Oil prices lift profit at Sinopec by 40pc

Shanghai: Asia’s biggest oil refiner Sinopec said its first-half net profit jumped more than 40.1 per cent thanks to a rise in oil prices and stable growth in China’s economy, which fuelled demand for its refined products.
Sinopec — the listed unit of state-owned China Petrochemical Corp — saw net profit surge to 27.92 billion yuan ($4.2 billion) in the January-June period, up from 19.92 billion yuan in the year-earlier period, it said in a statement late on Sunday to the Hong Kong stock exchange, where it is listed.
A pick-up in international oil prices boosted Sinopec’s crude business, while domestic consumption of its key refined oil products rose and demand for major chemical products grew “significantly”, it said.
World oil prices have firmed up but remain half of what they were before a 2014 plunge fuelled by a supply glut, overproduction and a weak global economy. — AFP