Chinese refiners post $1.71 billion profit through February 2009

摘要

Hong Kong—China’s crude processing and coke refining companies posted aggregate net profit of Yuan 11.7 billion ($1.71 billion) for the first two months of 2009, the National Bureau of Statistics said March 27.In the same two months last year Chinese refiners suffered a loss of Yuan 19.4 billion as international crude oil benchmarks soared but domestic product prices remained capped. Feedstock costs for the industry have since dropped dramatically, with crude falling more than 50% from over $100/barrel in early 2008 to $50s/b currently.