Sinopec's first half net profits decline 22.3%

Sinopec, one of China's top oil refiners, reported a sharp decline in net profits on Wednesday, mainly due to weak oil prices.

The group's net profits dropped by 22.3 percent year on year to 24.4 billion yuan (3.81 billion U.S. dollars) in the first half of this year, according to its interim financial report.

As international oil prices hover at low levels, the company's oil and gas exploration saw a deficit of 1.8 billion yuan.

The low price of crude oil pushed up the company's profits in oil refining and chemical engineering.

Sinopec's total revenue shrank 23.3 percent to 1.04 trillion yuan in the first six months.