Refiner Singapore Petroleum Corp. (SPC) made a net profit of S$229.7 million (US$152.7 million) in 2008, down 55.4% from a year earlier, due to volatile oil prices and weaker demand for products in the second half. Refining margins for the whole year averaged $5.50/bbl, down from $10/bbl in the first half. Margins slid to an average of $1/bbl in the second half after demand tanked. Operating profit at the refining business fell 70% to S$157.6 million.
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