Key facts
- Sinopec's third-quarter profit rose 64% to $2 billion.
- Revenues increased 9.3% to $115 billion.
- Domestic refined oil product consumption fell 8.6% year-on-year.
- Ethylene equivalent consumption decreased 9.4% year-on-year.
- Refinery throughput slumped 10.2% in January-September.
Higher oil prices boosted Sinopec's third-quarter profit by 64% to $2 billion, though the Chinese refiner was unable to fully capitalize on record global refining margins. Revenues climbed 9.3% to $115 billion. For the first nine months of 2026, profit rose 25.3% and revenues 4.4%. Sinopec attributed the gains to increased production of high-value products and inventory gains from higher crude prices, with its realized crude oil price increasing to $81.92 per barrel from $66.38 a year earlier. However, domestic fuel demand declined 8.6% year-on-year, and consumption of major chemical products fell 9.4%, leading to a 10.2% slump in refinery throughput.