HONG KONG, Jan 22 - Top Asian refiner Sinopec Corp (0386.HK) said on Thursday it pumped 1.8 percent more oil in 2008 and refined 4.5 percent more crude, despite an expected loss at its refining arm in the second half of 2008.
That lagged its own target of 2.2 percent growth in oil production and was behind its own target of a 11.8 percent rise in crude throughput in 2008.
The Beijing-backed firm said its crude throughput was 168.8 million tonnes during the year.
In the past China has forced a huge burden of losses onto its state refining giants Sinopec (SNP.N)(600028.SS) and PetroChina (601857.SS) in order to keep prices low and avoid inflation.
But with oil prices sliding in recent months, Sinopec's refining business has quickly swung into the black.
That lagged its own target of 2.2 percent growth in oil production and was behind its own target of a 11.8 percent rise in crude throughput in 2008.
The Beijing-backed firm said its crude throughput was 168.8 million tonnes during the year.
In the past China has forced a huge burden of losses onto its state refining giants Sinopec (SNP.N)(600028.SS) and PetroChina (601857.SS) in order to keep prices low and avoid inflation.
But with oil prices sliding in recent months, Sinopec's refining business has quickly swung into the black.
