Sinopec Group Has Profits of over 18.5b Yuan in Q1

China Petrochemical Corporation (Sinopec Group) announced on April 28 that it achieved a surging performance in output of natural gas, gasoline, diesel and oil, petroleum product marketing, and chemical product sales in the first quarter of 2021.

The company achieved business revenue of more than 576.98 billion yuan ($89.31 billion) in Q1, a year-on-year growth of 4.1 percent, and earned a net profit of more than 18.54 billion yuan. By the end of the period, its cash flow exceeded 198 billion yuan.

As China's economy and petroleum, natural gas and chemical product demands recover in Q1, Sinopec Group sped up its industrial pattern centered on new energy, new material and new economy, improved the efficacy and efficiency of the industrial chain and promoted high-quality development.

The company stepped up efforts to strengthen high-quality exploration and development, and accelerated construction of the natural gas system integrating production, supply, storage and marketing.

It made breakthroughs in oil and gas development in Northwest China's Xinjiang Uygur Autonomous Region and Southwest China's Sichuan Province, and boosted gas field construction in Sichuan and North China's Inner Mongolia Autonomous Region.

Sinopec Group's sales volume of natural gas rose 37 percent in Q1 this year compared to that in 2020.

The company also had an encouraging performance in crude processing. It processed 62.52 million tons of crude in Q1, up by 16.3 percent year on year.

Adhering to the market-oriented principle, the company increased output of gasoline, jet fuel, chemical light oil, asphalt and lubricating oil, and optimized crude allocation while lowering purchase costs.

Taking advantage of its marketing network, Sinopec Group carried out customized marketing and expanded its retail scale.

What's more, it also explored a new mode integrating the internet, gas stations, convenient stores and third parties, and promoted construction of gas-hydrogen station construction to form an oil-gas-hydrogen-power service pattern.

In terms of expenditure, Sinopec Group invested 9 billion yuan in improving natural gas production, 2.9 billion yuan in construction of gas stations, comprehensive energy stations and storage facilities, and in non-fuel business, and 1.8 billion in chemical project construction in Q1.

The company also set aside 1.7 billion yuan for manufacturing of scientific research equipment and information construction.

(Executive editor: Wang Ruoting)