Sinopec Shanghai Petrochemical Co., Ltd., one of the subsidiaries of Sinopec Corp, has announced that it is projecting a net profit for first half ending June 30, 2009 compared to the net loss of RMB 372 mln for the same period last year. The main reason attributable for the above projection is the year-on-year decrease in crude oil prices in the international market bringing down company's raw materials expenditure.
The company also expects its second quarter profit to exceed that its first quarter results. Other factors which helped company's cause during the H1 - 2009 period include China's fuel tax reform, improved pricing mechanism and similar measures implemented by the State. Sinopec Shanghai feels that the sudden dip in prices of crude and related products post-July have reached a steadying in demand led by the surge in downstream activity.
11-Jun-09 
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}