Sinopec to diversify after posting loss

HONG KONG: Top Asian oil refiner China Petroleum & Chemical Corp (Sinopec) said yesterday it will diversify production as it tries to mitigate the impact of rising prices.

The refiner said price increases will continue to strain its refining business and it expects global crude oil to hover at $85 to $95 a barrel this year.

Sinopec posted a 10.4 billion yuan loss in EBIT (earnings before interest and tax) for its refining business last year. That dragged down net profit growth 5.5 percent to 56.53 billion yuan.