Weak First Quarter for Sinopec and PetroChina

Sinopec’s chemicals segment, and the refining and chemicals business of PetroChina, each reported weak financial results for the first quarter of 2012. Sinopec’s chemicals business posted an 86% fall in operating profits, to Rmb1.3 billion ($206 million) compared with the year-ago quarter. Sales for the segment were not disclosed. Operating margins were affected by an increase in the price of chemical raw materials and the sluggish price of global chemical products, Sinopec says. PetroChina’s refining and chemicals business recorded an operating...

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