Sinopec Profit Rises 12% on Higher Energy Prices

China's largest oil refiner, Sinopec, saw its first-half profits surge 12% year-over-year due to higher global energy prices. The company reported a preliminary net income of 26.6 billion yuan ($4 billion) for the six months through June.

The increase in profit is attributed to the rise in Brent crude prices, which averaged about $87 a barrel from January through June, compared to around $71 in the same period last year.

However, Sinopec's refining business was impacted by higher oil prices, as it wasn't able to pass on the increased costs to consumers due to government measures to curb fuel exports and cap domestic prices.