China Petroleum and Chemical Corp. (Sinopec Corp.) said net profit increased by 40.7% to RMB27.1 billion (USD4.1 billion) for the six months ending June 30, 2017. Revenue for the period rose 32.6% to RMB1.166 trillion (USD176.8 billion). This is the best six-month profit reported by China’s largest oil refiner since the second half of 2014.

Sinopec Corp. attributed the company’s strong performance in the first half to higher prices and sales of downstream products, compared to the same period a year ago.

“In the first half of 2017, the company achieved superior results by fully implementing value-oriented growth, innovation-driven development, integrated resource allocation, openness to cooperation, and green, low-carbon development strategies. Looking into the second half of 2017, we expect more reform measures to be announced by the Chinese government to revitalize the economy, the “Belt and Road” Initiative, synergetic development of Beijing-Tianjin-Hebei and the Yangtze River Economic Belt development will be further implemented,” said Sinopec Chairman Wang Yupu.

For the second quarter, “China’s economy will maintain steady growth and drive the demand of refined oil products and petrochemical products as well as create new growth opportunities for petroleum and petrochemical industry,” he said.

Sinopec Corp. announced at the end of the first quarter its plan to invest RMB200 billion (USD29 billion) to upgrade four refinery and petrochemical bases in China’s Maoming-Zhanjiang region, Zhenhai, Shanghai and Nanjing during the 13th Five-Year Plan period (2016-20).

Following the upgrade, the total refining capacity of the four bases is expected to reach 130 million tonnes per year. Moreover, the company anticipates ethylene production at a rate of 9 million tonnes per year. The bases will make up 17% of China’s refining capacity and 31% of its ethylene capacity after the upgrading.

On August 1, Sinopec also launched its first 24-hour unmanned Easy Joy convenience store in the capital city of Beijing. Customers can swipe their cards to get in the store, select goods themselves, and use their smartphones to pay at the checkout counter.

In the second half of 2017, the company will focus on “growth stabilisation, market expansion, cost reduction, structural adjustments, reform, and consolidating the basis for the Company’s further development.”