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Commodities Briefing - Categorized | Market Moves, Oil more

Oil firms see profit increase under new pricing mechanism

Posted on 27 August 2013

China’s three largest oil refiners reported a year-on-year profit increase for the first half, which was mainly due to the introduction of a new fuel pricing mechanism in March that allows them to set prices that are closer to international rates, analysts said Monday.
Sinopec Corp on Monday reported a first-half net profit of 29.4 billion yuan ($4.81 billion), up 24.1 percent year-on-year. PetroChina said Thursday that its first-half net profit grew 5.6 percent year-on-year to 65.52 billion yuan, the highest profit among the three firms………………………………………..Full Article: Source


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