Sinopec Q3 net doubles on higher fuel prices

Published: 29 Oct 2009 02:44:35 PST

HONG KONG, Oct 29 - Top Asian oil refiner Sinopec Corp said its net profit more than doubled in the third quarter, in line with expectations, on higher fuel prices and falling crude oil prices.

Sinopec said net profit totalled 16.55 billion yuan ($2.4 billion) for July-September, compared with a restated 7.4 billion yuan last year. Nine analysts surveyed by Reuters had expected a profit of 16.5 billion yuan.

Sinopec, which is among the world's top oil refiners by capacity, has benefited from four fuel price increases in China this year, with the most recent in September.

Sinopec rose 11.5 percent in July-September, outperforming PetroChina, which gained 1.9 percent. The benchmark Hang Seng Index rose 14 percent.