(MENAFN) China Petroleum & Chemical Corp recorded a 22 percent decline in revenue for the first half of the year, as oil fail overpowered the boost from cheaper crude.
On the other hand, net income fell to USD3bn, as proclaimed the Beijing firm, while revenue slumped 37 percent to 879.2bn Yuan.
Moreover, oil refiners gain when crude slumps since they benefit from cheaper supply costs, while Sinopec is still weak to the price collapse.
In addition, crude production in the cited period of the year dropped by 11.4 percent to 154.2mn barrels.
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