Sinopec Expects Higher Profit

China Petroleum & Chemical Corporation (Sinopec) said on Tuesday that it expects its net profit for the first half of 2018 to have jumped by around 50% on the year, on the back of higher oil prices. Consequently, net incomes for both the first half and second quarter of this year would be the highest profit figures for the top Chinese refiner since 2013.

Sinopec said in a security exchange filing that in the first half of 2018, with the rise in international oil price as compared with the corresponding period of pervious year, the upstream business of the company improved significantly, Oil Price reported.

“The midstream and downstream business of the company seized the market opportunity and strengthened structural adjustment and optimization. The profitability of the ompany has showed a year-on year improvement,” Sinopec said.