Dubai—State-run China Petroleum and Chemicals Corporation, or Sinopec, saw its net profit for the quarter ended September 30 fall 9.4% year on year to Yuan 18.326 billion ($2.9 billion), beating analyst expectations due to better than expected downstream margins. “In the first three quarters of 2012, the domestic demand for oil products and chemical products continued to rise, though at a slower rate,” the company said October 28. “The price of chemical products fell in the second quarter, but rebounded in the third quarter. The company made rational arrangements for production and operations in accordance with the macroeconomic trend and market demand, and actively adjusted its product mix, leading to a remarkable quarter-on-quarter improvement of results in the third quarter.”
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