HONG KONG, April 25 Sinopec Corp,
Asia's largest refiner, posted a 25 percent rise in
first-quarter profit as improved refining margins offset lower
profits from exploration and production.
The company posted a net profit of 16.7 billion yuan versus
13.4 billion yuan a year earlier, under international accounting
standards, the Beijing-based company said on Thursday.
Under Chinese accounting standards, the net totalled 15.8
billion yuan ($2.56 billion) versus 12.8 billion yuan a year
Chinese oil giants Sinopec and PetroChina, the
country's dominant oil and gas producer that also has a refining
business, should benefit from China's market-oriented fuel
pricing reform, analysts say.
China launched a more flexible system for pricing domestic
fuel in March, the first major revamp for four years, to help
avoid fuel shortages and tame consumption.
Sinopec and PetroChina had suffered heavy losses in refining
as they could not fully pass on higher crude costs to consumers
because of government controls on oil product prices.