omniture

Sinopec's Dividend Payout Ratio for 2017 Reaches 118%, Net Profit is RMB 51.2 Billion

Both of Refining and Chemicals Segments Results Hit Record High

BEIJING, March 27, 2018 /PRNewswire/ -- China Petroleum & Chemical Corporation ("Sinopec Corp." or the "Company") (HKEX: 386; SSE: 600028; NYSE: SNP) today announced its annual results for the twelve months ended 31 December 2017.

Financial Highlights

  • In accordance with IFRS, the Company's turnover and other operating revenues reached RMB 2.36 trillion in 2017, up 22.2% from the previous year. Profit attributable to equity shareholders of the Company was RMB 51.24 billion, up 9.8% year-on-year. Basic earnings per share were RMB 0.423.
  • In accordance with ASBE, the Company's operating profit was RMB 87.0 billion, representing a 12.4% increase as compared with 2016. Profit attributable to shareholders of the Company was RMB 51.1 billion, up 10.1% year-on-year. Basic earnings per share were RMB 0.422.
  • In accordance with IFRS, the Company's liability-to-asset ratio as at the end of 2017 was 46.54%, which represented an increase of 2.01 percentage points compared with the end of the previous year. Meanwhile, the Company maintained a sound financial position. Cash and cash equivalents amounted to RMB113.2 billion as at 31 December 2017, maintaining at a healthy level.
  • The Company focused on quality and efficiency of its development, optimised product and feedstock mix, increased high-value-added products production based on the customer demand. Refining and chemicals segments results both achieved record high. Operating profit of the refining segment totaled RMB 65.0 billion, an increase of 15.5% year-on-year. Operating profit of the chemicals segment was RMB 27.0 billion, up 30.8% year-on-year.
  • Taking into account the Company's profitability, cash position, shareholder return and future business development, the Board proposed a final dividend of RMB 0.40 per share, which combined with the interim dividend of RMB 0.10 per share, brought the full-year dividend to RMB 0.50 per share, up 100.8% from the previous year. Dividend payout ratio reached 118%. Total cash dividend to be paid for the full year was RMB 60.5 billion, highest since its listing.
  • In accordance with IFRS, the Company's total assets increased by 9.9% and shareholders' equity increased by 22.4% compared with the levels in 2014. During the three years of the sixth session of the Board, the Company's turnover and total assets have grown steadily. The Company's businesses have expanded rapidly, and overall performance has continued to improve. In addition, the Company delivered good returns to shareholders, with total dividends declared for the three-year period amounting to RMB 108.8 billion.

Business Highlights

In 2017, global economy recovered gradually, while China maintained stable and favourable economic growth with gross domestic product (GDP) up by 6.9%. As the Company made major decisions, the Board of Directors focused on steady and firm improvement, continued to focus on supply-side structural reform and stepped up efforts to enhance the Company's efficiency, profitability and corporate governance with an emphasis on delivering returns to shareholders.

  • Exploration and Production segment: implemented a low-cost strategy to address the challenge of low oil prices, focused on high-efficiency exploration and development, and enlarged proved reserves to lay a stronger foundation for sustainable development. The Company also developed its natural gas business as a new driver for profit growth. The Company built up the production capacity of the Fuling shale gas field to 10 billion cubic meters per year.
  • Refining segment: optimised product mix and the production volume of high-value-added products have been further improved. The Company actively promoted refined oil products quality upgrading and optimised its production plans along with market changes. The advantages of centralised marketing took full play and the Company developed this business into its profit growth drivers
  • Marketing and Distribution segment: innovated operational models, optimized layout of service stations and brought he Company's advantages in integrated business and distribution network into full play, achieving sustained growth in both total sales volume and retail scale. In addition, the Company proactively promoted and cultivated vehicle natural gas business. Non-fuel business maintained its rapid growth.
  • Chemicals segment: adopted a customer-focused approach and enhanced the adjustments in our product and feedstock mix. The Company intensified its efforts to enhance research and development, production, marketing and sales of new high-value-added products and implemented precision marketing. Both the sales volume and profitability of the chemicals segment reached record highs.

