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Article: Sinopec's net profit in 2009 to grow to $9.63 bln - analyst.
- Article from:
- China Business News
- Article date:
- October 12, 2009
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Sinopec's net profit in 2009 to grow to $9.63 bln - analyst
Shanghai. October 9. INTERFAX-CHINA - China Petroleum and Chemical Corp.
(Sinopec), the listed arm of China's largest fuel refiner, is expected to earn net profit of RMB 65.80 billion ($9.63 billion) in 2009, its highest annual profit since launching its IPO in 2000, an industry analyst wrote on Oct. 6.
Gordon Kwan, head of Energy Research at Mirae Asset Financial Group, wrote in a research report that China's new fuel pricing system will ensure a "reasonable" operating margin of 5 percent of the average price of crude oil. As such, Kwan upgraded Sinopec's refining margin forecast from ...