Sinopec profit rises 19% in H1

Sinopec, the world's largest refining company, achieved a 19.3% increase in profits in the first half of 2026, despite the repercussions of the oil crisis, conflicts in the Middle East, and weak domestic demand for fuels. The net profit reached 25.63 billion yuan ($3.81 billion), with a 5.6% reduction in the volume of crude oil processed to 113.31 million tons. However, refining margins increased by 44.1% due to diversification of oil sources and improved procurement processes. Although losses in the chemicals sector continued, declining to over 200 million yuan, the company expects to process around 113 million tons of oil in the second half of the year, amid ongoing challenges related to market volatility and fluctuating oil prices.

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