Sinopec Reports Mid-Year Profit Increase

China's Sinopec, the world's largest oil refiner, has reported a 2.7% rise in net profit for the first half of the year, largely driven by rising oil prices. The company posted a net income of 37.1 billion yuan ($5.21 billion) from January to June, with sales decreasing by 1.1% to 1.58 trillion yuan. During the same period, production of ethylene, a crucial component for petrochemicals, dropped by 5.5%.

Crude oil output increased by 0.6% year-on-year to 140.53 million barrels, and natural gas production saw a 6% rise, reaching 700.57 billion cubic feet. The company also processed 126.69 million metric tons of crude oil, a slight increase of 0.1%. Sinopec's financial performance highlights a mixed outlook with gains from higher oil prices offset by declines in certain production areas and sales revenue.