Sinopec profit down, despite rise in 2012 sales

Total capital expenditure was RMB168.96 billion for 2012.

Mr. Fu Chengyu, Chairman of Sinopec said, "The world witnessed difficult macroeconomic conditions in 2012, as well as a complex and volatile environment in the petroleum and petrochemical markets. By planning ahead, the Company was able to respond proactively to market dynamics, while also strengthening corporate governance, increasing shareholder returns and deepening internal reforms. Its ability to adapt to difficult market conditions leaves the Company well positioned to build a leading energy and chemicals enterprise and achieve positive operating results. "

"The acquisition of overseas oil and gas assets from Sinopec Group will further strengthen our crude oil reserves. This will also enhance our profitability and international competitiveness, as well as create long-term investment value for our shareholders. The Company will continue to deepen structural reforms, in light of strengthening the upstream production capacity and efficiency, and enhancing the mid and downstream product upgrades.

“To nurture and develop new businesses while improving the quality and efficiency of our existing businesses, Sinopec will endeavor to improve its management capabilities, with a focus on strategic planning and value-based management. We place great importance on our green and low-carbon strategy across the entirety of Sinopec’s operations. Sinopec will remain focused on achieving shareholders returns, engaging in activities to advance corporate social responsibility and promote sustainable economic development of the Company and of the society."

China Petroleum & Chemical Corporation