Mr. Dai Houliang, Vice Chairman & President of Sinopec Corp. said, "In 2017, The Company actively addressed market changes through a focus on the improvement of assets quality and profitability, as well as operation upgrades. We pressed ahead with measures for specialised business development, market-oriented operation and overall coordination. With a focused supply-side structural reform, we coordinated all aspects of our work and delivered solid operating results. In 2018, the global economy will continue to recover. While China's economic development model will shift from high-speed growth to high- quality development, domestic demand for oil and chemical products will remain robust. In view of the new requirements in the new era, the Company will adhere to an underlying principle of progressing at a steady pace and under a new development model that makes quality and efficiency our top priorities. We will continue to implement our set strategies and enhance our corporate governance with China's characteristics. We will also strive diligently to improve our production and operational standards, reinforce our reform, innovation and management to enable sustainable development."

Business Review

Exploration and Production

In 2017, faced with low oil prices, we constantly strengthened measures to increase proved reserves and rein in development costs, which helped achieving better results. We gave priority to high-efficiency exploration activities and made new discoveries in the Xinjiang Tahe Basin and the Sichuan Basin. The Company's newly added proved reserve reached 462.73 million barrels of oil equivalent, with crude oil reserve replacement ratio reaching 116.0%. In crude oil development, we constantly adopted a profit-oriented approach, deepened structural adjustment, focused on cost control, reduced natural decline rate and ensured steady production. In natural gas development, we actively pushed forward capacity building in Hangjinqi of Nei Mongol and Dongpo of west Sichuan, and completed 10 bcm(billion cubic meter) per year shale gas capacity building in Fuling. The Company's production of oil and gas was 448.79 million barrels of oil equivalent, with domestic crude production down by 3.2% from the previous year and natural gas production up by 19.1%.

In 2017, the operating revenues of this segment were RMB 157.5 billion, representing an increase of 35.9% over 2016. This was mainly attributed to the rise of realised price of crude oil and natural gas as well as expansion of LNG business. The operating loss of the exploration and production segment were RMB 45.9 billion, representing an expanded loss by RMB 9.3 billion as compared with 2016. By deducting the non-operating income from capital injection of Sichuan-to-East China Pipeline Co. in 2016, the Company realized a significant reduction in loss by RMB 11.3 billion in 2017.

In 2017, the oil and gas lifting cost was RMB 788.3 per tonne, representing a year on year increase of 0.3%.

Exploration and Production: Summary of Operations



Twelve-month periods ended 31 December

Changes

2017

2016

%

Oil and gas production (mmboe)

448.79

431.29

4.1

Crude oil production (mmbbls)

293.66

303.51

(3.2)

China

248.88

253.15

(1.7)

Overseas

44.78

50.36

(11.1)

Natural gas production (bcf)

912.50

766.12

19.1

Refining

In 2017, with the market-oriented approach, we optimised product mix to produce more gasoline and jet fuel, and the production volume of high-value-added products have been further improved, with the diesel-to-gasoline ratio further declined to 1.17. The Company actively promoted refined oil products quality upgrading, the GB V standard diesel quality upgrading completed, and advanced the refined oil products quality upgrading of GB VI standard. We adapted to market changes by took full advantages of our integrated business, and moderately increased export volume of refined oil products. We comprehensively optimised our production plans to ensure safe and reliable operations. The advantages of centralised marketing took full play, and profitability of LPG, asphalt and other products were further improved. In 2017, the Company processed 239 million tonnes of crude, up by 1.3% from the previous year, and produced 151 million tonnes of refined oil products, with gasoline up by 1.2% and kerosene up by 5.5% from the previous year.

In 2017, the operating revenues of this segment were RMB 1011.9 billion, representing an increase of 18.2% over 2016. This was mainly attributed to the increase in products prices. In 2017, the operating profit of the segment totaled RMB 65.0 billion, representing an increase of RMB 8.7 billion or 15.5% as compared with 2016.

