Sinopec's interim profit soars on stronger oil, gas prices

BEIJING, Aug 28 (Reuters): China Petroleum and Chemical Corp, or Sinopec Corp, reported interim net income surged 10.4 per cent to a record 43.53 billion yuan ($6.33 billion), thanks to strong oil and gas prices despite weakened domestic fuel sales.
Sinopec, the world's largest refiner by capacity, reported revenues of 1.61 trillion yuan for the six months, up 27.9 per cent from year earlier levels.
During the period, Sinopec processed a total of 120.76 million tonnes of crude oil, down 4.2 per cent versus a year ago, and its refined fuel sales fell 9.8 per cent to 98.42 million tonnes, the company said in a stock filing.
Strict Covid-19 restrictions and fuel export curbs dampened production led to first annual decline in refnery output in China since at 2011.