Sinopec 2007 Earnings Climb 5.5%

摘要

Chinese state oil company Sinopec announced last week 2007 earnings of RMB 54.9 billion (U.S. $7.8 billion), up 5.5% from the company's 2006 earnings. The earnings were up despite losses in the refining sector resulting from high crude prices and government price controls on petroleum products. The company recently received a subsidy from the Chinese government to cover the losses. A tax rebate also may be in the offing soon.