Sinopec's (SNP -0.4%) Q1 net profit jumped 25% Y/Y to 16.7B yuan ($2.7B) from 13.4B yuan, due to...

|By:, SA News Editor

Sinopec's (SNP -0.4%) Q1 net profit jumped 25% Y/Y to 16.7B yuan ($2.7B) from 13.4B yuan, due to an improved refining business. SNP processed 58.7M metric tons of crude oil in the quarter, up 5.9% from 55.4M tons. The average selling price of its oil fell to $98.83/bbl from $106.10 a year earlier. Agrees to sell a 30% stake in an oil and gas block in Myanmar to Taiwan's CPC Corp.