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Thread: SINOPEC suffters huge losses from soaring oil prices!
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[quote=KATRINA,274575]Due to the high oil prices and deficient domestic oil pricing system, SINOPEC and CNPC have suffered huges losses. Zhou Yuan, vice president of SINOPEC said last week that SINOPEC lost about 2000 yuan when selling one ton of processed oil and they suffered more losses from diesel oil. CNPC is in the same situation with SINOPEC. An insider of CNPC revealed last year that they lost more than 1000 yuan when selling a ton of refined oil. At that time, the oil prices in international market didn't reach 100 dollars. However, CNPC has suffered light losses compared with SINOPEC. According to the report, SINOPEC has received a large amount of subsidies from the government. But Zhou Yuan, the vice president, said that he read the report but didn't reveal whether they have received or not.[/quote]
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