Oil giant Sinopec announced on Wednesday that its net profits plummeted 84.6 percent year on year in the first three months (Q1) of 2015.

Net profits during Q1 stood at 2.17 billion yuan (354.58 million U.S. dollars), while its business revenues on oil refining pared 3.36 billion yuan, China Petroleum and Chemical Corp. said.

Sinopec attributed the slump to plunging oil prices in the global market.

The refiner produced 118 million barrels of oil and gas equivalent (boe) in Q1, down 1 percent from a year ago. Of the total, crude oil output decreased 2 percent, while natural gas output added 2.1 percent year on year.

Sinopec general manager, Wang Tianpu, has been put under investigation for suspected serious violations, China's top anti-graft authority announced Monday.

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