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China's oil companies see profits and output rise on price reforms

China's economy might have wobbled during the first half of the year, but the country's big three national oil companies have thrived, seeing their profits and output rise on the back of domestic fuel price reforms, as well as a series of acquisitions abroad

Sinopec, China's largest crude refiner, was the biggest winner of the fuel price reforms. In March this year, China's powerful National Development and Reform Commission (NDRC) changed the way refined oil product prices in China are set, shortening the period between price adjustments from 22 working days to 10. This allowed Sinopec and other refiners to more quickly pass on the cost of higher international crude prices. Sinopec credited the change for lifting its refining business out of the red and back into profit. The company's refining unit recorded a small 213 million yuan ($35m) profit in the first half of the year, a significant improvement on the 18.5 billion yuan loss seen in the

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