Net profit for China Petroleum and Chemical Corp (Sinopec; SNP.NYSE, SNP.LSE, 600028.SH, 0386.HK) rose by 6.7% to US$5.2 billion in the first half of 2010, beating analyst expectations, Dow Jones Newswires reported. The jump was driven by a 75% year-on-year increase in revenue, the result of higher oil prices and rising demand, which grew 50% and 18% respectively during the period. These factors compensated for lower production margins. The firm said that it expected domestic demand for oil and chemical products to remain strong for the rest of the year. Sinopec also said it would continue to pursue its 2010 refining target of 203 million metric tons, though government stimulus spending in energy-intensive sectors may slow.