Refining unit helps Sinopec profit

China Petroleum and Chemical Corp, Asia's largest oil refiner, outperformed its domestic rivals in terms of the first-half profit, as its refining business helped it endure the worst turmoil in the oil industry.

The State-owned enterprise, also known as Sinopec, announced first-half profit of 19.25 billion yuan ($3 billion), down 21.3 percent year-on-year, while the company's revenue declined to 879.2 billion yuan during the same period, according to a filing to the Hong Kong Stock Exchange on Sunday.

The first-half result was a sharp contrast to the performance of the nation's other two oil majors, China National Petroleum Corporation and China National Offshore Oil Corporation.