BEIJING -- China Petroleum & Chemical Corporation (Sinopec Corp), China's largest oil refiner, expects profit growth in the first half of the year, the company said in a report filed with the Shanghai Stock Exchange.

Net profit attributable to equity shareholders of Sinopec for the first half of 2021 is estimated to be between 36.5 billion yuan (about $5.64 billion) and 38.5 billion yuan, said Sinopec, representing a turnaround from the losses registered in the same period a year ago.

At the beginning of 2020, due to the dual impact of the COVID-19 epidemic and the plunge in oil prices, the global consumption of petroleum and petrochemical products shrunk sharply, resulting in the company's operating losses in the first half of 2020, said Sinopec.

The company attributed the estimated profit growth to the improved situation of the epidemic globally, the rise of oil prices and growing domestic demand as China has constrained the epidemic and sees recovery in its economy.