Sinopec Boosts Spending to 2014 High, Refining Profit Sinks
- Refiner allocates larger amount of capex for upstream business
- Refining profit collapses more than 90% y/y in fourth quarter
Gas pumps stand at a China Petroleum & Chemical Corp. (Sinopec) gas station in Hong Kong.
Photographer: Anthony Kwan/BloombergThis article is for subscribers only.
Sinopec Corp. aims to raise spending to the highest since 2014, joining state-owned peers in their mission to churn out more domestic oil and gas to ease China’s reliance on imports. Refining profit tumbled in the fourth quarter.