China Petroleum and Chemical Corp, the world’s biggest oil refiner by capacity, said that annual processing volumes for 2022 will fall by 6% from a year earlier after the country’s COVID measures curtailed fuel demand at home. Vice President Ling Yiqun said that they expect China’s fuel demand to return to a reasonable level of growth in the second half. Sinopec also reported record net profit for the first half of 2022 with Chairman Ma Yongsheng stating that the company will buy back its Hong Kong and Shanghai-listed shares at an appropriate time for the first time since listing over 20 years ago. The company has made efforts to diversify crude oil sourcing, including a small share of purchases of Russian oil in the first six months. The refiner emerged as the top buyer of Russian Far East crude grade ESPO in May and June.
- Sinopec expects lower overall 2022 refining runs, plans first share buyback