Sinopec's chemicals units post steep profit declines.(Petroleum company cuts 68,000 jobs)(International Pages)(Brief Article)(Statistical Data Included)

Sinopec's chemicals business posted a loss and a sharp drop in sales for 2001 (table). The company cites lower prices and the global economic slowdown. Three of Sinopec's listed petrochemical subsidiaries, Beijing Yanhua Petrochemical, Shanghai Petrochemical, and Yizheng Chemical Fibre, reported losses or substantial profit declines. Zhenhai Refining & Chemical, another Sinopec subsidiary, posted an increase in earnings because it generates more sales from refining than from petrochemicals, Sinopec says. The company says it cut 68,000 jobs across all its businesses last year, 6% of the total, contributing to a Rmb2.3-billion ($277 million) reduction in annualized …