In 2017, refining gross margin was RMB 510.7 per tonne, representing an increase of RMB 38.8 per tonne compared with 2016. This is mainly due to the increased proportion of high value added products, the promotion of quality upgrading of refined oil products, enlarged total refinery throughput by increasing the export volume, and further improved margins for LPG, asphalt and other refined oil products by our centralized marketing advantages brought fully into play. In 2017, the unit refining cash operating cost was RMB 175.2 per tonne, an increase of RMB 9.5 per tonne over 2016, mainly because of increased operating expenses resulting from newly operated facilities related to quality upgrading of refined oil products as well as safety enhancement and environment protection.

Refining: Summary of Operations



For the twelve months
ended 31 December

Changes

2017

2016

(%)

Refinery throughput (million tonnes)

238.50

235.53

1.3

Gasoline, diesel and kerosene production (million tonnes)

150.67

149.17

1.0

Gasoline (million tonnes)

57.03

56.36

1.2

Diesel (million tonnes)

66.76

67.34

(0.9)

Kerosene (million tonnes)

26.88

25.47

5.5

Light chemical feedstock production (million tonnes)

38.60

38.54

0.2

Light yield (%)

75.85

76.33

(0.48) percentage points

Refining yield (%)

94.88

94.70

0.18 percentage points


Note: Includes 100% of the production of domestic joint ventures.

Marketing and Distribution

In 2017, confronted with stronger competition, the Company brought our advantages in integrated business and distribution network into full play, optimised internal and external resources, intensified market efforts and achieved sustained growth in both total sales volume and retail scale. We innovated operational models and optimised layout of service stations, and expedited revamping of storage and transportation facilities of refined oil products to further improve our distribution network. In addition, we proactively promote and cultivate vehicle natural gas business. In 2017, the total sales volume of oil products was 199 million tonnes, of which domestic sales accounted for 178 million tonnes, up by 2.9% year on year. We strengthened self-owned brand development and marketing, and non-fuel business maintained its rapid growth with increased scale and profits.

In 2017, the operating revenues of this segment were RMB 1,224.2 billion, representing an increase of 16.3% over 2016. In 2017, the operating profit of this segment was RMB 31.6 billion, representing a decrease of 1.8% compared with 2016. Among which, the operating revenues of non- fuel business was RMB 27.6 billion, representing an increase of RMB 6.2 billion compared with 2016; the profit of non-fuel business was RMB 2.2 billion, representing an increase of RMB 0.7 billion compared with 2016.

Marketing and Distribution: Summary of Operations



For twelve months
ended 31 December

Changes

2017

2016

%

Total sales volume of refined oil products (million tonnes)

198.75

194.84

2.0

Total domestic sales volume of refined oil products (million tonnes)

177.76

172.70

2.9

Retail (million tonnes)

121.56

120.14

1.2

Direct sales and Wholesale
(million tonnes)

56.20

52.56

6.9

Annualised average throughput per station (tonne/station)

3,969

3,926

1.1

 


As of
31 December 2017

As of
31 December 2016

Changes
from the end of previous
year(%)

Total number of Sinopec-branded service stations

30,633

30,603

0.1

Company-operated

30,627

30,597

0.1

Chemicals

In 2017, the Company continued the "basic and high-end" chemical business development concept to promote effective supply. We fine-tuned chemical feedstock mix to lower costs, optimised product mix and increased high-value-added products production based on the customer demand. We optimised production and operation based on market conditions and intensified dynamic modelling and monitoring of profit to increase profitability. Ethylene output was 11.61 million tonnes, up by 5.0% from the previous year. The Company intensified its efforts to enhance research and development, production, marketing and sales of new high-value-added products. Our differential ratio of synthetic fibre reached 89.0% and the specialty and new products as a percentage of synthetic resin reached 63%. By fully exerting our network advantage, implementing precision marketing and further expanding the market, our full- year chemical sales volume increased by 12.2% from the previous year to 78.5 million tonnes, marking a historic record.

