Posted on 19/07/08
Sinopec says price controls will decrease profit by half
Chinese oil giant Sinopec, formally known as China Petroleum & Chemical Corp., says its first-half profit will fall more than 50 per cent from the same period last year due to government controls that limit its ability to pass on record high crude costs to consumers. A Sinopec statement gave no estimate of first-half earnings, but Asia's biggest refiner reported a profit of 36.2 billion yuan ($5.34-billion) in the year-earlier period. Sinopec is due to release results in late August. Sinopec and oil producer China National Petroleum Corp. say they are suffering heavy losses due to price controls. Sinopec's problem is bigger - it refines much more oil than it produces.
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