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SINOPEC CORP Said to Cut Crude Oil Throughput by 10%+ from Original Plan This Mth
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Due to disrupted crude oil supply on the ongoing expansion of the Middle East war and transportation difficulties in the Strait of Hormuz, SINOPEC CORP (00386.HK) will reduce its total crude oil throughput by over 10% from the original plan this month, as more than half of the Company's refineries' crude oil comes from the Middle East, according to foreign media. It is reported that SINOPEC CORP's refineries process about 5.2 million barrels of crude oil daily, accounting for approx. one-third of China's total crude oil output. It is estimated that the refining volume in March may fall by 600,000 to 700,000 barrels, and the reduction does not include output losses due to ongoing planned maintenance. SINOPEC CORP's share price fell against the market today (16th), and shed 1.03% to last at $4.79, with a trading volume of 70.4342 million shares, involving $339 million. AASTOCKS Financial News Website: www.aastocks.com |
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