China Petroleum & Chemical Corporation (Sinopec) has recently filed the 2023 Annual Report and disclosed the group's operating revenue in accordance with International Financial Reporting Standards (IFRS), hitting US$ 444.66 billion with operation earnings of US4 12.03 billion, a 14.5 percent growth year-on-year; profit attributable to shareholders amounted to US$ 8.08 billion.

Following the Chinese Accounting Standards for Business Enterprises (ASBE), Sinopec's net profit attributable to shareholders of the parent company reached US$ 8.37 billion. Sinopec has achieved an operating cash flow of US$ 22.37 billion in 2023, a year-on-year increase of 38.9 percent.

Sinopec has hit record highs in terms of oil and gas equivalent production, crude oil processing volume, and total distribution volume of domestic refined oil products:

During 2023, Sinopec produced 70.92 million tons of oil and gas equivalent, 37.9 billion cubic meters of natural gas, processed 258 million tons of crude oil, distributed 188 million tons of refined products in China and produced 14.314 million tons of ethylene.

Sinopec is taking the lead with an integrated strategy emphasizing operation optimization, network advantages, and continued investment into technology R&D.

Sinopec continues to strengthen its exploration and achieved major breakthroughs in Shunbei New Zone in the Tarim Basin, the deep coalbed methane in Ordos Basin, and further advanced Project Deep Earth and the Shengli Jiyang Shale Oil National Demonstration Zone, with a replacement rate of 131% for oil and gas reserves domestically and full-year profit in terms of LNG business.

The group is elevating the transformation with innovation as the key driver, increasing investment in R&D to tackle core technologies and deepen research. In 2023, Sinopec applied for 9,601 domestic and foreign patents and received 5,483 authorizations.

"Looking ahead, Sinopec will focus more on creating greater values, cultivating new quality productive forces, promoting transformation, and expanding the scope of profit to achieve sustainable development, leveraging the group's advantages of full industry chain, market, brand, technology, and talent," said Ma Yongsheng, President of Sinopec.