Sinopec increased profit by 64% The increase in oil prices helped Sinopec to increase profit in the third quarter by 64% compared to a year ago. China Petrochemical Corporation reported a profit of 2 billion dollars (13.6 billion Chinese yuan) in the third quarter. Revenues increased by 9.3% to 115 billion dollars (769.7 billion RMB). In the first nine months of 2026, profit grew 25.3% and revenue rose 4.4%, the company said. Sinopec's nine-month realized crude oil price rose to $81.92 per barrel, compared to $66.38 per barrel in the same period last year, when production volumes remained almost unchanged from year to year. "Due to the dampening effect of high oil prices on demand and the accelerated replacement with new energy sources, domestic consumption of petroleum products decreased by 8.6% year-on-year," Sinopec said. "Local demand for basic chemical products was weak, with a 9.4% decrease in the consumption of the equivalent of ethylene from year to year." Oil refining volumes in the company's refineries in January-September decreased by 10.2% compared to the corresponding period last year. Another large state-owned company, PetroChina, also benefited from the rise in oil prices, but its refinery output and domestic diesel sales also fell. PetroChina previously reported a 21.6% increase in profit in the third quarter, as oil and gas prices rose due to the war with Iran, and the company's nine-month oil output, refining volumes and domestic diesel sales fell.

Sinopec increased profit by 64% The increase in oil prices helped Sinopec to increase profit in the third quarter by 64% compared to a year ago. China Petrochemical Corporation reported a profit of 2 billion dollars (13.6 billion Chinese yuan) in the third quarter. Revenues increased by 9.3% to 115 billion dollars (769.7 billion RMB). In the first nine months of 2026, profit grew 25.3% and revenue rose 4.4%, the company said. Sinopec's nine-month realized crude oil price rose to $81.92 per barrel, compared to $66.38 per barrel in the same period last year, when production volumes remained almost unchanged from year to year. "Due to the dampening effect of high oil prices on demand and the accelerated replacement with new energy sources, domestic consumption of petroleum products decreased by 8.6% year-on-year," Sinopec said. "Local demand for basic chemical products was weak, with a 9.4% decrease in the consumption of the equivalent of ethylene from year to year." Oil refining volumes in the company's refineries in January-September decreased by 10.2% compared to the corresponding period last year. Another large state-owned company, PetroChina, also benefited from the rise in oil prices, but its refinery output and domestic diesel sales also fell. PetroChina previously reported a 21.6% increase in profit in the third quarter, as oil and gas prices rose due to the war with Iran, and the company's nine-month oil output, refining volumes and domestic diesel sales fell.