China Petroleum and Chemical Corporation SNPor Sinopecsaw its first-half net income rise 10.4% to 43.53 billion yuan ($6.3 billion), led by higher global crude oil and gas prices, though domestic demand remained sluggish.

According to a company statement, Sinopec recorded revenue of 1.61 million yuan in the first half of 2022, up from 1.26 million yuan in the same period last year.

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It recorded earnings per share of 0.36 yuan in the first half, up from 0.326 yuan a year earlier.

raw production: In the first half, Sinopec’s oil and gas production reached 242 million oil-equivalent barrels, up 2.9% year-on-year, the report said. Domestic crude oil production reached 124.6 million barrels, up 0.8% year-on-year, and natural gas production was 613.92 billion cubic feet, up 5.4%, it said.

The total sales volume of refined oil products was 98.42 million tons, of which the total domestic sales volume accounted for 78.46 million tons, it said.

outlook: In the second half of the year, Sinopec plans to produce 141 million barrels of crude oil and 642.9 billion cubic feet of natural gas. The company also looks forward to processing 120 million tons of crude oil during this period.