Sinopec Halts Exports of Refined Crude

“The private refineries aren’t making money because of controlled fuel prices and high crude costs, so they have to reduce production,” Qiu Xiaofeng, an analyst at Beijing-based Galaxy Securities Co., said by telephone. “The state refiners have to step in to fill the output loss.” Private refineries account for more than 10 percent of China’s total fuel output, he said.

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