China Petroleum and Chemical Corporation (Sinopec) announced a y-o-y increase in crude oil production and refinery throughput for 1H 09. Going forward, we expect the company to benefit from the Chinese government's policy to support downstream companies by more rapidly moving retail gasoline and diesel prices in tandem with the movement in international crude oil price. However, we believe that the positives are…

China Petroleum and Chemical Corporation (Sinopec) reported a robust increase in its 1Q 09 net profit backed up by higher gasoline and diesel selling prices and lower input costs. Going forward, we expect the company’s sales volumes to remain flat in FY 2009, depressing its top-line during the year. However, lower average oil prices will benefit the company’s bottom-line over our 6-12 investment horizon....

China Petroleum and Chemical Corporation (Sinopec) reported strong growth in FY 2008 revenues, supported by increase in revenues across all major business segments. However, higher crude oil purchase costs impacted bottom-line performance. Going forward, we expect the company to benefit from the recent increase in gasoline and diesel prices in China. Furthermore, lower average crude prices are…