Refining fuels rise in Sinopec earnings

PetroChina, the nation's largest oil and gas producer, and rival China Petroleum & Chemical (Sinopec) posted divergent first-quarter results, as better state pricing on refined fuel and weaker crude oil prices delivered net benefits to more refining- exposed Sinopec.

PetroChina's net profit for the three months to March 31 was 36 billion yuan (HK$44.8 billion), down 8 per cent from 39.2 billion yuan from a year earlier. It amounted to 26 per cent of the 138.6 billion yuan average estimate for the full year of 30 analysts polled by Thomson Reuters.

via Business feed http://www.scmp.com/business/companies/article/1223280/refining-fuels-rise-sinopec-earnings