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Sinopec Profit Falls on Weak Oil Demand and Refining Pressures

Sinopec’s third-quarter earnings fell as the Chinese oil giant faced constrained demand and struggled to recover from Covid Zero restrictions that hit its key fuel-selling business. 

China Petroleum & Chemical Corp., as the firm is officially known, said net income fell 38% in the quarter from the year-earlier period, to 12.83 billion yuan ($1.8 billion), according to an exchange filing released Friday.