2023: Sinopec, China's largest oil refiner, reported a 9.9% decline in net profit due to falling oil and gas prices but benefited from recovering fuel demand.

Sinopec, China's largest oil refiner, reported a 9.9% decline in 2023 net profit due to falling oil and gas prices, but benefited from recovering fuel demand. The company posted net income of 60.5 billion yuan ($8.37 billion) and faced a "complicated operating environment and intense competition" in 2023. Sinopec's gasoline sales rose 14.3% and diesel 6.4%, while aviation fuel sales expanded by 49.5%.

March 24, 2024
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