Sinopec announces 2013 full year results Sinopec recorded steady growth in 2013 with dividend payout ratio as high as 42.1%

BEIJING, March 23, 2014 /PRNewswire/ -- China Petroleum & Chemical Corporation ("Sinopec" or "the Company") (HKEX:386;CH:600028;NYSE: SNP) today announced its annual results for the year ended 31 December 2013.

(Logo: http://photos.prnasia.com/prnh/20140321/0861309266)

Financial Highlights:

  • In accordance with the International Financial Reporting Standards (IFRS), in 2013, the Company's turnover, other operating revenues and other income was RMB2,880.3 billion, up 3.4% year-on-year, and operating profit was RMB96.8 billion, down 1.9% year-on-year. Profit attributable to equity shareholders of the Company was RMB66.1 billion, up 3.5% year-on-year. Basic earnings per share were RMB0.57.
  • In accordance with the PRC Accounting Standards for Business Enterprises ("ASBE"), in 2013, the Company's operating profit was RMB96.5 billion, up 9.7% year-on-year. Net profit attributable to equity shareholders of the Company was RMB67.2 billion, up 5.8% year-on-year. Basic earnings per share were RMB0.579.
  • The Board of Directors proposed a final cash dividend of RMB0.15 per share. Combined with the interim dividend of RMB0.09 per share, the total annual cash dividend for 2013 is RMB0.24 per share. The Company has gradually increased its dividend payout ratio in recent years, with dividend payout ratio reaching 42.1% in 2013 (by IFRS). Total cash dividend paid for the full year was RMB28.0 billion. Based on the average stock price for 2013, dividend yield for H shares reached 4.82%.

Business Highlights:

In 2013, the world economy slowly recovered while economic growth for China slowed down. International crude oil price saw wide fluctuation at high price levels and market competition intensified with ample supply of petrochemical products. Under these circumstances, the Company proactively responded to market changes by strengthening its structural adjustment and deepened reform to realize steady growth in operational performance and achieve good results in various aspects.

  • The Company saw stable growth in oil and gas production in the upstream business, and achieved an oil reserve replacement ratio of over 100%. The significant strategic breakthrough in shale gas exploration at Fuling signifies accelerated development of China's shale gas. Sinopec has achieved reserve growth by adding overseas upstream assets.
  • In the refinery business, the Company seized the opportunity presented by improvements in the refined oil pricing mechanism and turned around the business in operating profit. Sinopec adjusted and optimized its product structure, becoming the leader in refined oil quality upgrading. Delivering more clean energy products to society has become a new growth area for the Company's business.
  • Marketing and distribution segment fully leveraged the advantages of the Company's extensive nationwide network, increasing retail volume and sales of high value added oil products. The non-fuel business continued its fast growth.
  • Chemical segment proactively responded to severe market conditions by adjusting its raw material structure and lowering raw material cost. The segment optimized product structure and increased the share of high value added products.

Fu Chengyu, Chairman of Sinopec said: "In 2013, Sinopec achieved good operational and results by leveraging our integrated model, adopting a commercial and market-oriented business approach and focusing on the quality and efficiency of our development. As a result, we made substantial progress in reform and development. In particular, Sinopec made strategic breakthroughs in shale gas exploration and development at Fuling, creating a new source of growth for the upstream business. At the same time, we prioritised operational safety and merged corporate social responsibility into all aspects of our business operations through our 'Clean Water, Blue Sky' environment protection campaign and our leadership and participation in the Global Compact where Sinopec committed to the "Proposal to Address Climate Change" to promote green and low carbon development in all areas."

