The surge of positive economic news to start the 2008 Olympic year continues to spill from official Chinese sources. Net profits at Sinopec, Asia's largest oil refiner, topped RMB70 bn last year, up from RMB50.66 bn in 2006, the state-owned Xinhua news agency reports.
Quoting Cai Xiyou, a senior executive at Sinopec, Xinhua reports that
cost control, integration of resources and technological innovation
contributed to the profit increase. It is not clear whether Sinopec's
profit includes the government subsidies of RMB10-15 bn which it
receives in compensation for refining losses incurred as
state-controlled fuel prices rose more slowly than global oil prices.
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