China Sinopec crude throughput down 2% in 2024

Superland group

24/01/2025 10:52

SINGAPORE, Jan 24 (Reuters) - China Petroleum & Chemical
Corp, or Sinopec Corp  600028.SS  0368.HK , said on Friday it
processed 2.03% less crude oil in 2024 versus 2023 and its
diesel output tumbled 10.27% over the previous year.
    The data, which Sinopec said is unaudited, mirrored a fall
in the country's overall refinery throughput last year for the
first time in more than two decades barring the pandemic-hit
year of 2022 amid a sputtering economy, stagnant fuel demand and
dampened margins.  
    The refining giant processed 252.3 million metric tons of
crude oil in 2024, or about 5.05 million barrels per day, down
from 257.52 million tons in 2023, Sinopec said in a filing to
the Shanghai stock exchange.
    Production of diesel was 57.91 million tons, down a tenth
from 2023, while that of gasoline and jet kerosene rose 2.6% and
8.6% respectively.
    Analysts believe that Chinese consumption of gasoline,
diesel and kerosene combined may have peaked in 2023 as
electrification of vehicle fleets displace gasoline and a
prolonged property sector downturn and replacement by cheaper
natural gas cuts into diesel use.  
    Chemical feedstock, such as naphtha, fell 5.8%, Sinopec
said.
    Output of ethylene, a key building block for petrochemicals
from plastics to synthetic fibre, decreased 5.9% at 13.47
million tons. 
    The company's oil and gas production rose 2.2% last year tot
515.25 million barrels of oil equivalent, with the growth
contributed mostly by natural gas.
    (metric ton = 7.3 barrels of crude oil)
    
    
    
    

 (Reporting by Chen Aizhu; Editing by Kim Coghill)
 ((aizhu.chen@thomsonreuters.com; Reuters Messaging:
aizhu.chen.reuters.com@reuters.net))