China's largest oil refiner, Sinopec, experienced a significant decline in profits during the third quarter due to the country's economic slowdown and the increasing popularity of electrified transportation.

The company, officially known as China Petroleum & Chemical Corp., reported a net profit of 8.03 billion yuan ($1.1 billion) for the quarter, a significant decrease from the 17.9 billion yuan earned during the same period last year.

This decline highlights the challenges faced by traditional oil refining operations in a changing market and shifting consumer preferences.

The results were disclosed in an exchange filing on Monday, emphasizing the impact of broader economic conditions on China's energy sector.