Business Review

Exploration and production

In 2013, with increased exploration and development activities in five key areas of China, we achieved stable growth in oil and gas production and reserves. In exploration, we achieved significant strategic breakthroughs in the Fuling marine-facies shale gas exploration project, laying a solid foundation for shale gas development of the Company. In 2013, we added 3.13 million barrels to domestic proved oil reserves, achieving an oil reserve replacement ratio of more than 100%. We also acquired overseas upstream assets from China Petrochemical Corporation, significantly increasing our overseas oil and gas assets. In oil production, we enhanced the recovery rate in mature fields and effectively curbed the growth in lifting costs. We intensified exploration in natural gas, increasing sales volumes to meet consumption demand. In 2013, our oil and gas production was 442.84 million barrels of oil equivalent, up 3.48% from the previous year, of which crude oil was 332.54 million barrels, representing a year-on-year increase of 1.30%, and natural gas was 660.18 billion cubic feet, representing a year-on-year increase of 10.4%.

In 2013, the operating revenues of this segment were RMB 242.1 billion, representing a decrease of 5.9% over the same period of 2012. Despite the outstanding operational performance of the oil and gas exploration activities, the operating profit of the exploration and production segment in 2013 was RMB 54.8 billion, representing a decrease of 21.8% as compared with 2012 which is mainly attributable to a 6.6% decrease in crude oil price.

Summary of Operations for the Exploration and Production Segment


2013

2012

2011

Change from
2012 to 2013
(%)

Oil and gas production (mmboe)

442.84

427.95

407.91

3.48

Crude oil production (mmbbls

332.54

328.28

321.73

1.30

China

310.84

306.60

303.37

1.38

Overseas

21.70

21.68

18.36

0.09

Natural gas production (bcf)

660.18

598.01

517.07

10.40

Summary of Proved Reserves of Crude Oil and Natural Gas


Reserve of Crude Oil (mmbbls)

31 December 2013

31 December 2012

Proved Reserves

3,130

2,843

Proved Developed Reserves

2,821

2,577

Shengli

1,944

1,974

Others

557

539

China

2,501

2,513

Overseas

320

64

Proved Undeveloped Reserves

309

266

Shengli

110

84

Others

162

174

China

272

258

Overseas

37

8

 


Reserves of Natural Gas (bcf)

31 December 2013

31 December 2012

Proved Reserves

6,520

6,730

Proved Developed Reserves

5,805

5,439

Puguang

2,939

3,605

OIthers

2,842

1,834

China

5,781

5,439

Overseas

24

-

Proved Undeveloped Reserves

715

1,291

Puguang

-

-

Others

712

1,291

China

712

1,291

Overseas

3

-


Note: At the end of 2013, the Company completed the acquisition of part of the equity interests of CIR, Taihu and Mansarovar from China Petrochemical Corporation. Production, reserve and exploration activities of these three companies are included on an equity accounting basis.

Refining

In 2013, seizing the opportunity presented by improvements in the oil product pricing mechanism, we optimised our product mix according to market conditions, increasing production of high-value-added products such as high-octane gasoline and jet fuel which were in strong demand. We accelerated the quality upgrading of our oil products to supply cleaner products to our customers. In 2013, we were the first to complete gasoline upgrading to the GB IV standard. We also optimised our crude oil allocation and reduced crude oil procurement costs. In 2013, we processed 232 million tonnes of crude oil, up by 4.81% from the previous year, and produced 140 million tonnes of oil products, up by 5.59% from the previous year. Sales of lubricants, LPG and asphalt grew at a fast rate.

In 2013, the operating revenues of this segment totaled RMB 1,311.3 billion, representing an increase of 3.2% over the same period of 2012. This was mainly attributable to increased sales volumes. In 2013, refining margin was RMB 261.1 per tonne, representing an increase of RMB 104.6 per tonne compared with 2012. This was mainly attributable to the improvement of the oil products pricing mechanism and the implementation of the policy which allows higher price for higher quality oil products. In 2013, the operating profit of the segment totaled RMB 8.6 billion, representing an increase of RMB 20 billion as compared with the same period of 2012. The refining segment contributed a positive cash flow, hence the Company's net cash from operating activities increased by 6.7% to RMB151.9 billion.

