SINOPEC DOWN 22%
China Petroleum & Chemical Corp., Asia's biggest oil refiner, posted a 22 percent decline in profit for the first half of the year as the slump in prices outweighed the benefit of cheaper crude to its refining business.
Net income dropped to 25.4 billion yuan ($4 billion), or 0.21 yuan a share, from 32.5 billion yuan, or 0.28 yuan, a year earlier, the Beijing-based company, known as Sinopec, said in a statement to the Hong Kong stock exchange Wednesday.
Sinopec sought to counter the fall in crude by increasing oil refining, which along with marketing accounted for half of the company's revenue last year. Refinery…
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