Repsol Sinopec sinks to $745million losses during ‘extraordinary year’

Repsol Sinopec sinks to $745million losses during ‘extraordinary year’

Repsol Sinopec Resources UK took losses of nearly three quarters of a billion dollars during an “extraordinary” and “challenging” 2020.

The pre-tax deficit of $745.4million (£539m) for the year to December 31, 2020 compares to profits of $232.9m (£168m) in 2019 for the Aberdeen-headquartered firm.

CEO José Luis Muñoz said: “Our 2020 financial results reflect the challenging operating environment experienced over the last 16 months, including fluctuations in oil price, the Brexit transition period and Covid-19.”