Sinopec Natural Gas Output Rises In H1, Petrochemicals Output Lags

Chinese state-owned energy giant, Sinopec’s natural gas production in the first half of 2023 rose 7.6% from a year before to 666.1 billion cubic feet, according to a filing with the Shanghai Stock Exchange released recently.

The company’s crude oil production over the same period was broadly flat on last year, with the company extracting a total of 139.7 million barrels over the period.

In the company’s refining operations, crude oil throughput rose 4.8% year-on-year to reach 126.5 million metric tons. There was a 63.5% jump in kerosene output as China’s jet fuel demand continues to recover after COVID-19 curbs were lifted last year.

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Output growth was more uneven in the petrochemical segment. While synthetic resin output rose 5.6%, Sinopec’s production of synthetic fibres – including key products such as polyester – slid 6.5% on last year, while ethylene output rose only 0.4%.

Production of chemical feedstocks including naphtha also shrank 3.0% in a further sign of flagging international demand for higher-end petrochemical products amid global macroeconomic headwinds.