Sinopec Earnings Increase 85% in Q1

摘要

Chinese state integrated oil company Sinopec announced first quarter earnings of RMB 11.2 billion (U.S. $1.6 billion), up 85.1% from its earnings in the same quarter 2008, according to International Financial Reporting Standards."Under the [Chinese] government's new pricing mechanism for refined oil products and tax reform, we have fully utilized our advantages in production scale, cost control, structurally integrated operations and management, and turned the refining segment into a major profit generator for the company," Sinopec said.