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Sinopec Profit Jumps Sixfold as Refining Overpowers Oil Rout

  • 3Q proft rises to 10.2 billion yuan from 1.65 billion yuan
  • Downstream profits more than double: Bloomberg calculations
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Sinopec 3Q Net Profit Rose to $1.5B

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China Petroleum & Chemical Corp.’s third-quarter profit rose sixfold as refining gains helped overcome deepening losses from oil and gas production.

Net income at the world’s biggest refiner, known as Sinopec, rose to 10.2 billion yuan ($1.5 billion), from 1.65 billion yuan a year ago, the Beijing-based company said in a statement to the Hong Kong stock exchange on Thursday. Revenue dropped 3.1 percent to 472 billion yuan.