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Sinopec posts slowing growth in 2012
By Richard Fu |
January 24, 2013, Thursday
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Online Edition
Online Edition
CHINA Petroleum & Chemical Corp, Asia's largest refiner, processed 1.81 percent more crude oil last year, slowing from the 3 percent growth in 2011.
This shows China's demand for fuel slowed last year but energy data for the final months of 2012 also indicated demand was picking up as the economy is on the road to recovery, analysts said.
Crude throughput at China Petroleum, better known as Sinopec, totaled 221.31 million tons last year, against 217.37 million tons in 2011, according to unaudited company data released yesterday.
Among its refined products, gasoline output gained 9.30 percent to 40.55 million tons while kerosene gained 9.32 percent to 15.01 million tons. Diesel, a bellwether of industrial activities, rose only 0.29 percent to 77.39 million tons, according to its stock exchange filing.
China's apparent oil demand, or domestic crude processing plus net imports of refined products, surged 9.1 percent year-on-year to an all-time high of 44.8 million tons as refining throughput reached a new high in December, according to Sanford C. Bernstein.
Apparent oil demand in China is expected to rise 6 percent this year after gaining 4 percent in 2012, it said.
Sinopec also said crude oil and natural gas production in 2012 rose 4.83 percent to 427.62 million barrels of oil equivalent.
Domestic crude output rose 1.06 percent to 306.60 million barrels while overseas output, all in Africa, was up 18.08 percent to 21.68 million barrels, the company said.
This shows China's demand for fuel slowed last year but energy data for the final months of 2012 also indicated demand was picking up as the economy is on the road to recovery, analysts said.
Crude throughput at China Petroleum, better known as Sinopec, totaled 221.31 million tons last year, against 217.37 million tons in 2011, according to unaudited company data released yesterday.
Among its refined products, gasoline output gained 9.30 percent to 40.55 million tons while kerosene gained 9.32 percent to 15.01 million tons. Diesel, a bellwether of industrial activities, rose only 0.29 percent to 77.39 million tons, according to its stock exchange filing.
China's apparent oil demand, or domestic crude processing plus net imports of refined products, surged 9.1 percent year-on-year to an all-time high of 44.8 million tons as refining throughput reached a new high in December, according to Sanford C. Bernstein.
Apparent oil demand in China is expected to rise 6 percent this year after gaining 4 percent in 2012, it said.
Sinopec also said crude oil and natural gas production in 2012 rose 4.83 percent to 427.62 million barrels of oil equivalent.
Domestic crude output rose 1.06 percent to 306.60 million barrels while overseas output, all in Africa, was up 18.08 percent to 21.68 million barrels, the company said.
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