Zhenhai Refining & Chemical Co should benefit from a more stable crude oil price this year, chairman Zhang Jiaren says.
He said the company's prospects appeared good for the first half because of lower international crude oil prices and strong sales.
The average crude oil price on the international market had fallen from between US$22 and $23 a barrel at the start of the year to about $19.50 a barrel in March, and prices should be maintained at that level in the second quarter, Mr Zhang said.
Prices might rebound slightly in the second half, but the company had taken measures, including hedging, to minimise the impact of fluctuations, he said.
The company relies on the international market for about 85 per cent of its crude oil supply.
Mr Zhang said the market was robust in the first quarter of the year.
