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Hou Qijun has set out to transform Sinopec, the world's largest refiner, as it faces dwindling fuel demand, overcapacity in petrochemicals and the world's worst oil ​crisis, when he could be coasting into retirement like other Chinese state executives.

Chinese refiner Sinopec will increase the sourcing of its oil from Brazil, Africa and beyond ​to contend with supply disruptions caused by Middle East conflict, company ‌executives said on Monday after reporting interim results on Sunday.

China's Sinopec reported an unexpected 19.3% year-on-year increase in ​net profit for the first half of 2026, despite a litany of issues including the Middle East conflict and ‌falling demand for fuel domestically, but said it had to write down its inventories by 16 billion yuan.

Sinopec is launching a major internal restructuring, setting up ​new business units and relocating hundreds of staff, as the world's biggest refiner seeks to lift profits ‌amid flagging Chinese oil and petrochemicals demand, company officials said.

China's Sinopec said it had completed the restructuring of China National Aviation Fuel (CNAF), the country's dominant jet fuel distributor, ​according to a company statement on July 10.