Ago 29, 2016
Oil Refining Empire Helps Sinopec Beat Chinese Energy Rivals
China Petroleum & Chemical Corp., the refining giant known as Sinopec, outshined its domestic state-run rivals in the first half of the year as its fuel-making business helped it weather the worst crude crash in a generation.
The world's biggest refiner reported 19.9 billion yuan ($3 billion) in profit for the first half of the year, according to a filing Sunday with the Hong Kong stock exchange. While that's down 22 percent from the same period in 2015, it's more than double its net income in the second half of last year, when it posted its weakest earnings since 2002. Shares on Monday dropped 0.7 percent to HK$5.58 as of 2:37 p.m. local time. The city's benchmark Hang Seng Index slipped 0.5 percent.