China's oil sector, controlled by its three majors - Sinopec, PetroChina and China National Offshore Oil Corporation (CNOOC) - is expanding rapidly to meet the country's energy needs. Now as CHina ramps up exports of diesel and gasoline, Asian oil refiners are facing slumping profits for the fourth quarter of 2013 - AFP Photo.
LAUNCESTON: Asian oil refiners are facing slumping profits as China is expected to ramp up exports of diesel and gasoline this quarter.
The margin from refining diesel in Asia has fallen almost 10% in the last 10 trading days, although it would have to drop another 13% to plumb the levels reached just after the first quarter, when the Chinese were last major exporters.
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