Sinopec sees profit jump on gas demand

Source: Xinhua | 2019-03-26

Chinese energy giant Sinopec, the world’s largest oil refiner, said yesterday its annual profit for 2018 soared by almost a quarter thanks to growing domestic demand for natural gas.

Sinopec’s profit grew 23.4 percent to 63.1 billion yuan (US$9.4 billion), the company said in its annual report to the Shanghai Stock Exchange.

Sinopec, whose official name is the China Petroleum & Chemical Corporation, said domestic consumption of natural gas rose 18.1 percent to 280.3 billion cubic meters as the country’s environmental regulations became “more stringent.”

“We will make vigorous efforts in pollution prevention and environmental protection to raise the level of our green development,” Sinopec Chairman Dai Houliang said in the annual report.

Demand for chemicals “kept up strong momentum” while refined oil products such as gasoline, diesel and kerosene consumption gained 6.0 percent. China surpassed Japan in 2018 to become the largest natural gas importer in the world.