Sinopec expects sales to grow by 41%

Sinopec, Asia’s top oil refiner by capacity, said its 2010 sales are estimated to grow by 41% year-on-year, buoyed by surging domestic demand for oil products and increasing upstream sales from oil price hikes. Sales are to reach 1.96 trillion yuan (US$296 billion) this year, compared with 1.39 trillion yuan (US$210.4 billion) in 2009. Total assets are forecast to hit around 1.5 trillion yuan (US$227 billion) this year, compared with 1.29 trillion yuan (US$195.2 billion) last year. “The company’s growth is within our expectations, as demand for oil products have grown rapidly in China over the year, while its upstream exploration sector has also benefited from soaring oil prices,” said Rui Dingkun, analyst with China Jianyin Investment Securities in Beijing. (December 29, 2010)