Sinopec, Asia's largest refiner, announced on April 29 that its net first quarter profit skyrocketed almost 12-fold as it sold more refined oil and petrochemical products, cashing in on the international price hikes in oil during the period. However, analysts said the growth of China's second largest oil company is expected to recede in the second quarter as oil prices fall due to the end of the Iraq War. They still anticipate the company's full-year profit will increase by 15 percent or more on the back of a domestic oil market recovery.
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