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Sinopec (SNP) is a global leader in integrated energy and chemical operations, driving innovations across oil refining, petrochemical production, and renewable energy initiatives. This news hub provides stakeholders with essential updates on strategic developments, operational milestones, and market positioning within the evolving energy landscape.
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China Petroleum & Chemical Corporation (SNP) has posted its 2021 annual report on Form 20-F, filed with the SEC, on its website. Shareholders can download the soft copy or request a hard copy that includes audited financial statements. The report details the company's financial performance for the fiscal year ending December 31, 2021. Interested parties can access the report via the provided link.
China Petroleum & Chemical Corporation (SNP) reported strong Q1 2022 results with operating income of RMB 771.386 billion, a 33.8% increase year-on-year. The net profit attributable to shareholders rose 24.3% to RMB 23.338 billion, with basic earnings per share at RMB 0.193. Key production metrics also improved: crude oil processing reached 64.19 million tons, and ethylene output was 3.606 million tons, a 6.7% year-on-year increase. The company's proactive approach in responding to market changes contributed to overall growth amidst a volatile global environment.
On March 28, 2022, Sinopec hosted its annual performance conference, reporting a remarkable 2021 turnover of CNY2.74 trillion (USD431.50 billion) and a profit of CNY71.975 billion (USD11.33 billion), marking a 115.2% year-on-year increase and its best performance in a decade.
A dividend of CNY0.47 per share was distributed, with payout ratios reflecting strong yields. Sinopec emphasized efforts in technological innovation, ESG development, and its focus on energy transformation, aiming to enhance governance and sustainability while pursuing growth in oil and gas production and refining capabilities.
Sinopec Corp. reported strong annual results for 2021, with revenue reaching RMB 2.74 trillion, a 30.2% increase year-on-year, and profit attributable to shareholders of RMB 71.975 billion, surging 115.2%. The company proposed a final dividend of RMB 0.31 per share and an interim dividend of RMB 0.16, totaling RMB 0.47, reflecting an 80% payout ratio. Key operational highlights include a domestic oil and gas reserve replacement ratio of 154% and significant growth in natural gas production, which grew by 11.9%. The company aims for continuous improvement in governance and innovation while investing in green energy initiatives.
Sinopec has completed China's first megaton CCUS project, the Qilu-Shengli Oilfield CCUS, which aims to reduce carbon emissions by 1 million tons annually.
This project is expected to enhance oil production by 2.965 million tons over 15 years. It incorporates advanced carbon capture technologies and aims to contribute significantly to China’s carbon neutrality goals by 2060. The initiative includes developing a CCUS R&D center and extending the clean carbon sequestration industrial chain, showcasing Sinopec's leadership in carbon management and innovation.
China Petroleum & Chemical Corporation (Sinopec) announced a significant advancement in shale oil exploration, revealing high-yield production from three wells in the Subei Basin. The Qinye 1HF well produced 55 tons daily, while the Shuaiye 3-7HF well yielded 20 tons daily, and the Shaduo 1 well has amassed a total of 11,000 tons over 392 days. An estimated 350 million tons of shale oil resources have been identified across a favorable 420-square-kilometer area, marking a crucial development for crude oil resource replacement in China.
China Petroleum & Chemical Corporation (Sinopec) launched the world's largest photovoltaic green hydrogen production project in Xinjiang with a total investment of $470.77 million. This project aims to produce an annual output of 20,000 tons of green hydrogen and reduce carbon emissions by approximately 485,000 tons annually. It is expected to contribute $20.4 million to the local GDP and generate $2.82 million in tax revenue. The project, slated for completion in June 2023, plays a key role in supporting China's dual-carbon goals and promoting sustainable energy development.
On November 17, 2021, Sinopec announced the successful testing of its crude oil steam-cracking technology in Tianjin, marking China's first industrial application of this method. This technology converts crude oil directly into valuable chemicals like ethylene and propylene, achieving a chemical yield of nearly 50%. It reduces production costs, shortens the process, and lowers carbon emissions. Sinopec plans to build a million-ton demonstration plant to further develop this technology. The initiative supports China's petrochemical industry transformation and aligns with dual carbon goals.
China Petroleum & Chemical Corporation (Sinopec) signed a 20-year contract with Venture Global LNG on November 4, 2021, to purchase 4 million tons of liquified natural gas (LNG) annually. The LNG will be supplied from Venture Global's facility in Plaquemines, Louisiana. Additionally, Sinopec's subsidiary UNIPEC will acquire 3.8 million tons from the Calcasieu Pass project. This partnership aims to support global energy transformation and align with carbon neutrality goals.
On November 3, 2021, Sinopec announced a significant milestone at its Fanye-1 Well in the Shengli Oilfield, achieving peak daily oil production of 171 tons, marking China's highest record for a single shale oil well. The company anticipates building 1 million tons of shale oil production capacity within five years and reports initial estimates of oil resources in the region at over 4 billion tons. The Shengli Oilfield has confirmed shale oil geological reserves of 458 million tons and has innovated three key technologies to enhance exploration and production.
