Sinopec profit rises 14pc

BEIJING, Mar 27 (AFP): China's Sinopec said Sunday its 2010 net profit rose nearly 14 per cent on higher oil prices and strong domestic demand for refined oil and chemical products. Asia's largest refiner reported a net profit of 71.8 billion yuan ($11 billion), up from 63.15 billion yuan in 2009, the company said in a statement to the Hong Kong Stock Exchange. Revenue reached 1.91 trillion yuan, up 42 per cent from the 1.35 trillion yuan recorded in 2009, according to international accounting standards. Beijing-based Sinopec attributed its "good financial results" to China's rapid growth, robust demand and "the increase in the price of crude oil, oil products and petrochemical products." The net profit result was slightly lower than analysts had expected, Dow Jones Newswires reported. Sinopec, also known as China Petroleum & Chemical Corporation, pointed to higher oil prices in 2011 as the global economic recovery continues, driving up demand for crude. "With the recovery of the world economy, demand in international oil market will ... increase in 2011," Sinopec said. "The average crude oil prices in 2011 are expected to be higher than that of 2010 due to the influences of geopolitical and other factors."