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China’s Sinopec flips to quarterly profit on robust refining business

Top Asian oil refiner Sinopec Corp swung to a record quarterly profit in July-September, a company filing showed on Wednesday, thanks to a robust refining business and earnings from the spin-off of pipeline assets. The firm posted net income of 46.39 billion yuan ($6.92 billion) during the three months, nearly quadruple the level a year earlier, Sinopec said in a filing to the Shanghai Stock Exchange, after losses in the first two quarters of the year. “The company seized the opportunity of domestic demand recovery and reversed the unfavourable situation brought by the coronavirus pandemic and low oil prices,” Sinopec said.

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