Sinopec sees its full-year operating revenue hit $420.5b

China Petroleum and Chemical Corp, also known as Sinopec, achieved a full-year operating revenue of 3.07 trillion yuan ($420.5 billion) in 2024, with profitability across the entire natural gas industry chain reaching a record high, the company said on Sunday.

Oil and gas equivalent production reached 515.35 million barrels last year, with natural gas production at 1.4 trillion cubic feet, representing a year-on-year increase of 4.7 percent, it said.

The company processed 252 million metric tons of crude oil last year, with kerosene production increasing by 8.6 percent year-on-year and paraxylene (PX) production hitting a new historical high. Total sales of refined oil products amounted to 239 million tons, it said.

Emerging industries such as charging and battery swapping, hydrogen energy, biofuels, and CCUS (carbon cCapture, utilization, and storage) experienced rapid development. Sinopec has cumulatively built over a 1,000 gas stations and over 10,000 charging and battery swapping stations, it said.

Ma Yongsheng, chairman of Sinopec, said the company's transformation and upgrading will have even broader prospects in 2025, with the continued recovery and positive trajectory of China's economy.

The company will anchor its development direction to high-end, intelligent, and green initiatives, comprehensively promoting high-quality development, he said.

zhengxin@chinadaily.com.cn