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Sinopec says 2018 profits likely surged 50% amid reduced costs, increased sales

Jan 08, 2019 - SNL Energy Finance Daily

Despite a challenging economic environment, China Petroleum & Chemical Corp., known as Sinopec, expects full-year 2018 net profit climbed more than 50% thanks to reduced operating costs and increased sales.

The world's largest refiner by capacity said Jan. 7 that refined oil sales topped 40 million tonnes for the first time, while total lubricants sales rose 5% on the year.

While moving ahead with asset divestitures, Sinopec utilized cost control measures to manage its existing upstr...