Sinopec Corp says it is still not able to get its head around refining losses even with government crude tax rebates.
The oil refiner, who reportedly made losses of RMB3,000 for every ton
of gasoline and diesel it produced, says that it is caught between high
crude costs - USD130 per barrel- and frozen domestic fuel prices. The
government has thus started refunding 75 per cent of the 17 per cent
value-added tax paid on crude oil imports and the full amount of
value-added tax on gasoline and diesel imports. But Sinopec Chairperson
Su Shulin said that “the rebate cannot cover all their losses,” state media
reports.
China, one of the world’s largest oil consumers, will not be too
enamored with the prospect of possible fuel-shortages, a direct result
of prolonged losses, two months away from the Olympic Games.
News & Interviews 
Sinopec Corp says it is still not able to get its head around refining losses even with government crude tax rebates.
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