China’s giant state-owned oil corporations saw their first-quarter profits fall from the same period a year ago as a decline in international oil prices squeezed profit margins. China Petroleum & Chemical Corporation, or Sinopec, the largest refiner in Asia, reported on Thursday an 11.8% drop in first-quarter net profit to $2.9 billion (20.1 billion Chinese yuan). As international crude oil prices fluctuated in a wide range and the spot price of Brent for the first quarter averaged $81.27 per barrel, down by 19.7% year on…
