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Sinopec, one of the world's largest refining companies, announced it will not purchase Iranian oil and seeks permission to utilize government reserves domestically. This comes in light of the recent US decision to suspend sanctions on certain Iranian oil shipments.
China Petroleum and Chemical Corporation, commonly known as Sinopec, has reported a notable decrease in its profits for the fiscal year 2025 compared to the previous year, raising concerns about the reasons behind this decline.
Chinese company Sinopec announced a sharper than expected decline in profits for 2025 due to weak fuel demand and oversupply in the chemical market. This downturn reflects a shift in global economic trends affecting the company’s profitability.