Net income at China’s refining giant beats PetroChina, Cnooc Crude crash drags down Sinopec earnings as output slides China Petroleum & Chemical Corp., the refining giant known as Sinopec, outshined its domestic state-run rivals in the first half of the year as its fuel-making business helped it weather the worst crude crash in a generation. The world’s biggest refiner reported 19.9 billion yuan ($3 billion) in profit for the first half of the year, according to a filing Sunday with the Hong Kong stock exchange. While that’s down 22 percent from the same period in 2015, it’s more than double it’s net income in the second half of last year, when it posted its weakest earnings since 2002. “Sinopec continues to be a defensive play among China’s Big Three oil companies as its huge refining exposure puts it in a good position to benefit from a low crude price […]