BEIJING, March 22, 2015 /PRNewswire/ -- China Petroleum & Chemical Corporation ("Sinopec" or "the Company") (HKEX: 386; CH: 600028; NYSE: SNP) today announced its annual results for the year ended 31 December 2014.
Financial Highlights:
Operations Highlights:
In 2014, the global economic recovery remained weak while China's economic growth was 7.4%. International crude oil prices fluctuated at a high level in the first half of the year before plunging in the second half, with a precipitous drop in the fourth quarter. In the second half of 2014, domestic refined oil products experienced 11 consecutive cuts. Through enhanced analysis and evaluation of macroeconomic and market trends, we actively responded to the significant change in international crude oil prices while accelerating structural adjustments, expanding our markets and improving management and cost controls. The Company maintained stable production and operations in general.
Fu Chengyu, Chairman of Sinopec said: "Under the severe market conditions of 2014, Sinopec focused on growth quality and efficiency, achieving safe and stable production. We effectively controlled the cost of each segment and maintained favourable growth momentum through adjustment and improvement in our business and product structure. The Company continued to fulfil its social responsibilities across all aspects. We focused on the effects of climate change and worked to achieve growth in a low-carbon and green manner, promoting win-win development between Sinopec and its various stakeholders. In 2015, China will enter a new normal phase of slower growth while international crude oil prices are likely to stay low. The Company still faces a challenging operating environment. Sinopec will seize the opportunities and tackle the challenges. We are committed to development through the improvement of internal quality and efficiency. We will maintain our strategy with innovation at the core in order to transform Sinopec to a scientific and services based company, and gradually shift the industry structure from 'petrol and chemicals' to 'energy and materials'."
Business Segment Operations Analysis
Exploration and production
In 2014, driven by management and technology innovation, we implemented exploration and development programs efficiently and made a number of new findings, some of which were commercial discoveries. With 106.75 billion cubic meters of proven reserves added to the Fuling shale gas project, Fuling became the first large scale shale gas field in China. In 2014, newly added proven oil and gas reserves amounted to 431 million barrels. In crude oil development, we focused on improving returns through the optimal development of new blocks, refined development in mature fields, and continuously enhancing recovery rates. In natural gas development, we accelerated the capacity construction of major projects, strengthened management of the Puguang gas field and other mature fields, adjusted marketing strategies, expanded sales volume, and achieved better economic returns. In shale gas development, the Fuling project's Phase I construction, with capacity of 5 billion cubic meters per year, progressed smoothly. Daily output of all producing wells exceeded design targets, laying a good foundation for future development. In 2014, production of oil and gas rose by 8.4% to 480.22 million barrels of oil equivalent, among which domestic crude oil production remained flat, while overseas production increased significantly. The Company acquired some upstream assets at the end of last year. Natural gas production rose by 8.5% to 716.4 billion cubic feet. Average unit all-in-cost has been well controlled.
In 2014, the operating revenues of this segment were RMB 227.6 billion, representing a decrease of 6.0% over 2013, mainly attributable to the decrease in crude oil price. Operating profit was RMB47.1 billion, down 14.1% year-on-year.
Summary of Operations for the Exploration and Production Segment
2014 |
2013 |
2012 |
Change from |
|
Oil and gas production (mmboe) |
480.22 |
442.84 |
427.95 |
8.44 |
Crude oil production (mmbbls) |
360.73 |
332.54 |
328.28 |
8.48 |
China |
310.87 |
310.84 |
306.60 |
0.01 |
Overseas |
49.86 |
21.70 |
21.68 |
129.77 |
Natural gas production (bcf) |
716.35 |
660.18 |
598.01 |
8.51 |
Summary of Proved Reserves of Crude Oil and Natural Gas
Reserve of Crude Oil (mmbbls) |
|
31 December 2014 |
|
Proved Reserves |
3,048 |
Proved Developed Reserves |
2,782 |
Shengli |
1,917 |
Others |
548 |
China |
2,465 |
Overseas |
317 |
Proved Undeveloped Reserves |
266 |
Shengli |
105 |
Others |
130 |
China |
235 |
Overseas |
31 |
Reserves of Natural Gas (bcf) |
|
31 December 2014 |
|
Proved Reserves |
6,741 |
Proved Developed Reserves |
6,011 |
Puguang |
2,663 |
Others |
3,324 |
China |
5,987 |
Overseas |
24 |
Proved Undeveloped Reserves |
730 |
China |
728 |
Overseas |
2 |
Refining
In 2014, the Company adjusted its product mix in response to the market, increasing production of oil products with strong demand and high-value-added products, such as gasoline (especially high-octane gasoline) and jet fuel. We further decreased the diesel to gasoline ratio. We also accelerated the quality upgrade of oil products and, for some regions, gasoline and diesel have already been upgraded to China V standard. We effectively controlled costs through improving resource allocation, optimizing selection of oil to be processed, as well as enhancing inventory management. Through tapping our well established advantages in product specialization, margins of lubricants, liquefied petroleum gas (LPG) and asphalt further improved with good economic returns. In 2014, we processed 235 million tonnes of crude oil, up by 1.5% from the previous year, and produced 146 million tonnes of refined oil products, up by 4.2% from the previous year.
