Asia's Top Refiner is Struggling With Weak Fuel Demand in China

The first-half earnings report of the largest refiner in Asia, China Petroleum and Chemical Corporation, confirmed market concerns about a weak fuel demand in China. China Petroleum and Chemical Corporation, commonly known as Sinopec, reported this weekend a first-half net profit that rose 1.7% year-over-year to $5 billion (35.7 billion Chinese yuan). The higher earnings were due to increased domestic crude oil and natural gas production and rising international oil prices. But the refining metrics of the largest refiner in Asia by capacity all…