Sinopec Group: Buyers to dominate refined oil market in 2009

China’s refined oil market will shift from a sellers’ market in recent years into a buyers’ market with fiercer competition in 2009, predicted Su Shulin, general manager of China Petrochemical Corporation (Sinopec Group). Sinopec Group expects to turn its loss-making oil refining business into a profit generator in 2009, thanks to the weak international crude oil prices and the country’s expected refined oil pricing mechanism reform, said the general manager. (December 29, 2008)