Sinopec Sees 1Q '09 Net Up Over 50% On Low Oil Cost - Wall Street Journal

Of DOW JONES NEWSWIRES HONG KONG (Dow Jones)--After posting an earnings decline for 2008, its first full-year drop since 2001, China Petroleum & Chemical Corp. (SNP), or Sinopec, said Sunday its net profit in the first quarter this year will likely rise more than 50% from a year earlier on lower oil costs and higher domestic fuel prices.

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Unlike its bigger rival PetroChina Co., which is keeping its capital budget flat and slashing output this year, Sinopec plans to increase capital expenditure and production despite ... Email Newsletters and Alerts The latest news and analysis delivered to your in-box. Check the boxes below to sign up.

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