Sinopec Profit Triples as Refining Outweighs Oil's Plunge

  • Refining business benefits from China's $40/bbl price floor
  • Oil, gas output drops to 2.7%; refining output falls 2.4%

China Petroleum & Chemical Corp., Asia’s biggest refiner, posted a threefold increase in profit as the drop in oil prices was outweighed by the benefit of improved refining margins.

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