RPT-WRAPUP 1-Top Asia oil firms PetroChina,Sinopec lag forecasts

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(Adds details, executive and analysts comments)

By Judy Hua

HONG KONG, April 28 (Reuters) - Top Asia oil producer PetroChina (0857.HK: Quote, Profile, Research, Stock Buzz) and the region's No. 1 oil refiner Sinopec (0386.HK: Quote, Profile, Research, Stock Buzz) lagged forecasts with weaker first-quarter profits, as sky-high crude prices forced their refining businesses into loss.

The news knocked as much as 4.2 percent off Sinopec Corp shares and PetroChina Co Ltd closed 0.5 percent lower ahead of its results.

But the country's top offshore specialist CNOOC Ltd (0883.HK: Quote, Profile, Research, Stock Buzz) (CEO.N: Quote, Profile, Research, Stock Buzz) cheered investors with a 62-percent jump in its first-quarter revenue. Its business is purely upstream.

CNOOC's shares rose nearly 5 percent before the operating data was released. The company, which has no public listed domestic A shares, did not report quarterly earnings.

Crude oil prices CLc1 hit a record high near $120 this month on tight supply, geopolitical concerns and a weak dollar.

State-run PetroChina (PTR.N: Quote, Profile, Research, Stock Buzz) (601857.SS: Quote, Profile, Research, Stock Buzz) and domestic rival Sinopec (0386.HK: Quote, Profile, Research, Stock Buzz) (SNP.N: Quote, Profile, Research, Stock Buzz) (600028.SS: Quote, Profile, Research, Stock Buzz) have found themselves squeezed between soaring crude prices and government-set product prices, as they are obliged to meet domestic demand. China is the world's largest oil consumer after the United States.