Sinopec's six-year performance forecast increased by 6.7%

Last night, Sinopec, the country's largest refinery giant, reported a 35.5 billion per cent profit on shareholders in the first half of 2010, up 6.7%.　　This performance is far beyond the market most of the expected brokerage, Sinopec will achieve this performance attributable to the domestic economic recovery to the good, the growing demand for products, the company to give full play to the scale and integration advantages. It is noteworthy that in the various business sectors of Sinopec, refinery gross profit rate fell 6% last year, Sinopec said, mainly because the international crude oil prices are far greater than the price of domestic oil prices increased.　　This data from the side shows that the state in the domestic oil prices to a certain degree of regulation.　　It is reported that domestic product prices by the National Development and Reform Commission adjustment, to a certain extent with the international oil prices, but will take into account a number of domestic factors.　　According to Sinopec announced that in the first half of 2010, with the international economic situation improved, international oil prices, increase in domestic demand, and so on, Sinopec business scale has been expanding, turnover of 923.1 billion yuan, an increase of 76.5%. Division of the Division, Exploration and Mining division of crude oil and natural gas production, and benefited from the rise in crude oil prices to achieve operating income of 22 billion yuan, an increase of 299.7%. In the first half, the company produced 149 million barrels of crude oil, roughly the same as last year, producing 200.6 billion cubic feet of natural gas, up 40.7% per cent year-on-year. However, the refinery division to achieve operating income of 5.7 billion yuan, down 71.4% per cent, in fact, refining gross profit margin fell 6% year-on-year, only 2.8%, less than the average level of industry.　　Sinopec explained that the main reason is that the international crude oil price rise far more than the price of oil products increase. Finally, Sinopec in the first half attributable to the company's shareholders profit of 35.5 billion yuan, an increase of 6.7%, the result is far better than the forecasts of many brokerages. Combined with forecasts from 7 brokerages, they estimate that Sinopec's net profit was about 31.8 billion to 35 billion yuan in the first half, down 4.4% to 5.3% from a year earlier.