Sinopec Third-Quarter Profit Jumps 64% as Oil Prices Climb

Higher oil prices helped raise Sinopec’s third-quarter earnings by 64% from a year earlier, even as China’s top refiner couldn’t fully capture the record-high global refining margins. 6 billion Chinese yuan for the third quarter. 7 billion yuan. 4%, Sinopec said in a stock exchange filing. The Chinese giant attributed the rise in the January-September results to its decision to increase the yield of high value-added products such as jet fuel and refining by-products, and inventory gains resulting from the higher crude oil prices.

38 a barrel for the same period last year, while production was basically flat year-over-year. Sinopec, however, flagged flailing domestic fuel demand this year.