China Petroleum and Chemical Corp. (Sinopec), one of the
nation's two leading onshore oil producers, plans to pump 291
million barrels of crude oil and 282.5 billion cubic feet of
natural gas in 2007, company sources said on Wednesday.
Crude output will be two percent higher than in 2006, and
natural gas production up 10 percent.
The Shanghai- and New York-listed company, also a major oil
refiner, will process 156 million tons of crude oil this year. It
will distribute 117 million tons of oil products and retail 75
million tons. Its production of synthetic resin, synthetic rubber
and synthetic fiber will likely reach 19.13 million tons.
The sources said this year the company hoped to shave 2.6
billion yuan (US$337.7 million) off its costs.
Sinopec reported net profits up 28 percent to 50.7 billion yuan
(US$6.6 billion) last year in its annual report released on
Tuesday.
The company's earnings per share stood at 0.58 yuan, with
earnings against assets at 19.9 percent.
Income on major business amounted to 1.04 trillion yuan (US$136
billion), up 31 percent.
The company produced 285 million barrels of crude oil, up 2.3
percent year-on-year, and 257 billion cubic feet of natural gas, a
company source said.
In 2006, Sinopec ranked third in the world in terms of oil
refining capacity, fourth in ethylene production and third in the
number of gas stations, said chairman Chen Tonghai. Sinopec
operates 28,000 independent gas stations in China.
Last year Sinopec discovered an extra large natural gas field in
southwest China's Sichuan Province. Industry observers believe this
will boost the company's performance.
Chen said in 2006 Sinopec processed 146 million tons of crude
oil, up 4.6 percent from the previous year. Rising international
crude oil prices meant that the company incurred a 20 yuan (2.6
U.S. dollars) per ton loss on its refining business last year.
Earlier reports said China's petrochemical industry made 438
billion yuan (US$57 billion) of profits in 2006, a growth of 187
percent over the previous year.
(Xinhua News Agency April 12, 2007)