Asia's biggest oil refiner Sinopec said on August 28, 2017, that its 1st-half net profit jumped more than 40.1 % thanks to a rise in oil prices and stable growth in China's economy, which fuelled demand for its refined products.
A pick-up in international oil prices boosted Sinopec's crude business, while domestic consumption of its key refined oil products rose and demand for major chemical products grew significantly, the company said.
China registered stronger-than-expected economic growth in the 1st half, expanding 6.9 % in both the 1st and 2nd quarters.
World oil prices have firmed up but remain half of what they were before a 2014 plunge fuelled by a supply glut, overproduction and a weak global economy.
Sinopec said it expects global oil prices to continue to fluctuate at low levels for the rest of this year, while structural adjustments in China's energy sector mean natural gas demand will continue to grow quickly.
The company reported it expects 2nd-half crude oil production to total 148 million barrels.
It said strong economic growth will continue to drive demand for its products in the 2nd half and create new growth opportunities.
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