Sinopec reports a doubled up profit this year, leading itself ahead of its rivals Petro China and CNOOC (See Article from WSJ). Sinopec is among one of the biggest China’s SOEs to enjoy a close to monopoly position in marketing the fuel products. Recently China government has amended the regulation to let domestic fuel price to follow international price more closely. In such case, big SOEs like Sinopec are better off if the international oil price goes up. The monopoly status of companies like Sinopec has been a criticized focus by economists that it impedes the market to make resource allocation more efficient. China is world’s second biggest oil consumer and third biggest importer.