its first half earnings by 34.5% to RMB53.62 billion. (US$1=RMB6.8). As it was not allowed to raise domestic fuel prices, its refining and marketing segment recorded an operational loss of RMB59.02 billion. The government continues has refused to let oil companies raise prices for fear it will spark inflation and cause social unrest. Despite…
CHINA: Refining losses weighed heavily on PetroChina’s first half earnings
Posted on August 27, 2008 by EnergyAsia