santa pampers sinopec but skips petrochina and baffles buffett
Perhaps a little late for Christmas but China Petroleum & Chemical Corp scored an impressively large gift yesterday.
In the true spirit of the season of giving, the government decided to top up Sinopec's tank - a little emptier than it would have been if crude prices hadn't soared - with a 9.41 billion yuan subsidy to help cover higher raw material costs. Subsidiary Zhenhai Refining & Chemical also received a one-off 1.12 billion yuan present.
But Beijing's largesse so far has not extended to domestic rival PetroChina, the country's top oil producer. Major shareholder Warren Buffett must be scratching his head.
how's that again?
At first glance, most proposals put to Sinopec Yizheng Chemical Fibre's extraordinary general meeting at Jiangsu sailed through unanimously. But we spotted a footnote from auditor KPMG, which had been appointed 'scrutineer'.
