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Chinese oil majors show momentum, aided by pipeline sale

Sinopec regains pre-COVID profits, while coal sales rebound in September

Sinopec quadrupled profit in the July-September quarter, buoyed by sales of oil and gas pipelines.   © Reuters

HONG KONG -- Major Chinese energy companies show signs of recovery in their third-quarter results, as rising domestic demand helped propel a rebound from the coronavirus pandemic.

China Petroleum & Chemical, or Sinopec, nearly quadrupled its July-September net profit on the year, jumping to 46.38 billion yuan ($6.91 billion). Much of the increase came from selling oil and gas pipeline assets at the end of September to China Oil & Gas Pipeline Network, a new state-owned enterprise known as PipeChina.

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