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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