Refining empire helps Sinopec outshine Chinese energy rivals

Hong Kong

CHINA Petroleum & Chemical Corp, the refining giant known as Sinopec, outshined its domestic state-run rivals in the first half of the year as its fuel-making business helped it weather the worst crude crash in a generation.

The world's biggest refiner reported 19.9 billion yuan (S$4 billion) in profit for the first half of the year, according to a filing on Sunday with the Hong Kong stock exchange. While that's down 22 per cent from the same period for 2015, it's more than double its net income for the second half of last year, when it posted its weakest earnings since 2002.