Sinopec leads gains in China as refining offsets oil drop

Hong Kong

CHINA Petroleum & Chemical Corp (Sinopec) led gains among the country's state-run energy giants after earnings beat estimates as profit from oil refining helped offset the plunge in crude prices.

Asia's biggest refiner reported a 30 per cent drop in net income, with refining cushioning it from the profit tumbles felt by its state-owned rivals, PetroChina Co and CNOOC Ltd, which both saw profit fall by at least two-thirds.