China Petroleum & Chemical Corp, known as Sinopec, will increase crude oil imports from outside the Gulf states, including Brazil and Africa, after U.S. and Israeli strikes on Iran intensified Middle East tensions. Chairman Hou Qijun said the company would "exhaust every means" to secure supplies, including crude from Saudi Arabia's Red Sea port of Yanbu and UAE oil transported by pipeline to terminals outside the Gulf. Sinopec said it holds about 20 days of crude inventory for refining and roughly 15 days of refined fuel inventory for sales, with current levels broadly stable. The company will also deepen strategic ties with Saudi Arabia and the UAE rather than simply reduce its Middle East exposure. Second-quarter 2026 crude throughput fell 17% quarter-on-quarter, while domestic refined fuel sales declined 18%. Reuters calculations indicate that unchanged refining volumes in the second half would put full-year throughput at about 4.52 million barrels per day, down 10% from the prior year. Hou said Chinese oil consumption likely peaked in 2025, while refined fuel consumption is expected to drop about 8% in 2026, compared with an earlier forecast of a 4% to 5% decline. Sinopec plans to invest more than RMB 30 billion, or about $4.5 billion, annually in new energy and new materials from 2026 to 2030. Net profit rose 19.3% year-on-year in the first half of 2026 despite lower refining volumes. The company said efficiency gains across its industrial chain and improved responses to market changes supported earnings, while losses in its chemicals business narrowed significantly. Sinopec also said a possible U.S.-China summit could deepen trade cooperation and that it would participate if suitable opportunities emerged.