MOSCOW (MRC) -- Sinopec Corp, Asia's largest refiner, said it processed 1.48% more crude oil in 2014 than a year earlier, but diesel production fell over 4% as a slowing economy hit demand for the fuel used for transport and construction, as per Reuters.
While it recorded a healthy 7.2% growth in ethylene output, the company said synthetic fibre - largely used to make textiles - fell 5.5%, an evidence of a weak textile market.
Sinopec, also China's second-largest oil and gas producer, recorded an 8.5% growth in total oil and gas productions last year, with overseas operations contributing most of the crude oil growth, the company said in a filing to the stock exchange on Tuesday.
The operational data was unaudited.
Refinery throughput at 235.38 million tonnes was equivalent to 4.74 million barrels per day, or 47% of the country's total.
As MRC wrote before, in August 2013, Sinopec Wuhan Company’s ethylene project with a capacity of 800,000 tonnes per year produced first batch of qualified products, marking its successful commissioning and startup. The project is a pivotal project of Sinopec in the 11th five-year-plan period and the most important project in Hubei province. The project, including 11 greenfield major production units with public utilities and supporting facilities, was built in three years with an total investment of 16.563 billion yuan.
Sinopec Corp. is one of the largest scale integrated energy and chemical companies with upstream, midstream and downstream operations. Its refining and ethylene capacity ranks No.2 and No.4 globally. The Company has 30,000 sales and distribution networks of oil products and chemical products, its service stations are now ranked third largest in the world.
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