Sinopec Third-Quarter Profit Jumps 64% as Oil Prices Climb

Sinopec Third-Quarter Profit Jumps 64% as Oil Prices Climb

Higher oil prices helped raise Sinopec’s third-quarter earnings by 64% from a year earlier, even as China’s top refiner couldn’t fully capture the record-high global refining margins. China Petroleum & Chemical Corporation, as Sinopec is officially known, said 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. Revenues rose by 9.3% to $115 billion (769.7 billion yuan). For the first nine months…