Sinopec incurs $244 million loss on Q1 LNG imports – company exec

2022.04.28 05:26

FILE PHOTO: The company logo of China’s Sinopec Corp is displayed at a news conference in Hong Kong, China March 26, 2018. REUTERS/Bobby Yip/

BEIJING (Reuters) – China’s Sinopec (NYSE:SHI) Corp incurred a loss of 1.6 billion yuan ($243.58 million) on its LNG imports in the first quarter due to high import costs, a company executive said on an earnings call on Thursday.

The company also said it is maintaining an “optimal” refinery operation ratio of around 85% from the second half of March compared with 92.6% earlier in the year.

($1 = 6.5686 Chinese yuan renminbi)

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