Profits Fall at PetroChina and Sinopec Chemical Businesses

The chemical businesses of PetroChina and Sinopec reported decreases in operating profits for the first half of 2010. PetroChina’s refining and chemicals business posted a 68% fall in operating profits, to Rmb5.46 billion ($815 million) compared with the year-ago period, on sales up 47.5%, to Rmb320 billion. Refining margins declined during the first half due to a rise in crude oil prices, PetroChina says. The increase in sales was mainly due to a rise in prices and sales volumes of refined products. Sinopec’s chemicals segment reported a 68.6% increase in...

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