Shell Refining Q2 profit more than doubles in Malaysia

Shell Refining Co (Federation of Malaya) Bhd more than doubled its second quarter net profit thanks to a 281 million ringgit (84.38 million U.S. dollars) after-tax stockholding gain in Malaysia, local media reported on Friday.
However, refining margins could fall in the third quarter due to lower demand for its products, the New Straits Times said.
Shell Refining operates an oil refinery with a capacity of 156,000 barrels per day in Port Dickson, Malaysian central state of Negri Sembilan. It processes crude oil into products like petrol and diesel.
"These results represent a satisfactory performance, mainly due to our continued strong operational performance," its chairman Saw Choo Boon said in a statement on Thursday.
Shell Refining made a net profit of 357 million ringgit (107.21million U.S. dollars) for the quarter to June 30, 2008 versus 168 million ringgit (50.45 million U.S. dollars) in the same quarter a year ago.
Revenue was up by 34 percent to 3.9 billion ringgit (1.17 million U.S. dollars).
Its refinery processed 8.7 million barrels of crude oil and sold 9.1 million barrels of products during the quarter.
Source:Xinhua