Sinopec Files 2023 Annual Report, Hits USD 444.81 Billion Revenue with 14.5 Percent YoY Growth

Sinopec has hit record highs in terms of oil and gas equivalent production, crude oil processing volume, and total distribution volume of domestic refined oil products:

Sinopec is taking the lead with an integrated strategy emphasizing operation optimization, network advantages, and continued investment into technology R&D.

Sinopec continues to strengthen its exploration and achieved major breakthroughs in Shunbei New Zone in the Tarim Basin, the deep coalbed methane in Ordos Basin, and further advanced Project Deep Earth and the Shengli Jiyang Shale Oil National Demonstration Zone, with a replacement rate of 131% for oil and gas reserves domestically and full-year profit in terms of LNG business.

The group is elevating the transformation with innovation as the key driver, increasing investment in R&D to tackle core technologies and deepen research. In 2023, Sinopec applied for 9,601 domestic and foreign patents and received 5,483 authorizations.

"Looking ahead, Sinopec will focus more on creating greater values, cultivating new quality productive forces, promoting transformation, and expanding the scope of profit to achieve sustainable development, leveraging the group's advantages of full industry chain, market, brand, technology, and talent," said Ma Yongsheng, President of Sinopec.

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