China’s Sinopec 1st-half net profit up more than fourfold

Net profit in the first six months of 2009 increased by 332.8 percent from the year-earlier period, said Sinopec, the largest oil refiner in Asia, in statements to the Shanghai and Hong Kong stock exchanges.

‘Since 2009, domestic oil product pricing mechanism reform has turned refining business from loss to profit,’ the company said in the statement. ‘The domestic pricing mechanism of oil products is being improved.’

China raised retail fuel prices once in March and twice in June. Last month, it cut petrol and diesel prices, but in net terms prices are higher than at the beginning of the year.

In June, Sinopec agreed to purchase Geneva-based oil exploration firm Addax Petroleum for 7.2 billion dollars in the largest ever Chinese offshore acquisition.