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Creating Profits through Integration of Production and Sales

We took a flexible approach in adjusting the work load, optimizing the structure, expanding the market, and realizing integrated effects. During the pandemic response, 118 sets of facilities were closed to keep the work load under control. Beihai Refining & Chemical Company and Tahe Company stopped production early for turnaround. Sales in domestic market improved, and we worked hard in resuming work and production and adjusting product structure, improved the internal market-oriented mechanism for refined oil, and reduced the refined oil yield. Throughout the year, we processed 239 million tonnes of crude oil, a decrease of 11.81 million tonnes, down by 4.7%. Refined oil yield dropped by 4.6 percentage points, and the yield of chemical light oil increased by 1 percentage point. We optimized and arranged refined oil export of 16.3 million tonnes, down by 38%. We enhanced supply of low sulfur bunker fuel production, and produced 4.54 million tonnes, up by 4.41 million tonnes, accounting for more than 60% of production in domestic China, thus changing our dependence of imported bonded bunker fuel.

Optimizing the Industry and Fostering New Landscape

Through building the new industrial landscape of “one foundation, two wings, and three growth points”, we comprehensively facilitated differentiated development of the refineries. Zhongke Refinery and Petrochemical project was put into operation. Phase I of Zhenhai Refining & Chemical Company expansion project was fully carried out. Projects of adjusting refining structures in Jingmen Company, Tianjin Company, and Luoyang Company were commissioned. New business projects such as high-end graphite materials, supply centers for hydrogen fuel cells, high-end synthetic base oil, and low sulfur bunker fuel are in full swing.