Sinopec cuts 2020 capex, expects throughput to fall

摘要

Singapore—Sinopec is cutting its 2020 capex and expects throughput to fall year on year for the first time since 2016 due to weak demand amid the global coronavirus pandemic. Senior Vice President Ling Yiqun said Monday refining utilization for all of 2020 will be affected by a year-on-year drop in domestic consumption during the first quarter and limited overseas outlets for product exports in Q2.