Sinopec’s net profit rises 6.7% in first half

China Petroleum & Chemical Corp. (Sinopec) said its first-half net profit rose 6.7% as higher oil prices and fuel sales offset lower refining margins. Sinopec said its net profit for the six months ended June 30 was 35.46 billion yuan (US$5.2 billion), up from 33.25 billion yuan (US$4.9 billion) a year earlier. The company said domestic demand for both oil products and chemical products is expected to maintain its steady growth in the second half of the year. (August 22, 2010)