Chinese oil company, PetroChina Co, and one of the oil giants of China, China Petroleum & Chemical Corp (Sinopec), expect the government to begin giving them monthly grant-in-aids month to help decrease the impact of fuel price controls.
PetroChina and Sinopec added that they also expect to receive a rebate from the government on value-added tax on oil products including gasoline and diesel, effective from the second quarter.
Sinopec imports about 80 pct of its total oil needs, making it vulnerable to spikes in global prices. PetroChina imports around 20-30 pct.
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Chinese Govn't To Shelter Domestic Oil Industries
Chinese oil company, PetroChina Co, and one of the oil giants of China, China Petroleum & Chemical Corp, Sinopec , expect the government to begin giving them monthly grant-in-aids month to help decrease the impact of fuel price controls
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