Summary of Operations for the Refining Segment

Unit: million tonnes


2013

2012

2011

Change from 2012 to
2013 (%)

Refinery throughput

231.95

221.31

217.37

4.81

Gasoline, diesel and kerosene production

140.40

132.96

128.00

5.59

Gasoline

45.56

40.55

37.10

12.36

Diesel

77.40

77.39

77.17

0.02

Kerosene

17.43

15.01

13.73

16.15

Light chemical feedstock

37.97

36.33

37.38

4.52

Light products yield (%)

76.19

76.75

76.08

(0.56) percentage points

Refinery yield (%)

94.82

95.15

95.09

(0.33) percentage points


Note: Includes 100% of production of joint ventures.

Marketing and distribution

In 2013, in light of structural changes in the demand for oil products, we adjusted our marketing strategies which focused on high-octane gasoline and jet fuel sales and introduced premium products to the market ahead of other suppliers. We increased total sales volume by using our network and brand advantage to expand retail volumes. Through optimised oil products allocation and logistics, we lowered our transportation costs. In 2013, the total sales volume of oil products reached 180 million tonnes, of which domestic sales were 165 million tonnes, up 4.04% from the previous year. Retail volume increased by 5.45% compared with that in the previous year. Meanwhile, we actively provided one-stop services and signature products to our customers and revenue from the non-fuel business reached RMB 13.35 billion, representing a year-on-year increase of 21.36%.

In 2013, the operating revenues of this segment were RMB 1,502.4 billion, an increase of 2.1% over 2012. Of which: the sales revenues of gasoline totaled RMB 505.8 billion, which increased by 9.7% compared with the same period of 2012; the sales revenues of diesel were RMB 708.3 billion, a decrease of 2.6% over 2012, and the sales revenues of kerosene were RMB 123.7 billion, an increase of 2.9% over 2012. In 2013, the operating profit of this segment was RMB 35.1 billion, representing a decrease of 17.6% compared with 2012.

Summary of Operations, Marketing and Distribution Segment


2013

2012

2011

Change from
2012 to 2013 (%)

Total sales volume of oil products (million tonnes)

179.99

173.15

162.32

3.95

Total domestic sales volume of oil products (million tonnes)

165.42

158.99

151.16

4.04

Retail sales (million tonnes)

113.73

107.85

100.24

5.45

Direct sales (million tonnes)

33.49

33.25

33.22

0.71

Wholesale (million tonnes)

18.20

17.89

17.70

1.73

Annual average throughput per station (tonne/station)

3,707

3,498

3,330

5.97


31 December 2013

31 December 2012

31 December 2011

Change from

the end of the

previous year

to the end of

the reporting

period(%)

Total number of service stations under Sinopec brand

30,536

30,836

30,121

(0.97)

Number of company-operated stations

30,523

30,823

30,106

(0.97)

Chemicals

In 2013, facing severe market conditions, we adjusted our facilities utilization rate and production plan, prioritised the restructuring of our feedstock and product mix, implemented regional optimisation and effectively reduced our raw material costs. We strengthened the integration of production, marketing and research, and we reached record highs in production of new polyolefin products, specialty and high-value-added rubber products, and differential synthetic fibres. Through our market-oriented approach, we optimised the marketing strategies, improved inventory management, implemented differentiated marketing strategies and achieved superior results. In 2013, ethylene production reached 9.98 million tonnes, up 5.58% from the previous year, and chemical sales volume was 58.23 million tonnes, up by 7.14% from the previous year, and effectively sold what we produced.

In 2013, the operating revenues of the chemicals segment were RMB 437.6 billion, representing an increase of 6.2% as compared with that of 2012. The price of chemicals dropped by 1.1% and sales volume of chemical products grew by 7.6% over 2012. In 2013, the operating profit of this segment was RMB 0.9 billion, representing a decrease of RMB 0.3 billion or 26.3% compared with 2012. This was mainly due to the drop in the prices of chemical products other than basic chemical products and synthetic resin as compared to that of 2012.

