Lower crude oil prices and reforms to China's product pricing regime have lifted fortunes at Chinese state refining giant Sinopec, whose net profits jumped 11.22 billion yuan ($1.64 billion) in the first quarter of 2009, up 85% on year-earlier levels. Asia's top refiner had been hit by depressed margins for much of last year because of the big disparity between international oil prices and China's state-controlled product prices. Full-year profit in 2008 halved to 29.77 billion yuan ($4.36 billion) (IOD Mar.31,p3).
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