China Petroleum & Chemical Corp. (SNP), or Sinopec, said Thursday its third-quarter net profit rose 3% from a year earlier under international accounting standards, helped by higher oil prices.
China Petroleum & Chemical Corp. (SNP), or Sinopec, said Thursday
its third-quarter net profit rose 3% from a year earlier under international
accounting standards, helped by higher oil prices.
Sinopec,
Asia
's largest refiner by capacity, said its net profit
for the three months ended Sept. 30 was CNY20.22 billion ($3.19 billion), up
from CNY19.63 billion a year earlier.
Third-quarter net profit was CNY19.72 billion under Chinese accounting
standards.
The refiner processed 239.56 million barrels of crude oil in the
January-September period, down 3.6% from 248.54 million barrels a year earlier.
The average selling price of its oil rose 39% to $98.23 a barrel in the
January-September period from $70.57 a barrel a year earlier, the statement
said.
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