Summary of Operations, Chemicals Segment                                                              

Unit: thousand tonnes


2013

2012

2011

Change from
2012 to 2013
(%)

Ethylene

9,980

9,452

9,894

5.58

Synthetic resin

13,726

13,343

13,652

2.87

Synthetic rubber

960

936

990

2.59

Synthetic fibre monomer and polymer

9,227

8,950

9,380

3.10

 Synthetic fibre

1,392

1,339

1,388

3.99


Note: Includes 100% of ethylene production of joint ventures.

Research and development

In 2013, we actively implemented an innovation-driven development strategy, consistently strengthened technology research and achieved outstanding results. In E&P, we achieved breakthrough in shale gas technology in Fuling, and primarily set up our key technology for efficient development of Dawan high-sulfur-content gas field with horizontal wells. In refining, we continued to reinforce development of production technologies for clean products, such as the successful commissioning of our countercurrent moving bed continuous reforming facility and the successful application of liquid phase recycling diesel hydrogenation technology in several facilities. In chemicals, we put into operation our self-designed and self-built 800,000-tonne-per-year ethylene facility and our 600,000-tonne-per-year PX facility, drawing on proprietary technologies. We successfully commercialised the looping process for PP production and technology for rare-earth isoprene rubber. We actively promoted transformational development as well. With the successful trial of self-developed bio jet fuel in commercial flights, we received the first license to produce bio jet fuel in China. In 2013, we applied for 4,442 patents at home and abroad, of which 2,388 were granted. We won two National Awards for Technology Invention, two National Awards for Technology Advancement and six Chinese Patent Awards of Excellence.

Health, safety and environment

In 2013, to implement our green and low-carbon strategy, we initiated our 'Clean Water and Blue Sky' scheme, participated in the pilot test of carbon trading and promoted energy performance contracting. In 2013, our energy intensity dropped by 2.01%, industrial water consumption declined by 1.19%, COD in wastewater discharge fell by 3.85% and SO2 emission fell by 4.71%. We also fully ensured proper handling of hazardous chemicals and waste. We properly managed the response to the Qingdao pipeline accident of 22 November 2013, implemented safety inspections throughout the Company to identify potential risks and further improved our safety accountability system. Please refer to our sustainable development report for more details.

Capital expenditures

In 2013, our capital expenditures were RMB 168.597 billion, a decrease of 7% against the budget made at the beginning of the year. The exploration and production segment accounted for expenditures of RMB 88.782 billion, mainly for development of tight oil in North China, shallow heavy oil in the western Shengli oil field, new blocks of the Tahe oil field, Yuanba in Southwest China and the Daniudi gas field in North China, construction of Block 18 in Angola and pipelines for LNG and natural gas. In 2013, we added 5.8 million tonnes of crude oil production capacity and 2.44 billion cubic meters of natural gas capacity. The refining segment had capital expenditures of RMB 26.064 billion, mainly for completion of revamping projects in Wuhan, Anqing and Maoming for quality upgrading of oil products. The marketing and distribution segment had expenditures of RMB 29.486 billion, mainly for building and revamping service stations and for construction of oil product pipelines and depots. We also added 808 new service stations in 2013. The chemicals segment had expenditures of RMB 19.189 billion, mainly for the Wuhan ethylene project, the Hainan aromatics project and the Maoming polypropylene project. The corporate and others had expenditures of RMB 5.076 billion, mainly for R&D facilities and IT projects. In addition, Sinopec International Petroleum Exploration and Production Corporation, a subsidiary of Sinopec Corp. acquired part of the equity interests of Taihu project, Mansarovar project and CIR project from China Petrochemical Corporation in this year, and thus resulted in a capital expenditure of RMB 16.529 billion.

Business Prospects

In 2014, we anticipate that the recovery of the global economy will continue and that China's economy will maintain its steady growth, with reforms deepening. Domestic demand for oil products and chemicals will increase steadily, with further changes to the structure of consumption. Quality upgrades of oil products will continue, and domestic demand for chemical products is expected to grow steadily. In 2014, crude oil supply is expected to be in glut. Geopolitical tensions are likely to ease, and the tapering of the U.S. quantitative easing program is likely to continue. We expect international oil prices to show some weakness while fluctuating within a high price range.

