China oil company in heavy losses

Today,The largest oil company in china:PetroChina and Sinopec,reported a heavy losses in refining.They loss 837.24 million U.S. dollars total in first half of this year.The Number of losses was 48 percent higher than the same period last year.Because oil rising 50% since last year,And they must sale out product in government-set refined oil prices.So they have no way to avoid the losses,altough goverment raised the price of benchmark gasoline and diesel oil in June.