Sinopec posts profits amid rising oil prices

China Petroleum & Chemical Corp posted an 8.9% rise in first-half profits to US$2.69 billion on Monday, the Wall Street Journal reported. High crude-oil prices more than offset losses in refining caused by government caps on oil-product prices and a profit tax on crude sales. The company known as Sinopec, Asia's largest refiner by capacity, also outlined growth targets for refineries and natural gas fields as it looks ahead to growing energy demand in China. China raised gasoline and diesel prices twice this year to bring prices closer to global benchmarks but analysts say they are still up to 20% below international levels.