Hong Kong — China Petroleum & Chemical says profits during the first quarter of 2017 are expected to more than double on higher crude prices and stable demand, bolstering plans by the world’s biggest oil refiner to raise spending for the first time in four years. Net income during the first three months will jump about 150% from the same period a year ago, the company known as Sinopec said in a statement on Sunday to the Hong Kong stock exchange. That followed an earlier filing that showed it plans to increase spending 44% in 2017 and that profits in 2016 rose for the first time in three years on improved refining margins and a one-time gain from pipeline asset sales. Oil prices have stabilised after a two-year crash as the Organisation of Petroleum Exporting Countries leads a global effort to trim output. Meanwhile, China’s apparent oil demand showed a 4% rise in the first two months of 2017 as investment, property and industrial drivers in the world’s second-biggest economy starte...
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