Two of China's oil giants say they are facing a billion-dollar deficit this year because of the rising price of oil. In the first quarter of 2008, China National Petroleum Corporation's (Beijing) income was $37 billion ($1 = 7 RMB), which was $10.9 billion higher than the same period last year. However, costs rose $12.8 billion to $31.1 billion, making the company's untaxed profit of $5.9 billion about $1.8 billion less than the first quarter of 2007.

Source: Industrial Info Resources

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