Net profit of Chinese China Petroleum & Chemical Corp. (Sinopec), the world's largest oil refining company, in 2016 grew by 44% - to 46.7 billion yuan ($6.8 billion). At the same time, operating revenue decreased more than 4% to 1.93 trillion yuan, according to the company.
The production of hydrocarbons fell by 8.6% to 431 million barrels of oil equivalent, while the production of oil domestically decreased by 15%, to 253 million barrels. The volume of refining dropped by 0.4% to 235.5 million tons, due to increased concerns about the surplus of oil products, in particular diesel fuel, in the Chinese market.
Sinopec raised profit for the first time in three years, South China Morning Post noted. This is due to low oil prices, as well as a one-time income of 20.56 billion yuan, received from the sale of the pipeline.