Sinopec posts record profit on crude rebound

China Petroleum and Chemical Corp, the world's largest refiner by capacity, reported its best half-yearly profits since listing 18 years ago, on better refining profits and a rebound in crude oil prices.

Known as Sinopec, the company's operating profit for the first six months of the year stood at 67.9 billion yuan ($9.98 billion), up 51.3 percent year-on-year. Its revenue rose 11.5 percent year on year to 1.3 trillion yuan. The gains came amid higher crude prices, rising natural gas production and stronger fuel margins.

Higher oil prices also contributed to the growth, with international oil prices surging despite fluctuations in the first six months, with the spot price of Brent crude oil surging 36.2 percent year-year-on to $70.55 per barrel.