Sinopec Reports Stable First-Half Crude Throughput

SINGAPORE (Reuters) – China Petroleum and Chemical Corp (Sinopec), Asia’s largest refiner, reported its first-half crude throughput remained largely unchanged year-on-year.

The state-owned refining giant processed 126.69 million metric tons of crude oil, equivalent to approximately 5.08 million barrels per day (bpd), marking an increase of 0.1% compared to the same period last year, according to a stock market filing.

This contrasts with a 1.7% growth in the first quarter, indicating a slowdown in processing during the second quarter as rising crude prices and weak domestic fuel demand impacted operations.

While the company’s gasoline and aviation fuel production rose by 6.6% and 15.2% year-on-year, respectively, diesel output declined by 8.8%, reflecting decreased demand for this key transportation and industrial fuel amidst a sluggish economic environment.

Total domestic refined fuel sales fell by 2.5% year-on-year to 90.14 million tons, which included 56.96 million tons in retail sales, down 4.7%.

Additionally, Sinopec reported a 0.6% annual increase in crude oil output and a 6% rise in natural gas output for the period.