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.
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
