BeijingSinopec earned 13.36 billion yuan in the third quarter.

Its nine-month fuel sales fell 11.4%, as China’s fuel consumption fell 8.6%, Sinopec said.

Refining earnings before interest and tax reached 30.1 billion yuan in nine months, against 7 billion a year earlier.

Its chemicals segment still lost 1.69 billion yuan, and ethylene output fell 19%.

Fourth-quarter results will show whether refining margins hold as demand keeps falling.

How each outlet framed it
Reuters
places the 57% Q3 jump in refining margins against a 10.2% fall in crude processed and a 19% drop in ethylene output

Sources: Reuters