Operating revenues of refining segment totalled RMB1,273.1 billion, down 2.9% year-on-year, mainly attributable to a decline in refined oil products. As international crude oil price plunged in the second half of 2014, refining gross margin was significantly reduced as the Company digested the high cost inventory. Operating loss of the segment was RMB2.0 billion.
Summary of Operations for the Refining Segment
Unit: million tonnes |
||||
2014 |
2013 |
2012 |
Change from 2013 to 2014 |
|
Refinery throughput |
235.38 |
231.95 |
221.31 |
1.48 |
Gasoline, diesel and kerosene production |
146.23 |
140.40 |
132.96 |
4.15 |
Gasoline |
51.22 |
45.56 |
40.55 |
12.42 |
Diesel |
74.26 |
77.40 |
77.39 |
(4.06) |
Kerosene |
20.75 |
17.43 |
15.01 |
19.05 |
Light chemical feedstock |
39.17 |
37.97 |
36.33 |
3.16 |
Light products yield (%) |
76.52 |
76.19 |
76.75 |
0.33 percentage points |
Refinery yield (%) |
94.66 |
94.82 |
95.15 |
(0.16) percentage points |
Note: Includes 100% of production of joint ventures |
Marketing and distribution
In 2014, the Company initiated business restructuring in the marketing segment by introducing private capital. Sinopec Corp. entered into capital issuance agreements with 25 investors, laying the foundation for us to further transform the operational systems and mechanisms of the marketing business, explore multiple business models, and develop through innovation. Currently, the Company has received around RMB105 billion of equity financing according to the plan.
In 2014, in light of the slower growth of domestic demand for oil products and the particularly weak demand for diesel, we adjusted our marketing strategies by strengthening marketing efforts on high-octane gasoline and jet fuel to increase total sales volume. We expanded our retail volume by using our network and brand advantages and improved customer service at service stations. At the same time, we further developed our non-fuel businesses, improved the customer experience, and provided one-stop services through our online fuel-card services, and self-service mobile apps and equipment. Revenue of non-fuel business increased by 28% over 2013, to RMB17.1 billion. In 2014, total sales volume of refined oil products was 189 million tonnes, up by 5.1% from the previous year, with domestic sales rising by 3.4% to 171 million tonnes and retail rising by 3.6%.
In 2014, the operating revenues of this segment were RMB1,476.6 billion, down 1.7% over 2013, of which the sales revenues of gasoline totalled RMB 535.2 billion, up 5.8% year-on-year; sales revenues of diesel were RMB 686.4 billion, down 3.1% over 2013, and the sales revenues of kerosene were RMB 124.7 billion, up 0.8% over 2013. The operating profit of this segment was RMB29.4 billion, representing a decrease of 16.2% compared with 2013, mainly attributable to digestions of high cost inventory.
