Sinopec Made Net Profit of Yuan 10.01 Bil, USD 1.24 Bil, in 2Q 2005

Sinopec (China), oil company, made a net profit of Yuan 10.01 bil, about USD 1.24 bil, in 2Q 2005. The sum is 19% bigger compared to the profit the company generated in 2Q 2004. In 2Q 2005 Sinopec saw losses in its refining business, but in the end its profit was higher than analysts had expected thanks to high oil prices on the world markets. Sinopec is the largest oil refining company in Asia and the second largest crude oil and natural gas producer in China.