China’s Sinopec posts stronger Q3 earnings
It is reported that Sinopec’s net profit was 10.19 billion Yuan ($2.09 billion) in the third quarter, up from 1.65 billion Yuan in the same period of last year following a decline in the H1 of 2016 and a 30% drop in the last year.
“Sinopec is a big beneficiary of low crude prices as it buys most of the oil it processes from overseas,” analyst at North Square Blue Oak, Tian Miao stated.
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