China Petrochemical Corporation (Sinopec) released its 2024 annual performance report on March 23, announcing a full-year operating revenue of 3.07 trillion yuan ($420.5 billion).
Upstream: Expanding reserves and enhancing efficiency
Sinopec made significant breakthroughs in high-quality exploration and efficient development. Key achievements include ultra-deep shale gas discoveries in the Sichuan Basin and advances in shale oil exploration in the Bohai Bay Basin. The construction of the Shengli-Jiyang National Shale Oil Demonstration Zone progressed efficiently, while the proven geological reserves of 180 million tons of shale oil at Xinxing and Qintong oilfields were officially recognized by the Ministry of Natural Resources.
The company’s total oil and gas equivalent output reached 515.35 million barrels last year, a 2.2 percent increase year-on-year. Domestic crude oil production rose to 254 million barrels, up 0.9 percent year-on-year, while natural gas production reached 1.4 trillion cubic feet, a year-on-year increase of 4.7 percent. The domestic oil and gas reserve replacement ratio reached 144 percent.
Refining and chemicals: Profit-oriented optimization
Sinopec maintained high operational efficiency in its refining sector, maximizing profitable processing volumes while adjusting product structures to align with market demand. Crude oil processing totaled 252 million tons, yielding 153 million tons of refined oil products. Gasoline production grew by 2.6 percent year-on-year, while kerosene output surged by 8.6 percent.
In chemicals, the company’s annual ethylene output reached 13.47 million tons, while total chemical product sales hit 83.45 million tons, with exports rising by 13.1 percent year-on-year.
Marketing: Advancing integrated energy services
The company saw continued growth in sales of high-grade gasoline, expanded its fueling infrastructure to include over 1,000 gas stations and more than 10,000 charging and battery-swapping stations, and made steady progress in hydrogen energy transportation. It also advanced its low-sulfur marine fuel market, ranking second globally in marine fuel operations. Non-fuel business operations continued to improve, with total refined oil sales reaching 239 million tons.
Innovation: Breakthroughs in energy and chemicals
The company achieved breakthroughs in deep and ultra-deep shale gas exploration, while specialized oils such as animal vaccine white oil and ultra-high-voltage transformer oil were successfully applied in new fields. The world’s first cyclohexene esterification hydrogenation unit for cyclohexanone production was completed, alongside a digital twin-based intelligent ethylene plant. The company also launched the country’s first factory-based seawater hydrogen production demonstration project. In 2024, Sinopec filed 9,666 patent applications globally and secured 5,550 patent authorizations.
Green and low-carbon development: Strengthening sustainable competitiveness
Sinopec continued to drive its green transformation, implementing comprehensive sustainability initiatives. It accelerated the development of hydrogen energy and biofuels, establishing 11 hydrogen supply centers for fuel cell vehicles across China. Carbon capture efforts also intensified, with carbon dioxide capture increasing by 20.1 percent year-on-year, and methane recovery rising by 9.4 percent. Energy efficiency improvements led to a 4.9 percent reduction in energy consumption per 10,000 yuan of output value.
(Executive editor: Wang Ruoting)
