Sinopec’s Profit Recovery Threaten by Covid’s Spread

(Bloomberg) — China’s biggest oil refiner posted increased profits for the first quarter even as the country’s worst pandemic outbreak threatens a pullback in fuel demand.

Sinopec reported 23.3 billion yuan ($3.6 billion) in net income, an increase of 24% from the same period last year, according to an exchange filing Wednesday. The Chinese oil giant, officially known as China Petroleum & Chemical Corp., had its best financial year in a decade in 2021.