China's largest refining group Sinopec has released its 2021 results, posting a 114% growth in profit in 2021 to over CNY71bn (US$11bn). Sinopec's crude oil production almost reached 280 mbl in 2021 (39 Mt, -0.2% on 2020), including 250 mbl in China (stable) and 30 mbl overseas (-1.8%). Its gas production rose by nearly 12% to 1,199 bcf (34 bcm). Sinopec processed 255 Mt of crude oil (+7.8%), producing 146 Mt of gasoline, diesel and kerosene (+3.3%), including over 65 Mt of gasoline (+12.6%) and nearly 60 Mt of diesel (-5.3%). The group sold 221 Mt of refined oil in 2021 (+1.3%), including 171 Mt of domestic refined products (+2%). The group operated over 30,700 service stations in China at the end of 2021.
The group plans to raise its investments by 18% in 2022 to CNY 198bn (US$31bn), including CNY 81.5bn (US$12.8bn) in upstream operations (focusing on the Shunbei and Tahe crude oil fields and on the Sichuan and Inner Mongolia gas fields). Sinopec has suspended talks for a gas marketing venture and a major petrochemical investment in Russia.