Daily Times

China’s Sinopec posted a 2.7% rise in net profit for the first half of the year, it said on Sunday, as rising oil prices boosted income.

China Petroleum & Chemical Corp as Sinopec is officially known, reported on Sunday a net income of 37.1 billion yuan ($5.21 billion) for January to June, according to a filing with the Shanghai stock exchange, based on Chinese accounting standards.

Sinopec, the world’s largest oil refiner by capacity, saw its sales fall 1.1% to 1.58 trillion yuan. Meanwhile, production of ethylene, a key building block for petrochemicals, fell 5.5% during the first half. Capital expenditure was 55.9 billion yuan for the period.