China’s Sinopec profit up 14% on oil price


BEIJING — China’s Sinopec said Sunday its 2010 net profit rose nearly 14 percent on higher oil prices and strong domestic demand for refined oil and chemical products. Asia’s largest refiner reported a net profit of 71.8 billion yuan (US$11 billion), up from 63.15 billion yuan in 2009, the company said in a statement to the Hong Kong Stock Exchange. Revenue reached 1.91 trillion yuan, up 42 percent from the 1.35 trillion yuan recorded in 2009, according to international accounting standards.

Beijing-based Sinopec attributed its “good financial results” to China’s rapid growth, robust demand and “the increase in the price of crude oil, oil products and petrochemical products.” The net profit result was slightly lower than analysts had expected, Dow Jones Newswires reported.