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Barcha huquqlar himoyalangan.
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Chinese offshore oil and gas major CNOOC Ltd posted a record first-half net profit on Wednesday, as higher oil prices driven by the Iran war and rising production boosted earnings.
Hou Qijun has set out to transform Sinopec, the world's largest refiner, as it faces dwindling fuel demand, overcapacity in petrochemicals and the world's worst oil crisis, when he could be coasting into retirement like other Chinese state executives.
Chinese refiner Sinopec will increase the sourcing of its oil from Brazil, Africa and beyond to contend with supply disruptions caused by Middle East conflict, company executives said on Monday after reporting interim results on Sunday.
China's Sinopec reported an unexpected 19.3% year-on-year increase in net profit for the first half of 2026, despite a litany of issues including the Middle East conflict and falling demand for fuel domestically, but said it had to write down its inventories by 16 billion yuan.
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