Energy

Sinopec Profit Rises as Company Moves Upstream (SNP, CEO)

China Petroleum and Chemical Corp., commonly called Sinopec, (NYSE: SNP) reported a 2% profit gain for the 2011 fiscal year, even though the company has been hampered by a government-imposed lid on gasoline prices even as crude oil prices have soared.

The company’s CEO, formerly the head of Cnooc Ltd. (NYSE: CEO), said that Sinopec would try to balance its dominant position as a refiner — it’s China’s largest refiner — by adding more upstream assets in foreign countries. Sinopec also wants to explore for more hydrocarbons in western China and to speed up development of domestic shale gas fields. The catch is that the country produces no shale gas at the moment.

Sinopec Group, parent of Sinopec, has purchased some $48.1 billion worth of foreign assets since 2008 according to Reuters. The parent is expected to contribute some foreign assets to Sinopec Corp. over the next few years, assets that are expected to improve the company’s profitability.

The #1 Thing to Do Before You Claim Social Security (Sponsor)

Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.

A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.

Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.

 

Have questions about retirement or personal finance? Email us at [email protected]!

By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.

By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.