Sinopec profit falls 11% in 2012

Asia's biggest refiner, Sinopec, issued results over the weekend, 2012 profit dropped 11% to 63.5 billion yuan or around 10 billion US dollars.

Sinopec's revenues grew 11% to 2.7 trillion yuan. The results were slightly better than expectations. Sinopec has managed to trim refining losses due to China's more liberalised fuel prices.

Sinopec and PetroChina may see higher costs going forward as they need to upgrade facilities to meet tougher fuel standards. Sinopec shares dropped 1.6 percent to close at 7.6 yuan per share in Shanghai.