Cap on fuel prices hurts China oil refinery

As oil prices soared in 2008, China's oil refinery Sinopec's profits plummeted due to caps on fuel prices. The annual net profit of the compay fell 47% in 2008. This was the first profit decline in 7 years for Sinopec. The company predicts, however, that profits will rise in the first quarter of the year, despite a decline in demand.


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