China’s largest oil refiner, Sinopec, reported a significant boost in third-quarter profits, driven by higher oil prices and stronger upstream earnings. The state-owned company, officially known as China Petroleum & Chemical Corp., saw its net income climb 64% year-over-year to 13.6 billion yuan ($2 billion), as disclosed in an exchange filing on Thursday.
The surge in profits was attributed to improved processing margins and the impact of the Iran war, which has elevated energy prices. Sinopec’s upstream segment, which includes exploration and production, played a key role in the company’s financial performance.
This latest financial update highlights the resilience of Sinopec in a volatile energy market, as geopolitical tensions continue to influence global oil prices.