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China refinery losses expand to $850M

http://www.forbes.com/feeds/ap/2008/07/22/ap523779 [2008-7-23]

BEIJING -

Refining losses for China's top two oil companies widened 47.9percent to 5.7 billion yuan (US$850 million) in the first half dueto government controls that limit their ability to pass on highcrude costs to consumers, an industry association said in commentsreported Tuesday.

"They are facing big difficulties," said Feng Shiliang, deputysecretary-general of the China Petroleum and Chemical IndustryAssociation, quoted by the China Daily newspaper.

China Petroleum & Chemical Corp., or Sinopec, Asia's biggestrefiner by volume, warned last week that its first-half profitswould fall by more than half. China's biggest oil company byrevenue, China National Petroleum Corp., has given no profitforecast but has said earlier that its results were hurt by pricecontrols.

Both companies are due to report first-half results in comingweeks.

Beijing has kept state-set retail gasoline and diesel prices low toshield the poor, but oil refiners must still pay internationalmarket prices for crude and complain they are suffering heavylosses. Even though the government raised prices in June to curbsurging growth in consumption, analysts say refiners still losemoney on every barrel of crude they process.

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