SINOPEC DOWN 22%
China Petroleum & Chemical Corp., Asia's biggest oil refiner, posted a 22 percent decline in profit for the first half of the year as the slump in prices outweighed the benefit of cheaper crude to its refining business.
Net income dropped to 25.4 billion yuan ($4 billion), or 0.21 yuan a share, from 32.5 billion yuan, or 0.28 yuan, a year earlier, the Beijing-based company, known as Sinopec, said in a statement to the Hong Kong stock exchange Wednesday.
Sinopec sought to counter the fall in crude by increasing oil refining, which along with marketing accounted for half of the company's revenue last year. Refinery runs rose 2.7 percent to almost 119 million tons, while upstream output dropped 1.8 percent from a year earlier to about 233 million barrels of oil equivalent, the company said last month.
Brent, benchmark for half the world's crude, averaged about $59 a barrel in the first half of the year, down 45 percent from the same period in 2014. Sinopec's
"Upstream performance remains an area of concern with declining domestic oil and gas production," Neil Beveridge, an analyst at Sanford C. Bernstein & Co. in Hong Kong, said before the earnings. "Sinopec will benefit from a substantially better downstream performance as a result of lower feedstock prices" for the rest of the year, he said.
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WNA - Apart from adding capacity, utilisation of existing plants has improved markedly since 2000. In the 1990s capacity factors averaged around 60%, but they have steadily improved since and in 2010, 2011 and 2014 were above 81%. Balakovo was the best plant in 2011 with 92.5%, and again in 2014 with 85.1%.
WNA - India has a flourishing and largely indigenous nuclear power programme and expects to have 14.6 GWe nuclear capacity on line by 2024 and 63 GWe by 2032. It aims to supply 25% of electricity from nuclear power by 2050.
WNA - Mainland China has 38 nuclear power reactors in operation, about 20 under construction, and more about to start construction. The reactors under construction include some of the world's most advanced, to give a 70% increase of nuclear capacity to 58 GWe by 2020-21. Plans are for up to 150 GWe by 2030, and much more by 2050.
PLATTS - "The domestic uranium mining industry needs US government assistance to survive the foreign onslaught -- particularly from Russia and Kazakhstan -- that has undermined the US uranium industry while new players -- particularly China -- will soon make the situation worse," Energy Fuels and Ur-Energy said in a petition they jointly filed with the department.