Singapore Petroleum Co. (SPC) reported lower refining margins and sales in the second quarter on weak regional demand and oversupply. Net profit tumbled almost 76% to S$43.44 million (US$30.1 million) from a year earlier on the back of a 48% fall in revenues to S$1.7 billion. The refiner, now a subsidiary of PetroChina (International) Singapore, recorded average refining margins of US$3/bbl in the three months, down from US$13/bbl a year earlier. That brought average first-half margins to US$4/bbl, versus US$10/bbl last year.
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