Business & Finance
China oil refiners lost $751mn in July
BEIJING : China 's oil refining industry recorded a loss of 4.8 billion yuan ($751 million) in July because of high cru
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BEIJING: China's oil refining industry recorded a loss of 4.8 billion yuan ($751 million) in July because of high crude prices and rising selling costs, the National Development and Reform Commission said on Friday.
The industry posted a profit of just 2.4 billion yuan for the first seven months, down 93.5 percent from a year earlier, the commission said in a report on its website.
However, downstream petrochemical businesses made a 221.8 billion yuan profit in the first seven months, up 54.9 percent from a year earlier, the commission said.
Copyright Reuters, 2011
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