Refinery income helps Sinopec defy oil slump
By Lyu Chang | China Daily | Updated: 2016-05-05 08:20
Energy giant China Petroleum & Chemical Corp, better known as Sinopec, has defied global low oil and gas prices, as it saw a 206 percent surge in net profit due to its refining margins during the first quarter of the year.
Net profit jumped to almost $1 billion during the first three months, a huge improvement compared with an 84.6 percent drop logged in the same period last year.
Revenue at Asia's biggest oil refiner grew 153.4 percent to 13.1 billion yuan, compared with a 79.2 percent fall in the first three months of 2015.
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