEIJING: Asia's top oil refiner China Petroleum and Chemical Corp (Sinopec) reported Sunday that its net profit for 2009 topped 61.76 billion yuan ($9.05 billion), up 116.5 percent year-on-year, according to international accounting standards.

Special Coverage: 2009 Annual Reports of Listed Companies
Related readings: Sinopec clears itself from Daimler bribery case Spring output boost for Sinopec's Maoming plant CNOOC buys Bridas stake for $3.1b Sinopec mulls oil refinery JV with ExxonMobil, Aramco

Its crude oil production volume rose 1.5 percent year-on-year in 2009 to 42.4 million tonnes, the Beijing-based firm announced in its annual report filed to the Shanghai Stock Exchange.

Su Shulin, chairman of Sinopec, announced Sunday that Sinopec has entered into an agreement, via a wholly-owned subsidiary in Hong Kong, to acquire 55 percent of Sonangol Sinopec International Ltd (SSI) from Sinopec Overseas Oil and Gas Ltd, a wholly-owned subsidiary of China Petrochemical Corporation.

China Petrochemical Corporation is the parent firm of Sinopec.

This move was to further strengthen Sinopec's upstream assets and expand its business scope, Su said.

SSI owns a 50 percent participation interest in Angola Block 18, a world-class deep-water oil asset in terms of output, according to Sinopec.

Sinopec's A-share stock price rose 2.7 percent to 11.79 yuan per share on Friday.