April 29, 2026 [Reuters]- Sinopec Corp, reported 28% year-on-year growth in first-quarter profit as higher global oil prices brought on by the Iran war ​increased the value of its crude inventory and the refiner maintained stable ‌fuel sales.

Formally known as China Petroleum & Chemical Corp, Sinopec’s net income stood at 17 billion yuan ($2.49 billion) between January and March, according to a filing with the Shanghai stock exchange ​based on Chinese accounting standards.

Sinopec’s crude throughput during the period was ​at 62.02 million metric tons, or 5.03 million barrels per day, ⁠down 0.2% versus a year earlier.

Sinopec, the world’s largest refining group by capacity, ​said last month it reduced throughput in March by 5% as the Iran conflict ​disrupted crude oil supply from the Middle East.

Total refined fuel sales dipped 0.2% on the year to 55.46 million tons, but the company managed to lift domestic sales by 0.6% to ​43.42 million tons.

China twice limited hikes to domestic pump fuel prices to soften the ​impact from the war, which effectively also pinched the margins for refiners.

Sinopec’s output of ethylene, ‌a ⁠building block for producing petrochemicals, fell 8% to 3.55 million tons during the period, as its chemical department faces an “unfavorable market environment of continuously low margins”.

Oil and gas output gained 0.4% to 131.5 million barrels of oil equivalent during the ​quarter, including 63.4 million ​barrels of crude ⁠oil pumped domestically, up 1%.

Natural gas production edged up 0.4% to 370 billion cubic feet.

Capital expenditure came in at 25.17 ​billion yuan, rising from 18.25 billion a year earlier. Of ​the total, ⁠62% went to its upstream division developing oil projects in Jiyang in east China and Tahe in the northwest, as well as natural gas projects in southwest ⁠Sichuan.

Sinopec’s Hong ​Kong-listed shares dropped 1.7% so far this ​year, against a 0.2% rise in the benchmark Hang Seng index (.HSI)