Sinopec Defies Disruptions with Record Refining Margin

Sinopec, the world's largest refiner, reported a 19.3% increase in its first-half net profit to 25.63 billion yuan, despite a significant hit from writing down inventory due to oil and fuel price volatility.

The company, which sources about half of its crude from the Middle East, faced supply disruptions through the Strait of Hormuz since March, but managed to earn more per ton processed.

Its refining margin jumped 44.1% to 453 yuan per ton, while crude runs fell 5.6% year-on-year to 113.31 million metric tons.