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Sinopec Expects Net Profit To Fall Over 50%

CHINA Petroleum and Chemical Corp, Asia's largest refinery by output, expected its net profit to drop more than 50 percent in 2008 from a year earlier because of a heavy refining loss, the company said in a notice to Shanghai Stock Exchange yesterday.

Sinopec, as the company is known, attributed the sharp decline to a huge refining loss caused by the widening gap between the state-set refined oil prices on the domestic market and surging crude oil prices on the global market in the first half of last year.

Sinopec, also the nation's second-biggest oil producer, said in a statement on its Website yesterday that it boosted crude-oil processing by 4.5 percent last year on increased domestic demand. Sinopec processed 168.8 million metric tons, or 3.4 million barrels a day.


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