Summary of Operations, Marketing and Distribution Segment
2014 |
2013 |
2012 |
Change from |
|
Total sales volume of refined oil products (million tonnes) |
189.17 |
179.99 |
173.15 |
5.10 |
Total domestic sales volume of refined oil products (million tonnes) |
170.97 |
165.42 |
158.99 |
3.36 |
Retail sales (million tonnes) |
117.84 |
113.73 |
107.85 |
3.61 |
Direct sales & Distribution (million tonnes) |
53.13 |
51.69 |
51.14 |
2.79 |
Annual average throughput per station (tonne/station) |
3,858 |
3,707 |
3,498 |
4.07 |
As of 31 Dec 2014 |
As of 31 Dec 2013 |
As of 31 Dec 2012 |
Previous year to the end of the reporting period |
|
Total number of service stations under Sinopec brand |
30,551 |
30,536 |
30,836 |
0.05 |
Number of company-operated stations |
30,538 |
30,523 |
30,823 |
0.05 |
Chemicals
In 2014, confronted by severe market conditions with low prices of chemical products, the Company cut its feedstock costs by increasing the light feedstock ratio, adjusted its product mix, and also strengthened efforts in R&D, production, and sales of new products. Sales of new polyolefin products and specialty materials accounted for 54.7% of total sales, and high-value-added rubber accounted for 17.4%. The synthetic fibre differentiation rate was 76.7%. In addition, we optimised operations of our manufacturing facilities, adjusted utilization rates, and shut down facilities with unsatisfactory marginal costs. Ethylene output was up by 7.2% from 2013 to 10.7 million tonnes. Meanwhile, by keeping inventories at a low level, and by implementing a differentiated marketing strategy, our full-year chemical sales volume increased by 4.4% to 60.79 million tonnes, with all manufactured chemicals sold.
In 2014, the operating revenue of the chemicals segment was RMB427.5 billion, down 2.3% year-on-year, mainly attributable to the drop in chemical product prices. The operating loss of this segment was RMB2.2 billion. The segment has been profitable since the third quarter of 2014.
Summary of Operations, Chemicals Segment
Unit: thousand tonnes |
||||
2014 |
2013 |
2012 |
Change from 2013 |
|
Ethylene |
10,698 |
9,980 |
9,452 |
7.19 |
Synthetic resin |
14,639 |
13,726 |
13,343 |
6.65 |
Synthetic rubber |
939 |
960 |
936 |
(2.19) |
Synthetic fibre monomer and polymer |
8,383 |
9,227 |
8,950 |
(9.15) |
Synthetic fibre |
1,315 |
1,392 |
1,339 |
(5.53) |
Note: Includes 100% production of joint ventures |
Research and development
In 2014, the Company fully utilised the role of research and development in supporting and leading its business operations, stepping up its R&D efforts with remarkable results. In upstream, we successfully completed the well pad drilling test for shale gas development, achieving substantial improvements in efficiency of construction. We developed offshore well safety control technologies to enhance the safety and efficiency of production in offshore oilfields. In refining, we commercialised technologies for high-aromatics-content catalytic diesel hydrogenation, countercurrent continuous reforming, and diesel ultra-deep hydrogenation for sulphur removal. In chemicals, we brought online a demonstration plant for converting syngas to ethylene glycol, marking a breakthrough in coal chemical technologies. We successfully commissioned a demonstration plant for super-imitation-cotton fibre technologies. We also developed bacteria-resistant polypropylene and polypropylene for low-temperature packaging. We applied for a total of 4,968 patents at home and abroad in 2014, with 3,011 approved. During the year, we won one National Patent Gold Award and five Awards of Excellence, four first-place awards and eight second-place awards for National Science and Technology Advancement.
Health, safety and the environment
In 2014, the Company vigorously implemented its green and low-carbon development strategy and its Clear Water, Blue Sky environmental protection plan. We officially launched the Energy Efficiency Doubling initiative, continuously advancing carbon asset management. By further integrating efforts in energy conservation, emissions control and carbon reduction, the effectiveness of our energy saving and environmental protection activities improved continuously. Compared with last year, our energy intensity was down by 0.6%; industrial water consumption was down by 1.1%; chemical oxygen demand in waste water discharge was down by 2.5%; NHx emissions were down by 4.2%; sulphur dioxide emissions were down by 8.1%; NOx emissions were down by 3.9%; and all hazardous chemicals, discharged water, gas, and solid waste were properly treated.
In 2014, the Company improved its work safety and accountability mechanism, and conducted safety checks, with a focus on identification and elimination of potential hazards. We stepped up the construction of our emergency response capabilities and IT applications for safety management. We also standardised worker protection, and safeguarded the health of our employees. For more detailed information, please refer to our corporate report, Communication on Progress for Sustainable Development.
