Sinopec Profit Slips as Oil Crash Drags Down Refining Gains


China Petroleum & Chemical Corp., the world’s biggest oil refiner, posted a 22 percent decline in profit for the first half of the year as oil’s collapse overpowered the boost from cheaper crude used to make fuels and chemicals.

Net income dropped to 19.9 billion yuan ($3 billion), the Beijing-based company known as Sinopec said in a statement to the Shanghai stock exchange on Sunday. Revenue slumped nearly 16 percent to 879.2 billion yuan, the company said.

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