Sinopec records 21% surge in revenue

China Petrochemical Corp, Asia's largest refiner by volume and also known as Sinopec, said on Sunday that its revenue in 2022 reached 3.32 trillion yuan($483 billion), a 21.1 percent year-on-year increase. Profit attributable to shareholders was 66.15 billion yuan.

Domestic oil and gas production hit a record high last year, with domestic crude oil production totaling 35.32 million metric tons. Natural gas production reached 35.37 billion cubic meters, up by 4.1 percent, it said.

Refining segment processed 242 million tons of crude oil while total sales volume of refined oil products for the year was 207 million tons. Annual ethylene output rose to 13.44 million tons, it said.

While the domestic demand for natural gas, petrochemical products and oil products was weak last year, Sinopec said it has fully leveraged its integration advantages in coordinating all aspects of work and developed through innovation.

"In 2022, the company encountered complicated, fickle and severe conditions, including global economic slowdown, geopolitical conflicts and weak domestic market demand," said Ma Yongsheng, chairman of Sinopec Corp.

"In 2023, we will seize the favorable opportunity arising from steady development of domestic economy and the recovery of demand for petroleum and petrochemical products, insist on driving growth in a stable manner and strive to achieve effective quality improvement in different businesses and reasonable volume growth," he said.

Zhengxin@chinadaily.com.cn