Chinese refining giant Sinopec Corp reported on Sunday a 20.1 per cent fall in interim net profit for the first half of the year compared with the year-ago period, to 35.11 billion yuan ($4.82 billion), on lower crude prices despite higher refinery output and growth in fuel sales.Sinopec, the world's larg
Chinese refining giant Sinopec Corp reported on Sunday a 20.1 per cent fall in interim net profit for the first half of the year compared with the year-ago period, to 35.11 billion yuan , on lower crude prices despite higher refinery output and growth in fuel sales.
Domestic fuel demand extended recovery in the second quarter after a 6.7 per cent year-on-year increase in the first three months, led by gasoline and aviation fuel as people travelled more. Although state majors have shied away from Iranian and Venezuelan oil, Sinopec has been taking in Russian supplies, traders have said.
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