Sinopec Expands Upstream As Downstream Margins Squeezed

Sinopec's H111 results reflect the difficult operating environment for Chinese refiners during periods of high oil prices. Despite a more optimistic outlook for its refining division in H211, Sinopec is committed to diversifying its business by investing in new upstream assets. On the one hand this reflects poor refining margins, and on the other, the opportunities available in developing China's unconventional gas

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