Sinopec profit falls by 9.4% in third quarter

China Petroleum & Chemical Corp. (Sinopec) posted a 9.4 % decline in third-quarter net profit, from CNY20-22 billion (US$) in 2011 to CNY18.3 billion (US$2.93 billion) this year. For the first nine months, Sinopec showed a net profit decline of 30% due largely to the slowing down of the Chinese economy for the seventh consecutive quarter, which has resulted in lower demand for petrochemical products. In response to the situation, Sinopec has lowered the operation utilization of its chemical facilities. (October 30, 2012)