{"id":7414,"date":"2026-10-29T19:30:00","date_gmt":"2026-10-29T16:30:00","guid":{"rendered":"https:\/\/mikhailinvest.com\/sinopec-third-quarter-profit-jumps-64-as-oil-prices-climb\/"},"modified":"2026-10-29T19:30:00","modified_gmt":"2026-10-29T16:30:00","slug":"sinopec-third-quarter-profit-jumps-64-as-oil-prices-climb","status":"publish","type":"post","link":"https:\/\/mikhailinvest.com\/ru\/sinopec-third-quarter-profit-jumps-64-as-oil-prices-climb\/","title":{"rendered":"Sinopec Third-Quarter Profit Jumps 64% as Oil Prices Climb"},"content":{"rendered":"

Higher oil prices helped raise Sinopec\u2019s third-quarter earnings by 64% from a year earlier, even as China\u2019s top refiner couldn\u2019t fully capture the record-high global refining margins.\u00a0<\/p>\n

China Petroleum & Chemical Corporation, as Sinopec is officially known, \u0441\u043a\u0430\u0437\u0430\u043b<\/a> on Thursday that its profit attributable to the shareholders of the company surged by 63.6% on the year to $2 billion (13.6 billion Chinese yuan) for the third quarter.\u00a0<\/p>\n

Revenues rose by 9.3% to $115 billion (769.7 billion yuan).<\/p>\n

For the first nine months of 2026, profit rose by 25.3% and revenues by 4.4%, Sinopec said in a stock exchange filing.\u00a0\u00a0\u00a0<\/p>\n

The Chinese giant attributed the rise in the January-September results to its decision to increase the yield of high value-added products such as jet fuel and refining by-products, and inventory gains resulting from the higher crude oil prices.\u00a0<\/p>\n

Sinopec\u2019s realized crude oil price jumped to $81.92 per barrel in the nine months from $66.38 a barrel for the same period last year, while production was basically flat year-over-year.\u00a0\u00a0<\/p>\n

Sinopec, however, flagged flailing domestic fuel demand this year.<\/p>\n

This, plus Chinese controls of fuel exports in the spring and the summer, ultimately prevented the refiner from capturing the full upside in global refining margins, as international supermajors did.\u00a0\u00a0<\/p>\n

\u201cDue to the dampening effect of high oil prices on demand and accelerated substitution by new energy, domestic refined oil products consumption declined by 8.6% year on year,\u201d Sinopec said.\u00a0<\/p>\n

\u201cDomestic demand for major chemical products was weak, with ethylene equivalent consumption down by 9.4% year on year.\u201d\u00a0<\/p>\n

Sinopec\u2019s refinery throughput slumped by 10.2% in January-September from a year earlier.\u00a0<\/p>\n

Another major state-owned company, PetroChina, also benefited from the higher oil prices, but its refinery runs and domestic diesel sales also fell.\u00a0<\/p>\n

Earlier this week, PetroChina reported a 21.6% increase<\/a> in its third-quarter profit on Iran war-inflated oil and gas prices, while the company\u2019s nine-month crude output, refinery runs and domestic diesel sales all fell.\u00a0\u00a0\u00a0\u00a0<\/p>\n

\u0427\u0430\u0440\u043b\u044c\u0437 \u041a\u0435\u043d\u043d\u0435\u0434\u0438 \u0434\u043b\u044f Oilprice.com<\/a><\/p>\n

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