Exploration and production segment: We will promote efficient and effective exploration and based on five campaigns, improve our exploration success rate in a bid to achieve strategic breakthroughs. We will make further efforts to promote efficient development, reinforce our focus on cost and profitability, strengthen secondary and tertiary development of mature fields and enhance utilisation of reserves. To achieve significant growth in shale gas, we will comprehensively organise capacity building in the Fuling shale gas project and improve our performance in shale development. We will maintain the sound management of our natural gas business and carefully plan the strategic deployment of our resources, markets and pipeline network. We will also optimise resource allocation to develop a best performing value chain and increase our market share. In 2014, we plan to produce 363.76 million barrels of crude oil, and 706.2 billion cubic meters of natural gas.

Refining segment: We will continue to explore the market for new products and optimise procurement and allocation of crude oil to reduce costs. We will fully use our advantage in scaled production and expand our total processed volume to control unit costs. We will also continue to upgrade oil product quality and supply clean fuels to the market. We will also reinforce coordination between production and marketing, adjust our product slate and utilisation rate, and increase output of products with high value-added and good market potential. In addition, we will improve our sales network, optimise marketing of lubricants, LPG and asphalt by using our strengths in specialisation, and maintain safe and reliable operations and high utilisation rates of major refining facilities. In 2014, we plan to process 244 million tonnes of crude oil and produce 150 million tonnes of oil products.

Marketing and distribution segment: To ensure maximum profits in this segment and expand our retail business, we will improve our market analysis, operate with low inventories to mitigate risks and optimise marketing structure, expand sales volume, as well as enhance the quality of our service stations and the sales volume per station. We will accelerate the planning and construction of our oil product pipeline, take full advantage of our existing network and make further improvements through professional management. We will focus on differentiated marketing and increase customer loyalty by providing tailor-made services. We will work to open up the market for vehicle-use natural gas and promote professional and market-oriented development of our non-fuel business to increase both scale and profits. In 2014, we plan to sell 169 million tonnes of oil products in domestic market.

Chemicals segment: We will further adjust our feedstock structure, optimise regional production, increase the proportion of light feedstock to lower costs, and advance the adjustment of feedstock for ethylene. We will strengthen the integration of production, marketing and research, boost R&D, increase production and promotion of new products, and expedite our coal to chemical business, with coal-to-gas as the main focus. We will also improve our marketing strategies and customer service, strengthen the management of the supply chain and continue to operate with low levels of inventory. In 2014, we plan to produce 10.58 million tonnes of ethylene.

In 2014, we will continue to focus on the improvement of quality and efficiency, primarily for organic growth, and accelerate our structural adjustment by optimising company-wide and regional resources. Capital expenditure for the year is budgeted at RMB 161.6 billion, of which the exploration and production segment will account for RMB 87.9 billion, mainly for the Fuling shale gas and South Yanchuan coal bed methane demonstration projects, for development projects including Shengli, Northwest Tahe, Yuanba, the Daniudi gas field, the West Sichuan, overseas blocks and for construction of LNG and natural gas pipelines. Refining segment will account for expenditures of RMB 25.5 billion, mainly for oil product quality upgrade projects and revamping projects including those in Shijiazhuang, Yangzi and Jiujiang. Marketing and distribution segment will account for expenditures of RMB 24.1 billion, mainly for revamping of service stations, construction of the oil product pipeline network, optimising the distribution of oil tanks and improving facilities for natural gas and our non-fuel business. Capital expenditures for Chemicals segment will be RMB 17.6 billion, mainly for commissioning the East Ningxia integrated coal to chemical project and the Fujian ethylene revamping project and for construction of the Jinling propylene oxide and Qilu acrylonitrile projects. Corporate and others will account for expenditures of RMB 6.5 billion, mainly for R&D and IT projects.