Capital expenditures
In 2014, the Company optimised its asset portfolio and investment activities. Total capital expenditure was RMB154.640 billion, down by 4.2% compared with the plan made at the beginning of the year. Capital expenditure for exploration and production segment was RMB 80.196 billion, mainly for exploration and production in Jiyang trough, Sichuan Basin, Tahe oilfield, and Ordos Basin; liquefied natural gas (LNG) projects in Shandong and Guangxi; construction of long-distance oil and gas pipeline projects, and the overseas projects. We added crude oil capacity of 4.36 million tonnes per year and natural gas capacity of 5.9 billion cubic meters per year. Capital expenditure for refining segment was RMB27.957 billion, mainly for refinery revamping and gasoline and diesel quality upgrading projects by subsidiaries in Shijiazhuang, Yangtze, Tahe and Jiujiang. We added refining capacity of 9.5 million tonnes per year, and acquired 37.5% shares of Yanbu Refinery. Capital expenditure for marketing and distribution segment was RMB26.989 billion, mainly for developing and renovating service stations and for building oil product pipelines and oil depots. We added 556 service stations for the year. Capital expenditure for chemicals segment was RMB15.85 billion, mainly for the coal chemical plant at Sinopec Great Wall Energy and Chemical Industry (Ningxia) Company Ltd. and the Qilu acrylonitrile project. We added ethylene capacity of 190,000 tonnes per year and synthetic resin capacity of 600,000 tonnes per year. Capital expenditure for corporate and others was RMB 3.648 billion, mainly for R&D facilities and IT application projects.
Business Prospects
The 2015 world economy is expected to continue its slow recovery while we expect the global crude oil price to remain weak for the foreseeable future. Consequently, the crude oil price realised by the Company will continue to experience decline in the first quarter of 2015, and the Company is digesting high inventory cost. It is expected that net profit attributable to shareholders of the Company will be in the vicinity of breakeven point for the first quarter of 2015.
In 2015, China's economy will enter a "new normal" phase of slower growth. China's domestic oil products market will see steady growth along with the upgrading of oil products. The demand for major chemical products will grow steadily.
The Company will focus on enhancing its management quality and efficiency while deepening reforms, transforming the development models and implementing rigorous management principles. We will put more emphasis on restructuring, resource optimisation, innovation and risk control. Key measures are as follows:
Exploration and development: In response to the lower oil prices, the Company will ensure it takes reserves, output, investment, costs and earnings all into consideration, while also optimising exploration arrangements, reducing development costs, and increasing commercial yields for oil and gas products. In exploration, we will focus on making commercial discoveries by exploiting reserve potential in frontier areas and other key promising regions, aiming to improve the success rate of exploration. In development, we will make educated decisions on selective projects and production targets based on the oil price level; we will also further develop mature fields and put technologies that will significantly enhance recovery into wider usage; in addition, we will continue the development of shale gas to achieve fast-track growth and expedite capacity-building projects for natural gas; we will also enhance the sophistication of the planning and management in our developed gas fields. In 2015, we plan to produce 300 million barrels of crude oil domestically and 48 million barrels overseas; we also plan to produce 886.3 billion cubic feet of natural gas in 2015.
Refining: We will optimise our crude procurement processes, reallocate our resources and take better advantage of our economies of scale to control unit costs. We will continue upgrading oil product quality to supply the market with clean fuels. We will also strengthen the integration of production and sales, adjust our product mix and utilisation rates, and increase the output of high value-added products which are well received by the market. In addition, we will seek to unlock the potential value of operation specialisation, improve our sales networks, and enhance our market share of lubricants, LPG, asphalt and other products. In 2015, we plan to refine 243 million tonnes of crude oil and produce 152 million tonnes of oil products.
Marketing and distribution: The Company will proactively explore new operational systems and mechanisms with an aim to transform Sinopec from an oil products supplier into an integrated services provider. To maximise efficiency, the Company will improve its market analysis based on fundamental changes in the supply and demand in the market, as well as keeping a low inventory level to mitigate risks. In terms of our marketing business, we will continue to carry out adjustments to optimise the marketing systems in order to expand our retail sales both in total and per station. We will accelerate the planning and construction of our oil product pipelines, carry out differentiated marketing strategies, and increase customer loyalty by providing tailor-made services. We will also develop our non-fuel businesses on the basis of specialisation and market orientation to enhance the growth and profitability of the non-fuel business. In 2015, we plan to sell 173 million tonnes of oil products in the domestic market.
Chemicals: The Company will further adjust its feedstock mix to reduce costs, accelerate adjustments in its product mix, and strengthen the integration of manufacturing, marketing and R&D. We will increase the production of high value-added products which are well received by the market and at the same time enhance the development, production, and promotion of new products. We will adjust facilities operations and control utilisation rates based on the marginal utility of the industry supply chain. We will take advantage of the strength of our marketing network and improve our sales performance. In 2015, we plan to produce 10.9 million tonnes of ethylene.
