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Hengyuan profits does not base on how high crude price is. Even when crude is Us 150 per barrel, Hengyuan can still loose money. Hengyuan refinery profit depends on how they hedge the price and crack margins, which currently is super good. If there are no excessive hedging loss, this quarter profits can be as much as few hundred millions. Let's wait for the results.
It's not how high the oil price is but the refining margins that matters which will translate to profits. currently the refining margins at least 4 times more than.under normal conditions