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Last updated at: (Beijing Time) Tuesday, April 01, 2003

Sinopec's Operating Profit up 3.6 Percent

Operating profit of China Petroleum & Chemical Corporation (Sinopec) reached 28.30 billion RMB yuan (3.42 billion US dollars) in 2002, a 3.6 percent increase compared with 2001, the company announced Monday.


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Operating profit of China Petroleum & Chemical Corporation (Sinopec) reached 28.30 billion RMB yuan (3.42 billion US dollars) in 2002, a 3.6 percent increase compared with 2001, the company announced Monday.

Revenue for the year was 340.04 billion RMB yuan (41.07 billion US dollars), a 6.8 percent increase, and profit attributable to shareholders reached 16.08 billion RMB yuan (1.94 billion US dollars).

President of the Sinopec Wang Jiming said that the company made significant exploration achievements and further optimized its resources by drastically adjusting its product mix and increasing exports.

Total sale of the refined products rose by 3.5 percent to 70.09million tons, of which retail sales increased 14 percent to 34.73 million tons, Wang said.

According to the company's plan in 2003, it will pursue a strategy of stabilizing production at the existing fields in eastern China, developing the potential fields in western China, searching for potential reserves in southern China, well balancing oil and natural gas, relying on science and technology and reducing costs to increase efficiency, Wang said.

It will also further improve its distribution network, adjust the sales mix, increase retail and franchised distribution volume, as well as increase its retail market share.

"Faced with new challenges, the company will take advantage of opportunities and attempt to achieve the highest efficiency possible," Wang said.


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