SINGAPORE : China Petroleum & Chemical Corp reported 25 per cent surge in net income for the first quarter of 2022, a level last seen in the third quarter of 2020, thanks to elevated crude oil prices but weakening fuel demand as tight COVID controls weighed.
Refinery throughput edged up 2.7 per cent from a year ago to 64.19 million tonnes, or about 5.21 million barrels per day, with the growth capped by sliding fuel demand starting in March as authorities resumed lockdown to contain a flare-up of coronavirus. Sales of total refined products dipped 1.8 per cent during January-March, versus a 6.8 per cent growth during the same year-ago period.
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