by Staff Writers
Hong Kong (AFP) Aug 26, 2012
Chinese oil giant Sinopec, Asia's largest refiner by capacity, announced on Sunday that first-half net profit fell 41 percent year-on-year, reports said.
Net profit for the six months ended June 30 was 24.5 billion yuan (3.85 billion US dollars), sharply down from 41.17 billion yuan a year earlier, Dow Jones Newswires and China's state Xinhua news agency reported.
First-half revenue rose 9.3 percent to 1.348 trillion yuan from 1.233 trillion yuan.
The Hong Kong-listed firm attributed the sharp decline in profits to a significant rise in crude oil prices and restricted prices of gasoline and diesel products, Xinhua said.
A drop in the prices of petrochemical products also reduced profits, Xinhua quoted the company as saying.
State-owned PetroChina, which is also listed in Hong Kong, said Thursday its net profit for the first half of this year fell 6.0 percent year-on-year due in part to a slowdown in China's economy.
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Military rescues 27 kidnapped oil workers in Nigeria: navy
Lagos (AFP) Aug 26, 2012
Nigerian military forces stormed the hideout of a militant gang operating on the waters of oil-producing Cross River State and rescued 27 abducted oil workers, a navy spokesman said Sunday. "It was a joint military operation involving the navy and the army. Twenty-seven oil workers were rescued on Friday, while one is still missing," Lt. Commander Ajibola Olabisi told AFP. He said 28 wor ... read more
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