R&D: We will continue to implement development strategies driven by innovation. Areas of focus for R&D include shale oil and gas exploration and development, and recovery rate enhancement to boost production and reserve. We will also enhance R&D activities in biofuels, heavy oil refining and clean fuels to facilitate the upgrade of oil product quality. We will develop new catalytic materials, high-performance synthetic chemicals and fine chemicals to promote the restructuring of the product mix. Moreover, we will develop and apply technologies that are more environmentally friendly and less carbon-intensive. We will continue to emphasise fundamental and forward-looking R&D activities to improve the Company's innovation capability in further supporting and driving its transformative growth.
Capital expenditure: In 2015, the Company will look at improving its investment and project portfolios based on market conditions. Our capital expenditure budget for the year of 2015 is RMB135.9 billion, of which the exploration and production segment accounts for RMB68.2 billion, mainly for the construction of Fuling shale gas project, exploration and development projects in Shengli oilfield, Sichuan Basin, Tahe oilfield, Junggar Basin, and Ordos Basin as well as Guangxi and Tianjin LNG projects, construction of gas pipelines and overseas projects. Expenditure for the refining segment accounts for RMB24.0 billion, mainly for the revamp of Qilu and Jiujiang refineries, as well as product quality upgrade projects such as gasoline adsorbent desulfurization and diesel hydrogenation. Expenditure for the marketing and distribution segment accounts for RMB22.6 billion, mainly for revamping service stations, constructing the product pipeline networks, optimising the distribution of tank farms, improving facilities in service stations and promoting non-fuel businesses to develop an integrated service. Expenditure for the chemicals segment accounts for RMB15.1 billion, mainly for Jinling propylene oxide and LPG utilisation projects and Hainan PX phase II project. Expenditure for corporate and others is RMB6.0 billion, mainly for R&D facilities and IT projects.
Appendix
Principal financial data and indicators
Financial data and indicators prepared in accordance with ASBE
Items |
For the years ended 31 December |
|||
2014 |
2013 |
Change |
2012 |
|
RMB millions |
RMB millions |
(%) |
RMB millions |
|
Operating income |
2,825,914 |
2,880,311 |
(1.9) |
2,786,045 |
Operating profit |
65,481 |
96,453 |
(32.1) |
87,926 |
Profit before taxation |
66,481 |
96,982 |
(31.5) |
90,107 |
Net profit attributable |
47,430 |
67,179 |
(29.4) |
63,496 |
Net profit attributable |
43,238 |
66,658 |
(35.1) |
61,922 |
Net cash flow from |
148,347 |
151,893 |
(2.3) |
143,462 |
Items |
At 31 December |
|||
2014 |
2013 |
Change |
2012 |
|
RMB millions |
RMB millions |
(%) |
RMB millions |
|
Total assets |
1,451,368 |
1,382,916 |
4.9 |
1,238,522 |
Total liabilities |
804,273 |
759,656 |
5.9 |
687,921 |
Total equity attributable |
594,483 |
570,346 |
4.2 |
513,374 |
Total shares (1,000 |
118,280,396 |
116,565,314 |
1.5 |
86,820,287 |
Principal financial indicators
Items |
At 31 December |
|||
2014 |
2013 |
Change |
2012 |
|
RMB |
RMB |
(%) |
RMB |
|
Basic earnings per share |
0.406 |
0.579 |
(29.9) |
0.562 |
Diluted earnings per share |
0.406 |
0.543 |
(25.2) |
0.542 |
Basic earnings per share |
0.404 |
0.578 |
(30.1) |
- |
Basic earnings per share |
0.370 |
0.574 |
(35.5) |
0.548 |
Weighted average return on |
8.14 |
12.24 |
(4.10) percentage points |
12.80 |
Weighted average return |
7.42 |
12.15 |
(4.73) percentage points |
12.48 |
Net cash flow from operating |
1.270 |
1.308 |
(2.9) |
1.272 |
*:Calculated based on the total shares on 13 March 2015 |
Financial information extracted from the financial statements prepared in accordance with IFRS
Unit: RMB millions |
|||||
