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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 (Sinopec) has announced a significant milestone in shale gas exploration with the Dongye Deep 2 well in Chongqing, producing 412,000 cubic meters of high-quality shale gas daily from a depth of 4,300 meters. This achievement will boost Sinopec's shale gas production capacity by over 2 trillion cubic meters, enough to supply fuel for 820,000 households. The company aims to enhance its oil and gas exploration efforts, focusing on both unconventional and conventional resources.
Sinopec Corp. reported substantial financial growth for the nine months ending September 30, 2021. Net profit reached RMB 60.755 billion, a 148.5% increase, while basic earnings per share climbed to RMB 0.502. Operating income rose to RMB 2.0034 trillion, up 29% year-on-year. The company experienced notable operational improvements, with oil and gas production growing year-on-year. The liability-to-asset ratio stood at 51.78%, indicating financial stability, while cash generated from operations surged 37.4% to RMB 115.723 billion.
The Wei 11 gas storage facility by Sinopec in the Zhongyuan Oilfield region commenced operations on October 18, 2021, marking a significant milestone as it forms part of the largest underground natural gas storage cluster in north China. With a capacity of 10.03 billion cubic meters, this facility will enhance gas storage and peak shaving efforts in the region, supporting the needs of 10 million households daily. Additional facilities are expected to be operational by year-end, further boosting Sinopec's gas supply capabilities.
On October 8, Sinopec's Fuling Shale Gas Field achieved a significant milestone by producing a cumulative total of 40 billion cubic meters of shale gas, setting a national record in China. This landmark production benefits over 200 million residents across more than 70 cities and supports China's clean energy transition. Currently, the field produces 20 million cubic meters of gas daily, meeting the needs of 40 million households. The gas field has proven reserves of 792.641 billion cubic meters and plays a crucial role in the Sichuan-East Gas Pipeline, contributing to national energy security.
Sinopec has received China's first carbon neutral petroleum certificate for a shipment launched on September 22, 2021. The shipment, consisting of 30,000 tons of crude oil from Angola, involved Cosco Shipping and China Eastern Airlines to establish a cross-industry model for green transportation. Sinopec plans to launch carbon-neutral gasoline and diesel products this year and supply 5,417 tons of jet fuel for carbon-neutral flights. The project utilizes energy-saving measures and CCER carbon credits to offset emissions, aiming to support China's carbon peak and neutrality goals.
On August 29, 2021, Sinopec Corp (SNP) reported impressive interim results for H1 2021, with a turnover of RMB 1.26 trillion, up 22.1% year-on-year. Profit attributable to shareholders rose to RMB 40 billion, and basic earnings per share reached RMB 0.33. The company proposed an interim dividend of RMB 0.16 per share, yielding around 10%. The natural gas production increased by 13.7%, and refined oil product sales rose 8.1%. The firm is committed to green initiatives, including significant reductions in GHG emissions, while maintaining a strong financial position with a liability-to-asset ratio of 51.09%.
On August 17, 2021, Sinopec announced the discovery of an additional 34.029 billion cubic meters of natural gas at the Zhongjiang Gas Field, raising total reserves in the Sichuan Basin to 106.1 billion cubic meters. This achievement supports the establishment of China’s first 100-billion-cubic-meter natural gas production base. The field's cumulative production has reached 5.29 billion cubic meters, with annual outputs exceeding 1 billion cubic meters for the past two years, meeting the daily gas needs of 5.5 million households.
Sinopec Jianghan Salt Chemical Hubei Co., Ltd. has completed a trial run of a new 12,000 tons/year concentrated bleaching powder batch feeder as of July 23, 2021. With an annual disinfectant production capacity exceeding 100,000 tons, it is now the world's largest disinfectant production base. The plant, launched amidst challenges like COVID-19 and floods, will enhance operational efficiency and reduce emissions. The company's disinfectant is recognized for its high efficacy against various pathogens and has been exported to over 80 countries.
On July 21, 2021, Sinopec completed the first bulk agreement transaction in China's national carbon market by purchasing 100,000 tons of carbon emission quotas from China Resources Group. This historic transaction marks a significant step in the country's carbon trading endeavors. A total of 17 Sinopec subsidiaries have self-supply power plants in the national carbon market, with four subsidiaries actively trading on the first day. Sinopec's commitment to achieving net-zero carbon emissions includes plans to reduce methane emissions by 50% by 2025, aligning with China's carbon neutrality goals by 2060.
China Petroleum & Chemical Corporation (Sinopec) has launched China's first megaton carbon capture, utilization, and storage (CCUS) project at the Qilu-Shengli Oilfield. Expected to begin production by the end of 2021, this project aims to significantly reduce carbon emissions by 1 million tons annually, equivalent to planting nearly 9 million trees. This initiative is part of China's strategy to reach peak carbon emissions by 2030 and carbon neutrality by 2060. CCUS technology is crucial for reducing greenhouse gases and promoting low-carbon energy transformation.
