Hong Kong-China’s two state refiners have reported a staggering Yuan 149.3 billion ($21.8 billion) loss for the first 11 months of 2008 as the sector reeled under the double whammy of record-high international crude benchmarks and government-regulated oil product prices in the domestic market. The loss compared with the refiners’ Yuan 10.8 billion profit for the January-November period of 2007, China’s top economic policy planner, the National Development and Reform Commission, said February 3 in a statement on its web site.
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