Energy Insider: Sinopec Swings to Profit on Oil Price Rebound

In today’s Caixin energy news wrap: Energy storage industry is booming in China; Sinopec swings to profit on oil price rebound; Beijing power suppliers seek to break contracts; Ansteel first-half profit surges nearly 10 times; battery giant CATL invests in private equity funds.

Sinopec swings to profit on oil price rebound

China Petroleum & Chemical Corp. (600028.SH), or Sinopec, swung to a net profit of 39 billion yuan ($6 billion) in the first half of 2021, thanks to a rebound in oil prices and an increase in output and sales. The state-owned energy giant reversed a loss of 23 billion yuan a year ago when oil prices plunged and production was shut down amid the Covid-19 pandemic. First-half revenue was up 22.1% to 1.26 trillion yuan, according to an earnings report published Monday on the Shanghai Stock Exchange.