China's Sinopec expects flat refinery output in H2

SINGAPORE : China Petroleum and Chemical Corp said on Monday it expects second-half refinery throughput to be flat versus the first half with annual processing volume for 2022 down 6 per cent versus 2021, after the country's COVID measures hit fuel demand at home.

That means its second-half volumes would be flat versus 120.76 million tonnes in the January-June period. Sinopec achieved 40 billion yuan of inventory gains in the first half owing to a surging oil market amid the Ukraine crisis, comprising 29.3 bln yuan in crude oil and 10.7 billion yuan in refined products, Chief Financial Officer Shou Donghua said.

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