Sinopec predicts 50% rise in net profit

China Petroleum and Chemical Corp. (Sinopec), the nation’s largest oil refiner, said that it processed 86.9 million tons of crude oil in the first half of 2009, up 1.82% year-on-year, despite the economic slowdown. The amount of crude oil it refined fell 3.27% year-on-year in the first quarter, however. Sinopec saw gasoline output rising sharply by 21.01% to 16.99 million tons in the first half from a year earlier. China’s warming economy had contributed to rising output, the company said. Sinopec reported that net profit in the first quarter rose 85.1% year-on-year to 11.219 billion yuan (US$1.6 billion). The company predicted a more than 50% rise in net profit for the first half of 2009 because of lower international crude oil prices and adjustments in refined oil prices in the domestic market. (August 10, 2009)