Chinese oil giants China Petroleum & Chemical (Sinopec; 600028.SHA) and PetroChina (601857.SHA) reported strong results in the third-quarter on China’s new oil-pricing system, The Wall Street Journal reported. Sinopec on Tuesday posted a 20% rise in third-quarter net profit from a year earlier, better than larger rival PetroChina, which announced a 19% increase in net profit for the same period. The changes introduced in March involved more frequent adjustments to state-set domestic Chinese refined oil product prices than had been the case in the past, which has meant they are now more closely aligned with global prices.
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