about-sinopec
Refining
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In 2022, the Company actively addressed the challenges brought by the volatile fluctuation of crude oil price and slack market demand, strengthened coordination among procurement, storage and transportation as well as production, and focused on optimisation and integration of production and marketing. We enhanced global resources allocation and inventory management to reduce procurement cost. Closely following the market demand, we flexibly adjusted the utilisation rate, product mix and exports of refined oil products. Efforts were made to carry forward the adjustment to increase the yield of chemical feedstock and refining specialties, and to increase production of marketable products such as low-sulfur bunker fuel, base oil and needle coke etc. We accelerated the construction of world-class refining bases and advanced with structural adjustment projects in an orderly manner. We continued to increase highpurity hydrogen production capacity and have built up 9 hydrogen supply centers for hydrogen fuel cells. In 2022, the Company processed 242 million tonnes of crude oil and produced 140 million tonnes of refined oil products with diesel output up by 5.4% year on year.