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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Profits rise for China's oil firms: state media AFP - Sunday, April 26 BEIJING (AFP) - - China's top five oil companies saw profits rise by 13.2 percent in March from a year earlier, despite falling production and sales revenue, state media reported Saturday. ADVERTISEMENT Profits in March rose to 28.25 billion yuan (4.15 billion dollars), up 160 percent over the previous month, Xinhua news agency reported, citing the China Petroleum and Chemical Industry Association. The profit increase was mostly due to a government decision to raise prices of oil products domestically as world crude prices fell in the face of the global economic crisis, it said. The nation's top oil producers include China National Petroleum Corporation, China Petroleum and Chemical Corporation, China National Offshore Oil Corp, Sinochem Corporation, and Shaanxi Yanchang Petroleum (Group) Co. Ltd, it said. However, the oil industry's added industrial production value for the first quarter of 2009 fell 14 percent over the same period last year, while sales revenues were down 14.5 percent in the first three months, the Guangzhou Daily said. It was the first time in 10 years that China's oil industry saw declines in both industrial output and sales revenues, it said. "It is likely that the falling trend would continue in the second quarter, as the economic crisis will likely deepen," the paper cited Feng Shiliang, an industry association official as saying. As world oil prices skyrocketed in the years before the global financial crisis, China capped domestic prices in an effort to protect economic growth, a situation that led to hefty losses to the nation's oil industry. China's oil refiners suffered 120 billion yuan in losses in the first eight months of 2008, the industry association said earlier. Email Story IM Story Printable View Blog This Recommend this article 0 users recommend Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy China set to spend $10B more of stimulus packageAP - 51 minutes ago Aus recession to last longer than first fearedAFP - 1 hour 37 minutes ago China, Taiwan hold talks on economic cooperationAP - 2 hours 56 minutes ago Australia's shops ring in 'manna from Kevin'AFP - Sunday, April 26 Related Articles: Business China set to spend $10B more of stimulus packageAP - 51 minutes ago Israel's Koor cuts Credit Suisse stake to 2.78 pctReuters - 55 minutes ago Qatar Islamic Bank unit starts sukuk fundReuters - 59 minutes ago Oman's Raysut Cement Co Q1 profit falls 34 pctReuters - 1 hour 19 minutes ago China, Taiwan in landmark financial services dealReuters - 1 hour 22 minutes ago Enlarge Photo Profits rise for China's oil firms: state media Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Charred meat linked to pancreatic cancer risk Downturn hits Elton John, Paul McCartney 'Golden Girls' Beatrice Arthur, dead at 86 Albino buffalo a first for Kenya Toyota's Trulli on pole for Bahrain Grand Prix View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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