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Sinopec Group Profit Rises 11% in 2011 as Production Increases

Feb. 3 (Bloomberg) -- China Petrochemical Corp., Asia’s biggest refiner, said profit in 2011 rose 11 percent after production of crude oil and natural gas increased.

Net income last year was 79.9 billion yuan ($12.7 billion), Chairman Fu Chengyu said at a company event in Beijing today, without giving year-earlier figures. Revenue rose 30 percent to 2.55 trillion yuan, he said.

Natural gas production gained 17 percent to 14.6 billion cubic meters, while crude oil output climbed 7.6 percent to 65.6 million metric tons, the chairman said. The company refined 219 million tons of crude last year, an increase of 2.7 percent, he said.

Sinopec Group, the parent of Hong Kong and Shanghai-listed China Petroleum & Chemical Corp., has suffered losses in refining as the Chinese government capped retail fuel prices to curb inflation. The state-owned company plans to produce 50 million tons of crude overseas annually by 2015 to compensate for losses from refining.

The company pumped 22.88 million tons of crude at overseas fields last year, Sinopec Group said in a report on Jan. 6.

To contact the Bloomberg staff on this story: Guo Aibing in Hong Kong at aguo10@bloomberg.net

To contact the editor responsible for this story: Amit Prakash at aprakash1@bloomberg.net.

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