finance.yahoo.com

Sinopec boss calls for transformation as profits rise and demand falls

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Hou Qijun, appointed to lead Sinopec, urged a reset to tackle shrinking fuel demand, petrochemical overcapacity and the impact of the Iran war and government curbs limiting higher fuel prices. Despite that pressure, Sinopec reported a 19% rise in net profit for the first half of 2026. The company plans to spend over 30 billion yuan a year on new energy and new materials, targeting more than 30 projects by 2030.

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