OREANDA-NEWS.  August 16, 2012. Sinopec Zhenhai Refining & Chemical Co. Ltd., which operates China’s largest refinery, suffered a loss of RMB 423 million (USD 68.6 million) from its refining business in the first half (H1) of 2012, according to Chen Jian, a senior company executive.

Crude oil accounted for 96 percent of total refining costs in the six-month period and high international prices weighed heavily on the company’s refining business, Chen said in a speech this week.