- Sinopec Q3 net profit 13.36B yuan, up 57% YoY
China's biggest refiner posted a 57% rise in Q3 net profit to 13.36B yuan, driven by higher oil prices from Middle East conflict and Strait of Hormuz disruptions. Revenue rose 9.3%. Domestic demand fell 8.6% as high prices and new energy substitution weighed. PetroChina also reported a 22% profit jump. IEA warns gasoil market tight into 2027.
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