China's Sinopec to Invest Record 38 Trillion Won...18% Increase from Last Year

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Park Byung-hee] Sinopec, China's largest state-owned petrochemical company, is planning the largest capital investment in its history this year, according to major foreign media reports on the 27th (local time).

In a report submitted to the Shanghai Stock Exchange on the same day, Sinopec announced plans to invest 198 billion yuan (approximately 37.9467 trillion KRW) this year. This investment scale is 18% higher than last year and 9% more than the 181.7 billion yuan invested in 2013, which was the largest investment in Sinopec's history.

Sinopec predicted, "This year, demand for refined oil will continue to recover, and demand for natural gas and petrochemical products will also keep increasing." However, it added that geopolitical risks and highly volatile oil prices could affect overseas business investments and operations.

Last year, Sinopec achieved a net profit of 71.21 billion yuan, the highest in 10 years.

Sinopec announced plans to produce 281.2 million barrels of crude oil this year. Last year's production was 279.76 million barrels.

Amid increasing geopolitical risks, the Chinese government is focusing on securing energy. The Chinese government plans to maintain crude oil production at around 200 million tons by 2025 and increase natural gas production from 2,050 billion cubic meters last year to over 2,300 billion cubic meters.

This content was produced with the assistance of AI translation services.