HONG KONG, March 29 - Top Asian oil refiner Sinopec Corp said on Sunday its net profit for the first quarter would rise by more than 50 percent compared to the same period a year ago, boosted by improved refining economics because of the sharp fall in crude oil prices.
"During the first quarter of 2009, international oil prices had been moved at the low price range. The adjusted refined oil prices had been systemized and implemented in the domestic market," Sinopec said in a statement.
"The company's refinery segment reverted its difficulty in operation loss which had lasted for years and became the main profit source of the company again," it added.
The state-owned refiner's fortunes have shifted in recent months after crude prices dropped sharply and Beijing moved to hike fuel prices, guaranteeing higher profit margins.
"During the first quarter of 2009, international oil prices had been moved at the low price range. The adjusted refined oil prices had been systemized and implemented in the domestic market," Sinopec said in a statement.
"The company's refinery segment reverted its difficulty in operation loss which had lasted for years and became the main profit source of the company again," it added.
The state-owned refiner's fortunes have shifted in recent months after crude prices dropped sharply and Beijing moved to hike fuel prices, guaranteeing higher profit margins.
