China Petroleum & Chemical Corp., better known as Sinopec, is planning the biggest investment in its history in 2022 after reporting its best performance in a decade, according to Beijing, which is calling on utility companies to boost productivity.
As the company announced on the Shanghai Stock Exchange on Sunday, Sinopec plans to spend 1980 billion RMB ($31.1 billion) in 2022, up from 181.7 billion yuan in 2013, up 18 percent. compared to the previous year.
It plans to invest 81.5 billion yuan in river development, particularly the oilfields of Shunbei and Tahe, and the oilfields of Sichuan and Inner Mongolia.
"The demand for the refined petroleum industry will return in 2022, and the demand for oil and petroleum will continue to grow," Sinopec said in a statement.
He also warned of the potential impact of regional challenges and unfavorable oil prices on investments and operations of foreign companies. However, the company did not register for special operations.
Reuters reported that the Sinopec Group had blocked talks on a major Russian petrochemical and oil company that the government had requested as a precaution against sanctions against Ukraine.
Brent crude is up 52% so far this year and hit $139 a barrel in early March. This was due to fears of disruption to exports following Russia's invasion of Ukraine.
Sinopec recorded its highest profit in 10 years in 2021, thanks to a recovery in energy demand and a further rise in oil prices after the COVID-19 event, with revenue of 71.21 billion. RMB.
It plans to produce 281.2 million barrels of crude oil and 1,256 trillion cubic feet of natural gas by 2022, up from 279.76 million barrels or 1.199 trillion cubic feet by 2021. Beijing works to ensure the country's security when there is a major risk in the region. We forecast annual crude oil production of 200 million tonnes and an increase in our natural gas production from 205 billion m3 in 2021 to 230 billion cubic meters (bcm) by 2025.
Sinopec's crude oil throughput and refined oil output are expected to remain at the same level as a year ago, at 258 million tons and 147 million tons, respectively, in 2022.
However, with more than 2,000 KEVID patients per day, the demand for oil and petroleum in China is declining.
(Source: // Reuters)