In 2017, the operating revenues of the chemicals segment were RMB 437.7 billion, representing an increase of 30.6% as compared with that of 2016, This was mainly due to increase in sales volume and price of chemical products as compared with 2016. In 2017, the segment seized the opportunities of the improving market conditions, coordinated production with sales, intensified structural adjustment, increased the production of synthetic resin, rubber and some organic products which were more profitable, positively expanded the market, strictly controlled costs and expenses, thus, resulting in remarkable profits. In 2017, the operating profit of this segment was RMB 27.0 billion, representing an increase of RMB 6.4 billion or 30.8% as compared with 2016.

Major Chemical Products: Summary of Operations 


Unit of production: 1,000 tonne


For twelve months
ended 31 December

Changes

2017

2016

(%)

Ethylene

11,610

11,059

5.0

Synthetic resin

15,938

15,201

4.8

Synthetic fiber monomer and polymer

848

857

(1.1)

Synthetic fiber

9,439

9,275

1.8

Synthetic rubber

1,220

1,242

(1.8)





Note: Includes 100% of the production of domestic joint ventures.

Research and Development

In 2017, the Company pushed ahead with its innovation-driven strategy, deepened reform of R&D mechanism, and accomplished notable results driven by R&D progresses. In upstream business, further breakthroughs in geological evaluation and exploration technologies of deep carbonate and deep shale gas reservoirs underpinned the growing resources base of Shunbei oilfield and south Sichuan as well as discoveries of new formations in Sichuan Basin. We improved development technologies for Tahe fractured-vuggy carbonate reservoir, bringing down the natural decline rate. In refining, our demonstration unit of fluidised bed residue hydro-treating achieved long-cycle operation at its full capacity, and we completed the industrial test of super solid-acid C5 and C6 isomerisation technology. In chemicals, the syngas to ethylene glycol demonstration unit ran smoothly, and we accomplished commercial production of low-volatility polypropylene for automobile use and high-transparency & low-extraction polypropylene. Our on-line trading platform developed rapidly, as a result of the integration of IT application and industrialisation. In 2017, the Company filed 5,876 patent applications at home and abroad, 3,640 patents granted. The Company also won two first prises and one second prise in the National Scientific and Technological Progress Awards, two second prises in the National Technology and Innovation Awards, and eight excellent patent awards in China's Patent Award competition.

Health, Safety and the Environment

In 2017, the Company pressed ahead the formation of a long-term safe production scheme, strengthened safety measures at basic levels to control risks and remove potential hazards in all aspects. We promoted on-site safety supervision and management to continuously improve our safety management level. The Company actively implemented its green and low- carbon strategy to integrate energy conservation, emissions cutting and carbon reduction. We comprehensively strengthened environmental risk and air pollution control, steadily pushed forward our "Efficiency Doubling Plan", continuously consolidated our carbon asset management, and accomplished all emissions reduction targets. For more detailed information, please refer to our Communication on Progress for Sustainable Development.

Capital Expenditures

In 2017, focusing on quality and profitability of investment, the Company continuously optimised its investment projects. Total capital expenditures were RMB 99.384 billion. Capital expenditures for the exploration and production segment were RMB 31.344 billion, mainly for Fuling shale gas and Hangjinqi natural gas field development projects, Shengli and Northwest crude development projects, LNG terminals in Tianjin, Wen-23 gas storage and phase I of Xinjiang gas pipeline, as well as overseas projects. Capital expenditures for the refining segment were RMB 21.075 billion, mainly for Zhongke Refining and Petrochemical project, adjustments in the product mix of Zhenhai and Maoming refineries, and gasoline and diesel GB VI quality upgrading projects. Capital expenditures for the marketing and distribution segment were RMB 21.539 billion, mainly for construction of service stations and refined oil product pipelines, depots and storage facilities. Capital expenditures for the chemicals segment were RMB 23.028 billion, mainly for Zhongke Refining and Petrochemical project, phase II of Hainan high-efficiency and environment- friendly aromatics project, Gulei and Zhong'an projects, acquisition of interest in Shanghai SECCO, as well as projects regarding resource comprehensive utilisation and product structure adjustments. Capital expenditures for the corporate and others segment were RMB 2.398 billion, mainly for R&D facilities and information technology application projects.

