Chinese refiner's 2010 profit grows 13 percent

AP News
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Posted: Mar 27, 2011 6:15 PM
Chinese refiner's 2010 profit grows 13 percent

Sinopec, Asia's largest refiner by capacity, says its profit increased more than 13 percent last year as China's expanding economy increased demand for oil.

The company, also known as China Petroleum & Chemical Corp., said Sunday its net profit grew 13.7 percent to $71.8 billion yuan (US$10.9 billion), or 0.82 yuan(12 cents) per share, based on international financial reporting standards.

The company's board of directors recommended a final dividend of 0.13 yuan (one cent) per share, for a full 2010 dividend of 0.21 (3 cents) per share.

Sinopec said it processed 211 million tons of crude oil last year, up 13.2 percent year-over-year, and produced 124 million tons of refined oil products, an increase of 9.4 percent from the previous year.

The company attributed the expansion to increased capacity, China's growing economy and higher prices for petroleum and related products.