Downstream exposure limits Sinopec profit fall

摘要

China’s largest refiner state-controlled Sinopec reported a sharp fall in profits for 2015, but a bigger exposure to the downstream sector helped it outperform its peers. Sinopec’s profit fell by 30pc to 32.4bn yuan ($5bn) last year, hurt by lower crude prices and a Yn8.8bn impairment charge. China’s biggest upstream producer PetroChina and offshore focused CNOOC have each reported profit declines of around 67pc for last year.