Sinopec Third-Quarter Profit Jumps 63.6 Percent to $2 Billion

China Petroleum & Chemical Corporation, also known as Sinopec, reported a 63.6 percent increase in third-quarter profit to $2 billion, or 13.6 billion Chinese yuan. The growth was driven by rising global oil prices and a strategic shift toward high value-added products such as jet fuel. For the first nine months of 2026, the company saw profits rise 25.3 percent and revenues increase 4.4 percent to $115 billion.

Despite the profit surge, the company faced operational headwinds, including a 10.2 percent slump in refinery throughput. Sinopec attributed a decline in domestic fuel demand to high oil prices and the substitution of traditional fuels with new energy. Additionally, domestic fuel export controls prevented the company from fully capturing record-high global refining margins.

PetroChina reported similar trends, with a 21.6 percent increase in third-quarter profit fueled by oil and gas prices inflated by war in Iran. However, PetroChina also experienced declines in crude output and domestic diesel sales.