» Top Asia oil refiner Sinopecs Q2 jumps

Top Asia oil refiner Sinopecs Q2 jumps

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Top Asia oil refiner Sinopecs Q2 jumps

Sinopec Corp. (0386.HK: Quote, Profile, Research), Asias top oil refiner, reported a better-than-expected 21 percent jump in quarterly earnings driven by higher retail fuel prices, and said it hoped to sustain robust crude oil output in the second half.

Persistent refining losses – caused by caps on the wholesale price of refined product – have weighed on earnings, but the government has allowed two rises in prices at the pump this year.

Past refining losses and a volatile chemicals division have forced Sinopec to count on exploration and production to galvanise growth, although in this quarter, marketing was the big factor.

The firm said in July that oil production increased an already better-than-anticipated 3.07 percent to 141 million barrels in the first six months. Now, it aims to ramp that up to more than 148 million barrels in the second half.

More : today.reuters.com

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