Sinopec’s H1 net profit quadruples

China Petroleum & Chemical Corp. (SNP), Asia’s largest refiner by capacity, said that its first-half net profit more than quadrupled, driven by higher fuel prices due to China’s more market-oriented fuel-pricing system. “Looking into the second half of this year, the state will continue implementing the proactive fiscal policy and relatively easy monetary policy, further improving and materializing the integrated economic stimulus package, and increasing domestic demand,” Chairman Su Shulin said in a statement. Su said Sinopec for now would keep its full-year target of refining 184 million metric tons of crude oil, of which it will refine 97.1 million tons in the second half. (August 25, 2009)