Sinopec net hit by lower crude prices

Oil refiner says that profit declined by 30 percent in 2014 due to global trends

China Petroleum and Chemical Corp, or Sinopec, Asia's biggest oil refiner, saw its net profit plunge by 30 percent last year due to the continued slump in global crude oil prices since June, the company said on Sunday.

Sinopec also issued a profit warning for the first quarter of this year and said the negative impact will continue as margins took a hit from the high-cost crude purchased earlier.