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Sinopec profit surges on rising oil demand and prices

Chinese energy giant Sinopec has reported a surge in profits driven by an increase in domestic demand and rising oil prices.

Asia's biggest refiner by capacity said its net profit grew by 13.7% to 71.8bn yuan ($10.9bn; £6.8bn) last year.

It also reported an increase in output, processing 211m tonnes of crude oil, a 13.2% jump from a year ago.

China has become the world's biggest car market, resulting in an increase in oil demand.

While demand for fuel has been rising, there has also been a surge in oil prices as the unrest in Libya and the Middle East raises concerns about a shortfall in supply.

BBC News

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