As a result of the Chinese government's inflation-taming fuel price caps, which prevent Sinopec and rival state-run refiners from passing on higher crude costs to customers, the firm aims to fast-track its overseas expansion and cut operational costs. Although Sinopec's overall profit increased 14% in 2010 to 71.8B CNY ($11B), the figure trailed China National Offshore Oil Corp.'s 85% increase and PetroChina's 35% growth. Profit at Sinopec's refining segment slipped 13% last year, as Sinopec's crude purchasing expenses rose 51%.
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