China’s decade-plus quest to replace oil with coal in chemicals production is paying off for industry leader Ningxia Baofeng Energy Group Co. , which pulled in record profits as crude prices soared due to the Middle East War.

Source: [Bloomberg Markets](https://www.bloomberg.com/news/articles/2026-08-13/china-s-coal-to-chemicals-push-pays-off-with-record-profits)

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