Business Prospects

Looking ahead to 2018, we expect world economy continuing to recover, and China's economy would maintain steady growth. Meanwhile, the constant stream of reform measures by Chinese government to revitalise its substantial economy, the further development of the Belt and Road Initiative, the synergic development of Beijing-Tianjin-Hebei and the growth along Yangtze River Economic Zone will bring up demand for refined oil products and petrochemicals. Natural gas as clean energy will see rapid growth with structural adjustment of domestic energy mix. International oil price in 2018 is expected to maintain its stabilising momentum.

In 2018, the Company will persist with our objective of progressing at a steady pace to continually focus on growth stabilisation, adhere to the principle of quality first and profitability prioritised. The Company will deepen the supply- side structural reform as main direction to further implement the operation objectives of reform, management, innovation and development, to fully improve operational performance. We will undertake the following work during the year:

Exploration and Production: We will maintain high-efficiency exploration and profitable production activities to continually increase proved reserve and expand resource base. In oil development, we will enhance refined reservoir characterisation, deepen the structural adjustments of mature fields, control natural decline rate, lower operational cost and improve economic recovery rate. In natural gas development, we will keep advancing key projects for capacity construction, optimise production and marketing operations, and promote the coordinated development along the value chain. In 2018, we plan to produce 290 million barrels of crude oil, of which overseas production will account for 41 million barrels. We plan to produce 974.1 billion cubic feet of natural gas.

Refining: We will comprehensively optimise our production plans along with market changes to consolidating the competitive advantage of refining business. We will continue to adjust our product structure by further lowering the diesel-to-gasoline ratio and increasing the production of naphtha and jet fuel. The quality upgrading of GB VI standard refined oil products will complete on time with strengthened coordination. We will fine-tune crude oil procurement and resource allocation to reduce procurement cost. We will optimise our marketing mechanism to enlarge the trading volume of other refined oil products. In 2018, we plan to process 239 million tonnes of crude and produce 152 million tonnes of refined oil products.

Marketing and Distribution: We will intensify our marketing strategy of balancing profits and volume by optimising resources allocation and operational efficiency. We will put effort to expand markets and our business scale. We will further improve our marketing network to reinforce existing advantages. We will accelerate the construction of oil products export infrastructure and amplify the profitability of overseas oil products marketing. We will deepen the integration of fuel and non-fuel business, so to create a new mode of coordinating oil products retailing, non-fuel products marketing and third-party vendors cooperation, and thus step up the growth of non-fuel business. In 2018, we plan to sell 179 million tonnes of oil products in the domestic market.

Chemicals: We will further optimise feedstock mix and product slate. The constant feedstock optimisation would further lower feedstock costs. We will put more efforts on optimising product mix, enhancing the dynamic evaluation and monitoring of profitability of facilities and product chains, increasing more popular and profitable products production and advancing the R&D, production and sales of high-end chemicals. We will step up research on the industrial chain and optimise the rapid response mechanism combining production, marketing and research. Internal and external resources will be fully tapped to actively expand sales volume and market share. Meanwhile, refined marketing and tailor- made services will be adopted to provide our customers with full process solutions and value-added services. In 2018, we plan to produce 11.6 million tonnes of ethylene.

