China Petroleum & Chemical Corp., known as Sinopec, said Oct. 16 that under China Accounting Standards for Business Enterprises, net profit attributable to shareholders for the nine months that ended Sept. 30 will rise by more than 50% year on year.

The world's largest refiner by capacity projected that net profit will increase by between 21 billion Chinese yuan and 21.7 billion yuan, a rise of 54.7% to 56.6%.

The estimate was mainly attributed to a year-on-year increase in international crude oil prices, which boosted the company's upstream business.

During the same period of 2017, the company reported a net profit attributable to shareholders of 38.37 billion yuan.

As of Oct. 15, US$1 was equivalent to 6.92 Chinese yuan.