Refining Losses Persist for Sinopec Amid High Oil Costs
China Petroleum & Chemical Corp., Asia’s largest refiner by capacity, said its refineries posted operating losses since July as government-capped domestic fuel prices couldn’t compensate for soaring oil costs. The company, known as Sinopec, had said earlier refining operations could lose money again if oil prices on the New York Mercantile Exchange stayed above $60 a barrel.
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