Sinopec interim profit soars by 10.4% on stronger oil and gas prices

The group reported an interim income of $8.85b.

China Petroleum and Chemical Corp. (Sinopec) reported a surge of 10.4% to $8.85b on its interim net income due to strong oil and gas prices, the group reported in a stock filing

The group reported $321.56b (CN¥1.61t) in revenues for the six months, an increase of 27.9% from the same period last year.

Sinopec processed a total of 120.76 million tonnes of crude oil, a decrease of 4.2% compared to a year ago. Refined fuel sales fell by 9.8% to 98.42 million tonnes

Covid-19 restrictions and fuel export curbs dragged down production, leading to China's first annual decline in refinery output since 2011.

Sinopec is the world’s largest refiner by capacity.