Sinopec announced that it achieved a net profit of 39.15 billion yuan, equivalent to 6.05 billion dollars, in the first 6 months of this year thanks to the renewed demand for fuel and the recovery of oil prices amid the recovery from the repercussions of Covid-19.
Sinopec, Asia’s largest oil refiner, lost 23 billion yuan in the first half of last year as the coronavirus pandemic and the collapse in oil prices hit fuel demand.
Revenues in the first half of the year rose 22.1 percent from a low of 1.26 trillion yuan, following improved global oil prices and strong demand for fuel and petrochemical products.
During the first half, Sinopec processed 126.11 million tons of crude, up 13.7 percent from a year ago, and gasoline production increased 20.8 percent as China recovered from the COVID-19 shock.
Sinopec produced about 138 million barrels of crude oil, down 1.5 percent year on year, while its natural gas production increased 13.7 percent to 582.6 billion cubic feet.