China Petroleum and Chemical Corp said on Monday it expects second-half refinery throughput to be flat versus the first half with annual processing volume for 2022 down 6% versus 2021, after the country's COVID measures hit fuel demand at home.
The company, better known as Sinopec Corp and the world's largest refiner by capacity, plans 240 million tonnes of crude oil throughput for the whole of 2022, executives told an earnings call on Monday.
That means its second-half volumes would be flat versus 120.76 million tonnes in the January-June period."With the government's stimulus policy and the restoring of order in the fuel market, we expect China's fuel demand to return to a reasonable level of growth in the second half," said Vice President Ling Yiqun. He did not provide a specific forecast.
Sinopec achieved 40 billion yuan of inventory gains in the first half owing to a surging oil market amid the Ukraine crisis, comprising 29.3 bln yuan in crude oil and 10.7 billion yuan in refined products, Chief Financial Officer Shou Donghua said. The company has always made efforts to diversify crude oil sourcing to manage costs, including a small share of purchases of Russian oil in the first six months, President Yu Baocai said.
Sinopec on Sunday reported a record interim net profit of $6.3 billion as strong oil and gas prices outweighed weakened domestic fuel sales.Reporting by Aizhu Chen and Muyu Xu in Singapore; Editing by Christopher Cushing and Edmund Klamann
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