Sinopec, Asia’s largest oil refiner, asked the central government for a US$1.79 billion (RMB13 billion) subsidy to cover its losses on oil refining last year, the Oriental Morning Post reported, citing an unnamed source. PetroChina, the nation’s largest oil explorer, is seeking a RMB12 billion subsidy. Because the government sets prices for oil products, but prices for imported crude oil are set on the global market, Chinese refiners lose money on every barrel processed when the global price goes above a certain level. “The government is likely to provide ...