China's Sinopec Corp said on Sunday its net profit in the first half of 2009 rose by 332.8% year-on-year, due to adjusted refined oil prices on the domestic market.
The net profit of Sinopec, the world's No. 2 oil refiner after Exxon Mobil, totaled 33.25 billion yuan ($4.87 billion) in the first half with earnings per share rising by 0.294 yuan to 0.383 yuan, under international accounting rules, the company said in a statement to the Shanghai and Hong Kong stock markets.
It is anticipated that the result of first three quarters of 2009 will be over 50 percent higher compared with the same period of last year, the company said in a statement.
Sinopec, China's second-largest oil producer after PetroChina, would spend 120 billion yuan ($17.57 billion) in each of the next two years to hit refining and production targets, Vice President Lei Dianwu told a media briefing on Monday. That level is up from an expected 111.8 billion yuan this year.
It would acquire six research institutes from a subsidiary of China Petrochemical Corporation for 3.95 billion yuan to enhance its technical capabilities.
The company will also seek acquisition opportunities in exploration and production, said Chairman Su Shulin, without giving details.
We will further increase our exploration and production endeavors, Su said.
CNOOC and PetroChina will report earnings on Wednesday and Friday respectively.