Fu Chengyu also said: "In 2014, China has embarked on a new journey to fully deepen reform which will enable the market to play a decisive role in resource allocation to further invigorate the Chinese economy. Sinopec's development goal, business strategy and operating model are fully in line with the objectives and roadmap set for this nation-wide reform. We have two important tasks ahead of us. Firstly, we have already announced the business restructuring of our marketing business, whereby capital from the private sector will be introduced so as to build a more commercially savvy and dynamic business positioned to capture future growth opportunities. Secondly, we will enhance the exploration and development efforts for shale gas at Fuling to lead the swift development of China's shale gas. The Board is fully confident in Sinopec's future business success and believes it will continuously maximise the value of the company through deeper reform and business transformations."

Appendix
Principal financial data and indicators

FINANCIAL DATA AND INDICATORS PREPARED IN ACCORDANCE WITH ASBE

Items

For the years ended 31 December

2013

2012

Change

2011

RMB millions

RMB millions

(%)

RMB millions

Operating income

2,880,311

2,786,045

3.4

2,505,683

Operating profit

96,453

87,926

9.7

100,966

Profit before taxation

96,982

90,107

7.6

102,638

Net profit attributable
to equity shareholders
of the Company

67,179

63,496

5.8

71,697

Net profit attributable
to equity shareholders
of the Company

excluding
extraordinary gain and
loss

66,658

61,922

7.6

70,453

Net cash flow from operating activities

151,893

143,462

5.9

151,181

 

Items

At 31 December

2013

2012

Change

2011

RMB millions

RMB millions

(%)

RMB millions

Total assets

1,382,916

1,238,522

11.7

1,122,703

Total liabilities

759,656

687,921

10.4

613,178

Total equity attributable
to equity shareholders
of the Company

570,346

513,374

11.1

474,399

Total shares (1,000 shares)

116,565,314

86,820,287

34.3

86,702,562

 

Principal financial indicators

Items

For the years ended 31 December

2013

2012

Change

2011

RMB

RMB

(%)

RMB

Basic earnings
per share

0.579

0.562

3.0

0.636

Diluted earnings
per share

0.543

0.542

0.2

0.612

Basic earnings
per share based
on latest total
shares (note)

0.578

-

-

-

Basic earnings
per share
(excluding
extraordinary
gain and loss)

0.574

0.548

4.7

0.625

Weighted
average return
on net assets
(%)

12.24

12.80

(0.56)

percentage points

15.93

Weighted
average return
(excluding extraordinary
gain and loss)
on net assets
(%)

12.15

12.48

(0.33)

percentage points

15.66

Net cash flow
from operating
activities per
share

1.308

1.272

2.8

1.342


Note:

1. Calculated based on the total shares on 14 March 2014.

2. Earnings per share for 2011 and 2012 were pro forma data, adjusted in line with the change in the number of total shares.

FINANCIAL INFORMATION EXTRACTED FROM THE FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH IFRS


Unit: RMB millions

Items

For the years ended 31 December

2013

2012

2011

2010

2009

Turnover, other operating
revenues and other income

2,880,311

2,786,045

2,505,683

1,913,182

1,345,052

Operating profit

96,785

98,662

105,530

104,974

90,669

Profit before taxation

95,052

90,642

104,565

103,663

86,574

Profit attributable to equity
shareholders of the
Company

66,132

63,879

73,225

71,782

63,129

Basic earnings per share
(RMB)

0.570

0.566

0.650

0.637

0.560

Diluted earnings per share
(RMB)

0.534

0.545

0.625

0.631

0.556

Return on capital employed
(%)

8.02

9.09

11.49

12.95

11.67

Return on net assets (%)

11.63

12.50

15.50

17.11

16.63

Net cash generated from
operating activities per
share (RMB)

1.308

1.262

1.336

1.512

1.468

 


