BIZCHINA> Center
Oil refiners to get gov't subsidies for losses
(Xinhua)
Updated: 2008-04-21 13:46
Comments( China Daily Website - Connecting China Connecting the World

Sorry, the page you requested was not found.

Please check the URL for proper spelling and capitalization. If you're having trouble locating a destination on Chinadaily.com.cn, try visiting the Chinadaily home page

Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
) PrintMail

China Petroleum and Chemical Corp (Sinopec) and PetroChina Co, the country's two leading oil refiners, will receive "appropriate" monthly subsidies for losses retroactive to April 1, the companies said in separate statements.

Neither statement provided further details.

Chinese oil refiners have been running losses as world crude oil prices surge but domestic refined product prices remain relatively low. Refiners in China can't pass on the additional raw material costs to consumers.

Also, the government will refund the value-added tax levied on some of PetroChina and Sinopec's imported oil products in the second quarter, said the Ministry of Commerce.

Sinopec, the country's largest oil refiner, has said that its net profit probably fell more than 50 percent year-on-year in the first quarter because of increasing costs.


(For more biz stories, please visit Industries)
Comments( China Daily Website - Connecting China Connecting the World

Sorry, the page you requested was not found.

Please check the URL for proper spelling and capitalization. If you're having trouble locating a destination on Chinadaily.com.cn, try visiting the Chinadaily home page

Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
) PrintMail
Popular in 24 Hours
Popular in 1 Week