China’s oil refining industry, led by China Petroleum & Chemical Corp., posted a net profit of 67.1 billion yuan ($9.8 billion) in the first eight months of this year as the government eased control on fuel prices.

The earnings compared with a net loss of 118.2 billion yuan a year
earlier, the National Development and Reform Commission said in a
statement on its Web site today.

China has adjusted its gasoline and diesel prices seven times this year
under a system introduced in December that keeps oil-product prices in
line with global crude costs and ensures refiners a profit. The policy
shift helped the nation’s biggest oil refiner Sinopec, as China
Petroleum is known, end at least four years of refining losses.

Sinopec is scheduled to report earnings later today.

The country’s oil and gas exploration companies posted a profit of
109.9 billion yuan between January and August, a decline of 69 percent,
according to the commission. Coal companies’ eighth-month profit fell
12 percent to 122.8 billion yuan, it said.

Profit at China’s power generation companies rose 37 percent to 56.2
billion yuan while electricity distributors incurred a net loss of 4.39
billion yuan, the nation’s top economic policy planner said.

PetroChina Co. is the nation’s biggest oil and gas explorer and China
Shenhua Energy Co. is the nation’s top coal producer. Datang
International Power Generation Co. and Huaneng Power International Inc.
are China’s biggest power generators.

Source: Bloomberg

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