CHINA Petroleum and Chemical Corporation (Sinopec) is expecting a loss in its August chemical production after reporting huge refining losses. Soaring naphtha prices and fierce market competition were behind the loss, an insider with the Sinopec Group, parent of Sinopec, told Xinhua.
The company reaped little profit from its July chemical production, which would turn into loss in August, according to the source who declined to be named.