Unit: RMB millions

Items

As at 31 December

2013

2012

2011

2010

2009

Non-current assets

1,009,906

892,929

794,423

727,642

692,930

Net current liabilities

198,812

148,358

101,485

76,177

114,442

Non-current liabilities

189,468

196,535

185,594

200,429

172,982

Minority interests

52,823

37,122

35,016

31,432

25,991

Total equity attributable to
equity shareholders of the
Company

568,803

510,914

472,328

419,604

379,515

Net assets per share (RMB)

4.880

4.527

4.191

3.723

3.367

Adjusted net assets per share
(RMB)

4.841

4.476

4.172

3.722

3.347

The following table sets forth the operating revenues, operating expenses and operating profit/(loss) by each segment before elimination of the intersegment transactions for the periods indicated, and the percentage change of 2013 compared to 2012.

Unit: RMB millions


Year ended 31 December

Change

2013

2012

(%)

Exploration and Production
Segment




Operating revenues

242,107

257,185

(5.9)

Operating expenses

187,314

187,131

0.1

Operating profit

54,793

70,054

(21.8)

 Refining Segment




Operating revenues

1,311,269

1,270,912

3.2

Operating expenses

1,302,670

1,282,356

1.6

Operating profit/(loss)

8,599

(11,444)

-

Marketing and Distribution
Segment




Operating revenues

1,502,414

1,471,882

2.1

Operating expenses

1,467,271

1,429,230

2.7

Operating profit

35,143

42,652

(17.6)

Chemicals Segment




Operating revenues

437,587

411,964

6.2

Operating expenses

436,719

410,786

6.3

Operating profit

868

1,178

(26.3)

Corporate and others




Operating revenues

1,359,109

1,312,970

3.5

Operating expenses

1,362,521

1,315,413

3.6

Operating loss

(3,412)

(2,443)

39.7

Elimination of inter-segment
profits/(losses)

794

(1,335)

-

About Sinopec:

Sinopec is one of the largest integrated energy and chemical companies with upstream, midstream and downstream operations in China. Its principal operations include: the exploration and production, pipeline transportation and sales of petroleum and natural gas; the sales, storage and transportation of petroleum products, petrochemical products, synthetic fiber, fertilizer and other chemical products; import and export, as well as import and export agency business of oil, natural gas, petroleum products, petrochemical and chemical products, and other commodities and technologies; and research, development and application of technologies and information.

Adhering to its corporate mission of enterprise development, contribution to the country, shareholder value creation, social responsibility and employee wellbeing, Sinopec implements strategies of resources, markets, integration, internationalisation, differentiation and green low-carbon development with a view to realize its vision of building a world first class energy and chemical company.

Disclaimer:

This press release includes "forward-looking statements". All statements, other than statements of historical facts that address activities, events or developments that Sinopec Corp. expects or anticipates will or may occur in the future (including but not limited to projections, targets, reserve volume, other estimates and business plans) are forward-looking statements. Sinopec Corp.'s actual results or developments may differ materially from those indicated by these forward-looking statements as a result of various factors and uncertainties, including but not limited to the price fluctuation, possible changes in actual demand, foreign exchange rate, results of oil exploration, estimates of oil and gas reserves, market shares, competition, environmental risks, possible changes to laws, finance and regulations, conditions of the global economy and financial markets, political risks, possible delay of projects, government approval of projects, cost estimates and other factors beyond Sinopec Corp.'s control. In addition, Sinopec Corp. makes the forward-looking statements referred to herein as of today and undertakes no obligation to update these statements.

Investor Inquiries:   

Media Inquiries:

Beijing


Tel: (86 10) 5996 0028  

Tel: (86 10) 5996 0028

Fax: (86 10) 5996 0386

Fax: (86 10) 5996 0386

Email: ir@sinopec.com

Email: media@sinopec.com



Hong Kong


Tel: (852) 2824 2638

Tel: (852) 3512 5000

Fax: (852) 2824 3669

Fax: (852) 2259 9008

Email: ir@sinopechk.com

Email: sinopec@brunswickgroup.com

SOURCE China Petroleum & Chemical Corporation



More by this Source


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.