Items |
For the years ended 31 December |
||||
2014 |
2013 |
2012 |
2011 |
2010 |
|
Turnover, other operating |
2,825,914 |
2,880,311 |
2,786,045 |
2,505,683 |
1,913,182 |
Operating profit |
73,487 |
96,785 |
98,662 |
105,530 |
104,974 |
Profit before taxation |
65,504 |
95,052 |
90,642 |
104,565 |
103,663 |
Profit attributable to equity |
46,466 |
66,132 |
63,879 |
73,225 |
71,782 |
Basic earnings per share |
0.398 |
0.570 |
0.566 |
0.650 |
0.637 |
Diluted earnings per share |
0.397 |
0.534 |
0.545 |
0.625 |
0.631 |
Return on capital employed (%) |
6.05 |
8.02 |
9.09 |
11.49 |
12.95 |
Return on net assets (%) |
7.84 |
11.63 |
12.50 |
15.50 |
17.11 |
Net cash generated from |
1.270 |
1.308 |
1.262 |
1.336 |
1.512 |
Unit: RMB millions |
|||||
Items |
At 31 December |
||||
2014 |
2013 |
2012 |
2011 |
2010 |
|
Non-current assets |
1,091,224 |
1,009,906 |
892,929 |
794,423 |
727,642 |
Net current liabilities |
244,113 |
198,812 |
148,358 |
101,485 |
76,177 |
Non-current liabilities |
201,534 |
189,468 |
196,535 |
185,594 |
200,429 |
Minority interests |
52,536 |
52,823 |
37,122 |
35,016 |
31,432 |
Total equity attributable to |
593,041 |
568,803 |
510,914 |
472,328 |
419,604 |
Net assets per share (RMB) |
5.014 |
4.880 |
4.527 |
4.191 |
3.723 |
Adjusted net assets per |
4.950 |
4.841 |
4.476 |
4.172 |
3.722 |
The following table sets forth the operating revenues, operating expenses and operating profit/(loss) by each segment before elimination of the intersegment transactions for the periods indicated, and the percentage change of 2014 compared to 2013.
Unit: RMB millions |
|||
Year ended 31 December |
Change |
||
2014 |
2013 |
(%) |
|
Exploration and Production Segment |
|||
Operating revenues |
227,597 |
242,107 |
(6.0) |
Operating expenses |
180,540 |
187,314 |
(3.6) |
Operating profit |
47,057 |
54,793 |
(14.1) |
Refining Segment |
|||
Operating revenues |
1,273,095 |
1,311,269 |
(2.9) |
Operating expenses |
1,275,049 |
1,302,670 |
(2.1) |
Operating (loss) / profit |
(1,954) |
8,599 |
- |
Marketing and Distribution Segment |
|||
Operating revenues |
1,476,606 |
1,502,414 |
(1.7) |
Operating expenses |
1,447,157 |
1,467,271 |
(1.4) |
Operating profit |
29,449 |
35,143 |
(16.2) |
Chemicals Segment |
|||
Operating revenues |
427,485 |
437,587 |
(2.3) |
Operating expenses |
429,666 |
436,719 |
(1.6) |
Operating (loss) / profit |
(2,181) |
868 |
- |
Corporate and others |
|||
Operating revenues |
1,310,236 |
1,359,109 |
(3.6) |
Operating expenses |
1,311,299 |
1,362,521 |
(3.8) |
Operating loss |
(1,063) |
(3,412) |
(68.8) |
Elimination of inter-segment profits |
2,179 |
794 |
- |
About Sinopec:
Sinopec is one of the largest integrated energy and chemical companies with upstream, midstream and downstream operations in China. Its principal operations include: the exploration and production, pipeline transportation and sales of petroleum and natural gas; the sales, storage and transportation of petroleum products, petrochemical products, synthetic fibre, fertilizer and other chemical products; import & export, as well as import and export agency business of oil, natural gas, petroleum products, petrochemical and chemical products, and other commodities and technologies; and research, development and application of technologies and information.
Adhering to its corporate mission of "to provide energy for a better living," Sinopec implements strategies of resources, markets, integration, internationalization, differentiation and green low-carbon development with a view to realize its vision of building a people-oriented, 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: (86 10) 5996 0386 |
Email: ir@sinopec.com |
Email: media@sinopec.com |
Hong Kong |
|
Tel: (852) 2824 2638 |
Tel: (852) 3512 5000 |
Fax: (852) 2824 3669 |
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Email: ir@sinopechk.com |
Email: sinopec@brunswickgroup.com |