PetroChina’s Chemicals Business Swings to a Loss; Sinopec’s Chemicals Business Reports Huge Fall in Profits

The refining and chemicals business of PetroChina recorded an operating loss of Rmb10.81 billion ($1.71 billion) in the first quarter ended March 31, 2012, compared with an operating loss of Rmb3.69 billion in the year-ago quarter, mainly due to high international price of crude oil and the regulation and control over the prices of domestic refined products, the company says. Within the segment, PetroChina’s chemicals business alone registered an operating loss of Rmb413 million in the first quarter of 2012 and the refining business recorded an operating...

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