Research and Development: We will continue to deeply implement our strategy of development driven by innovation and reform of mechanisms for technological innovation. We will accelerating key technical breakthroughs, reinforcing research on leading technologies, and stepping up the commercial application of technological achievements to highlight the prominent role of technologies in supporting and leading. In key technical breakthroughs, focus will be given to new discoveries of oil and gas resources, low-cost development of oil and gas resources, high-efficiency conversion of heavy crude, refined oil products quality upgrading, cost reduction and efficiency enhancement of chemical business, new products development of high-value- added materials, energy conservation and environmental protection. In leading technologies, priorities lie in the basic and prospective research of ultra-deep and deepwater oil and gas exploration and production, molecular-level intelligent refining and new energies. In innovative development, the Company plans to establish a joint R&D centre for cutting-edge technologies to facilitate the innovation from basic research to commercialisation. Meanwhile, the integration of information technologies and industrialisation will carry on by further enhancing integration of information systems and the application of intelligent pipeline management systems.

Capital Expenditures: In 2018, we will devote attention to the quality and profitability of investments, and constantly optimise our investment projects. Capital expenditures for the year are budgeted at RMB 117 billion. The exploration and production segment will account for expenditures of RMB 48.5 billion, mainly for the shale gas development in southwest China, the natural gas project in north China and crude capacity building in northwest China, as well as natural gas pipelines and storage projects, and overseas oil and gas projects. The refining segment will account for RMB 28.8 billion, mainly for Zhongke Refining and Petrochemical Project, the structural adjustments of refining business in Zhenhai, Maoming and Tianjin subsidiaries, and the quality upgrading of GB VI standard gasoline and diesel. The marketing and distribution segment will account for RMB 18.5 billion, mainly for construction of depots and storage facilities, pipelines and service stations. The chemicals segment will account for RMB 17.7 billion, mainly for Zhongke Refining and Petrochemical Project, the high-efficiency and phase II of Hainan high-efficiency and environmental- friendly aromatics project, the integrated refining and petrochemical project in Gulei and the resource utilisation and structural adjustment projects in Zhenhai, Yangzi, Jinling, Maoming and Wuhan subsidiaries. The corporate and others segment will account for RMB 3.5 billion, mainly for R&D facilities and information technology projects.

 

Appendix: Key financial data and indicators

FINANCIAL DATA AND INDICATORS PREPARED IN ACCORDANCE WITH ASBE

 

Principal accounting data






Items

For twelve months
ended 31 December

Changes

over the same period of the preceding year (%)

2017

(RMB million)

2016

(RMB million)

Operating income

2,360,193

1,930,911

22.2

Net profit attributable to equity shareholders of the Company

51,119

46,416

10.1

Net profit attributable to equity shareholders of the Company

after deducting extraordinary gain/loss items

45,582

29,713

53.4

Net cash flows from operating activities

190,935

214,543

(11.0)


At 31 December 2017

(RMB million)

At 31 December 2016

(RMB million)

Change from the end of last year (%)

Total equity attributable to equity shareholders of the Company

727,244

712,232

2.1

Total assets

1,595,504

1,498,609

6.5

 

Principal financial indicators



Items

For twelve months ended 31 December

Changes

over the same period of the preceding year (%)

2017

(RMB)

2016

(RMB)

Basic earnings per share

0.422

0.383

10.2

Diluted earnings per share

0.422

0.383

10.2

Basic earnings per share after deducting extraordinary gain/loss items

0.376

0.245

53.5

Weighted average return on net assets (%)

7.14

6.68

0.46 percentage points

Weighted average return on net assets after deducting extraordinary gain/loss items (%)

6.37

4.33

2.04 percentage points

Net cash flow from operating activities per share

1.577

1.772

(11.0)

 

FINANCIAL DATA AND INDICATORS PREPARED IN ACCORDANCE WITH IFRS

Principal accounting data






Items

For twelve months
ended 31 December

Changes

over the same period of the preceding year (%)

2017

(RMB million)

2016

(RMB million)

Operating Profit

71,470

77,193

(7.4)

Net profit attributable to owners of the Company

51,244

46,672

9.8

Net cash generated from operating activities

1.577

1.772

(11.0)


At 31 December 2017

(RMB million)

At 31 December 2016

(RMB million)

Change from the end of last year (%)

Equity attributable to owners of the Company

726,120

710,994

2.1

Total assets

1,595,504

1,498,609

6.5

 

Principal financial indicators



Items

For twelve months
ended 31 December

Changes

over the same period of the
preceding year (%)

2017

(RMB)

2016

(RMB)

Basic earnings per share

0.423

0.385

9.8

Diluted earnings per share

0.423

0.385

9.8

Return on capital employed (%)

8.26

7.30

0.96 percentage points

The following table sets forth the operating revenues, operating expenses and operating profit / (loss) by each segment before elimination of the inter-segment transactions for the periods indicated, and the percentage changes between 2017 and 2016.


