Sinopec Profit Surges on Inventory Gains, Oil-Product Sales

(Bloomberg) — China’s biggest oil refiner, Sinopec, posted a jump in third-quarter profit despite the nation’s stuttering economic recovery, helped by inventory gains and higher oil-product sales.

China Petroleum & Chemical Corp., the company’s formal name, saw net profit climb 38% to 17.94 billion yuan ($2.5 billion) in the quarter from a year earlier, according to an exchange filing on Thursday. Revenue rose 4.2% to 876.3 billion yuan.