Save for later Print Download Share LinkedIn Twitter Sinopec, China’s largest refiner, said its net profit hit a 10-year high of 71.97 billion yuan ($11 billion) in 2021. It also announced a record-high capital spending plan of 198 billion yuan for this year. The company sidestepped questions about its purchases of Russian oil and gas and its investments in Russia during an earnings call on Monday. "There is no risk of impairment of our Russian assets so far," Sinopec President Yu Baocai said in response to a question. Chinese companies are said to be eyeing energy assets in Russia as Western majors exit. Sinopec owns a 10% stake in Russian petrochemicals producer Sibur and is a 40% shareholder in the $10 billion Amur petrochemicals complex in Russia's Far East. It also has upstream interests in Russia. Sinopec plans to allocate 81.5 billion yuan to upstream developments, including domestic shale oil and gas, energy storage and LNG projects, to meet government demands for greater self-sufficiency. The company narrowly missed its 2021 production targets. Its overall crude output — overwhelmingly produced in China — fell by 0.2% to 766,000 b/d, versus plans for an increase of 0.4%. Gas production rose 11.9% to 3.3 Bcm/d (33.97 Bcm/yr) but missed a targeted increase of 12.2%.
