Sinopec Reports $3.8B Half-Year Profit
Sinopec, the world's largest oil refining company, announced a 19.3% increase in its net profits for the first half of 2026, reaching $3.81 billion, despite challenges such as the conflict in the Middle East and declining domestic demand for fuel. As a result, the company reduced the value of its inventories by 16 billion yuan due to a drop in their market value. Additionally, the refining margin increased by 44.1% to reach 453 yuan per ton, driven by expanded oil supply sources and improved product mixes, despite global oil price fluctuations and geopolitical challenges that led to a reduction in China's oil imports from the Middle East.
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