China's Sinopec posts $6 bn profit on rebounding oil prices, better demand

Revenue in the first six months rose 22.1% from last year's low base to 1.26 trillion yuan, following a recovery in global oil prices and robust demand for fuel and petrochemical products

China Petroleum & Chemical Corp on Sunday reported a 39.15 billion yuan ($6.05 billion) net profit for the first six months of 2021 on the back of renewed fuel demand and a rebound in oil prices amid a recovery from the impact of COVID-19.

Asia’s biggest oil refiner, known as Sinopec, posted a 23 billion yuan loss during January-June last year as the coronavirus pandemic walloped fuel demand and knocked oil prices. The 2021 interim profit compares with a 31.338 billion yuan profit in the same period in 2019.

Revenue in the first six months rose 22.1% from last year’s low base