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China Petroleum (SNP), PetroChina (PTR) Lower on Talk of Subsidy Halts
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According to reports from Bloomberg, China Petroleum & Chemical (NYSE: SNP) and PetroChina Co. Ltd. (NYSE: PTR) fell in China on record crude prices and speculation the government may halt oil subsidies.
The Chinese government has paid subsidies to the state-owned oil companies since April to offset losses from selling fuel below cost as crude rises to record levels.
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