China Oil Companies See Refining Gains Amid Market-Driven Pricing

Bloomberg reported that China Petroleum & Chemical Corp. has made a profit of 2.2 billion yuan from processing crude for the first time since 2011 while PetroChina Co was able to cut refining losses to 1.56 billion yuan as China enters market-driven pricing to fulfill its energy needs.

As quoted in the market news:

China, the world’s second-largest oil user, has shortened its so-called price-adjustment window for fuels to 10 days from 22 to help refiners more closely reflect changes in the global cost of crude. Refining and chemicals represent about 42 percent of PetroChina’s revenues, and about 64 percent at Sinopec.

Click here to read the full Bloomberg report.