Reported 3 days ago
Sinopec's full-year profit dropped 16% to 49 billion yuan ($6.8 billion) in 2024 due to waning oil demand and operational hurdles, as China's oil consumption reaches a potential peak. The policy shift towards reducing fuel production in favor of petrochemicals and rising electric vehicle use are contributing to a long-term decline in road-fuel demand. Furthermore, the chemicals division reported a significant operational loss, and the refining sector faces ongoing overcapacity issues.
Source: YAHOO