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Sinopec Boosts Spending to 2014 High, Refining Profit Sinks

  • Refiner allocates larger amount of capex for upstream business
  • Refining profit collapses more than 90% y/y in fourth quarter
Gas pumps stand at a China Petroleum & Chemical Corp. (Sinopec) gas station in Hong Kong. 

Gas pumps stand at a China Petroleum & Chemical Corp. (Sinopec) gas station in Hong Kong. 

Photographer: Anthony Kwan/Bloomberg
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Sinopec Corp. aims to raise spending to the highest since 2014, joining state-owned peers in their mission to churn out more domestic oil and gas to ease China’s reliance on imports. Refining profit tumbled in the fourth quarter.