China Petroleum & Chemical Corp, better known as Sinopec, is planning its highest capital investment in history for 2022 after recording its best profit in a decade, echoing Beijing’s call for energy companies to raise production, said the company.
Sinopec expects to spend 198 billion yuan (USD31.10 billion) in 2022, up 18% from a year ago, beating the previous record of 181.7 billion yuan set in 2013, according to a company statement filed to the Shanghai Stocks Exchange on Sunday.
It plans to invest 81.5 billion yuan in upstream exploitation, especially the crude oil bases in Shunbei and Tahe fields, and natural gas fields in Sichuan province and the Inner Mongolia region.
We remind, China Petroleum & Chemical Corporation (Sinopec), the country's largest oil refiner, said its net profit rose 114% in 2021 from the previous year. The net profit attributable to shareholders of the parent company stood at 71.21 billion yuan (11.18 billion U.S. dollars) in 2021, the company said on Sunday. Its operating revenue reached 2.74 trillion yuan last year, up 30.2%year on year.
As it was written earlier, Sinopec will divest a 50% stake in Shanghai SECCO Petrochemical for a price of Yuan 10.3 bn (USD1.6 bn). The 50% stake comprises of 15% that is owned directly by Sinopec and 35% owned by its offshoot Sinopec Gaoqiao Petrochemical. Previously, Shanghai SECCO was 50% owned by BP East China, with Sinopec and Sinopec Shanghai Petrochemical holding 30% and 20% stakes, respectively. The interest of BP was sold to Sinopec Gaoqiao Petrochemical in 2017.
mrchub.com