6 days ago
China's refining and petrochemical sector faced steeper losses in H1
BEIJING, Aug 14 (Reuters) - China's refining and petrochemical sector is facing "involution," a reference to brutal competition and falling profits, the vice chairman of the China Petroleum and Chemical Industry Federation said on Thursday.
Losses across the industry in the first half increased by 8.3% compared with a year earlier, the vice chairman said. In the refining segment, losses widened by over 9 billion yuan ($1.25 billion) versus the same period last year, the federation said.
($1 = 7.1717 Chinese yuan)
