Wednesday, April 29, 2009

Sinopec gains

CHINA Petroleum and Chemical Corp, also known as Sinopec, yesterday reported its net profit in the first quarter rose 85.1 percent year on year, because of lower international crude oil prices and adjusted refined oil prices on the domestic market.

Net profit totaled 11.219 billion yuan (US$1.64 billion) in the first quarter, due to the country's adjusted refined oil pricing mechanism since the beginning of this year, the company said in a stock exchange filing.

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