PetroChina and Sinopec to invest in refining

摘要

PetroChina and Sinopec raised spending in the third quarter and are likely to continue to invest in new refinery projects next year, buoyed by strong margins and high downstream demand. PetroChina and Sinopec were profitable in July-September, boosted by a stronger downstream segment. PetroChina’s profit rose almost fourfold on the year to Yn4.69bn ($710mn), while Sinopec’s increased by around 13pc to Yn11.49bn.