For twelve months
ended 31 December

Changes

2017

2016

(RMB million)

(%)

Exploration and Production Segment




       Operating revenues

157,505

115,939

35.9

       Operating expenses

203,449

152,580

33.3

       Operating (loss)/profit

(45,944)

(36,641)

-

Refining Segment




       Operating revenues

1,011,853

855,786

18.2

       Operating expenses

946,846

799,521

18.4

       Operating (loss)/profit

65,007

56,265

15.5

Marketing and Distribution Segment




       Operating revenues

1,224,197

1,052,857

16.3

       Operating expenses

1,192,628

1,020,704

16.8

       Operating (loss)/profit

31,569

32,153

(1.8)

Chemicals Segment




       Operating revenues

437,743

335,114

30.6

       Operating expenses

410,766

314,491

30.6

       Operating (loss)/profit

26,977

20,623

30.8

Corporate and others




       Operating revenues

974,850

739,947

31.7

       Operating expenses

979,334

736,735

32.9

       Operating (loss)/profit

(4,484)

3,212

-

Elimination of inter-segment

profit/(loss)

(1,655)

1,581

-

About Sinopec Corp.

Sinopec Corp. is one of the largest integrated energy and chemical companies in China. Its principal operations include the exploration and production, pipeline transportation and sale of petroleum and natural gas; the sale, storage and transportation of petroleum products, petrochemical products, coal chemical products, synthetic fibre, fertiliser and other chemical products; the import and export, including an import and export agency business, of petroleum, natural gas, petroleum products, petrochemical and chemical products, and other commodities and technologies; and research, development and application of technologies and information.

Sinopec sets 'fueling beautiful life' as its corporate mission, puts 'people, responsibility, integrity, precision, innovation and win-win' as its corporate core values, pursues strategies of value-orientation, innovation-driven development, integrated resource allocation, open cooperation, and green and low-carbon growth, and strives to achieve its corporate vision of building a world leading energy and chemical company.

Disclaimer

This press release includes "forward-looking statements". All statements, other than statements of historical facts that address activities, events or developments that Sinopec Corp. expects or anticipates will or may occur in the future (including but not limited to projections, targets, reserve volume, other estimates and business plans) are forward-looking statements. Sinopec Corp.'s actual results or developments may differ materially from those indicated by these forward-looking statements as a result of various factors and uncertainties, including but not limited to the price fluctuation, possible changes in actual demand, foreign exchange rate, results of oil exploration, estimates of oil and gas reserves, market shares, competition, environmental risks, possible changes to laws, finance and regulations, conditions of the global economy and financial markets, political risks, possible delay of projects, government approval of projects, cost estimates and other factors beyond Sinopec Corp.'s control. In addition, Sinopec Corp. makes the forward-looking statements referred to herein as of today and undertakes no obligation to update these statements.

Investor Inquiries:         

Media Inquiries:

Beijing


Tel: (86 10) 5996 0028            

Tel: (86 10) 5996 0028

Fax: (86 10) 5996 0386         

Fax: (8610) 5996 0386

Email: ir@sinopec.com          

Email: ir@sinopec.com



Hong Kong


Tel: (852) 2824 2638     

Tel: (852) 2522 1838

Fax: (852) 2824 3669    

Fax: (852) 2521 9955

Email: ir@sinopechk.com 

Email: sinopec@prchina.com.hk

Source: China Petroleum & Chemical Corporation
Keywords: Oil/Energy
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