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China Petrochemical Corp, Asia's largest oil refiner, recorded a more than 70 per cent year-on-year increase in profits, thanks to international oil price hikes and surging domestic oil product demands, the company said on Friday.

The company, parent of China Petroleum and Chemical Corp (Sinopec), is expected to book a net profit of 22.5 billion yuan (US$2.7 billion) by the end of this year. That represents an increase of 71.8 per cent compared to last year, the company said in a statement. Sinopec is listed in Hong Kong, New York and London.

Turnover will exceed 420 billion (US$50.8 billion) yuan, officials said, rising more than 10 per cent overa year ago.

"The oil and refinery businesses have maintained good performances; The petrochemical business, mired in losses for years, is turning into the black this year,'' the statement said.

Analysts attribute the turnaround to robust oil price hikes, which have lingered throughout the year at around the upper limit of OPEC's preferred price range of US$22-28 per barrel.

China Petrochemical Corp said its crude oil output will inch up by 0.3 per cent to 38.2 million tons this year, while natural gas production should rise by 5.3 per cent to 5.3 billion cubic metres.

Surging oil demand at home also allows the company to cash in on price hikes.

The sales of oil products, including gasoline, diesel oil, kerosene and jet fuel, is set to increase by 8.1 per cent to 75.7 million tons this year, the statement said.

China's oil product demands surged by almost 10 per cent this year as a result of rising car sales, massive infrastructure work, strong petrochemical demands and worsening power shortages. Oil stocks are at their lowest since 1998.

The rising demands have kept the refiners running hard to catch up.

The statement said the company will process 123 million tons of crude oil this year, a nearly 10 per cent rise year-on-year.

The production of ethylene and major chemical products are expected to rise by 12.8 per cent to 4.1 million tons.

The statement said the company has built and acquired 1,350 more petrol stations this year, increasing its total stations to 25,000. Factoring in the franchised stations, the company now will control some 28,000 stations by the end of this year.

Still, analysts questioned whether the expected strong performance will maintain the same steam next year, citing whether international oil prices will stay as high.

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