Ukraine conflict: Sinopec says Russian investments ‘going well’ amid Western sanctions, reports doubled net profit for 2021
- No risk of assets impairment from Russian invasion of Ukraine ‘for the time being’, Sinopec chairman says
- Refiner posts a 115 per cent jump in net profit for last year, its highest since 2012
China’s largest oil refiner has put on a brave face with its Russia investments amid Western sanctions, after its 2021 net profit more than doubled to its highest level in a decade.
The Beijing-based company’s “projects and operations in Russia are going smoothly, and there is no risk of [assets] impairment for the time being,” Ma Yongsheng, Sinopec’s chairman, said in a briefing on Monday.
Western countries have imposed unprecedented economic sanctions against Russia and its businesses after the country’s invasion of Ukraine on February 24, covering merchandise and energy trading, flights and financial dealings. The sanctions have resulted in a spike in inflation and eroded consumers’ buying power.
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Energy giant Sinopec says new oil and gas deposits found in China’s western Xinjiang region
The plant in Russia’s Amur region, just across the border from China’s northeastern-most Heilongjiang province, has been billed as what would be the world’s largest basic polymer production facility, with the capacity to produce 2.3 million tonnes of polythene and 0.4 million tonnes of polypropylene. It will mainly target the China market.
