China’s Sinopec Plans Its Biggest Capital Expenditure In History

Reuters via OANN ^ | March 27, 2022 | by Muyu Xu and Chen Aizhu

[Oldeconomybuyer]

BEIJING (Reuters) – China Petroleum & Chemical Corp, better known as Sinopec, is planning its highest capital investment in history for 2022 after recording its best profit in a decade, echoing Beijing’s call for energy companies to raise production.

It plans to produce 281.2 million barrels of crude oil and 12,567 billion cubic feet of natural gas in 2022, up from its output of 279.76 million barrels and 1,199 billion cubic feet in 2021.

Beijing seeks to ensure energy safety in the country amid intensifying geopolitical risks. It wants to keep annual crude oil output at 200 million tonnes and crank up natural gas production to more than 230 billion cubic metres (bcm) by 2025 from 205 bcm in 2021.

Crude throughput and production of refined oil products at Sinopec are expected to stay around the same level in 2022 from a year ago, at 258 million tonnes and 147 million tonnes, respectively.

[Oldeconomybuyer]

China is adopting the “Drill Baby Drill” policy, while Brandon’s handlers destroy domestic energy producers.

[Worldtraveler once upon a time]

Thank the Democrat Party and RINOs, and our American oligarchs — to include the NIH/CDC/FDA who put much small business into closing through “lockdowns” — a fascistic, corporatist exercise in central planning and ruling through fear.

[Verginius Rufus]

Sinopec should have to pay royalties to the city of Sinope for infringing on its name.

[OVERTIME]

Thanks for the interesting article from OANN.

But talk about nonsense!!!
They can’t even do Basic Arithmetic 101!!!

1 First its says that China “plans to produce 281.2 million barrels of crude oil ............in 2022, up from its output of 279.76 million barrels....in 2021.”

2) Then it says that Beijing “wants to keep annual crude oil output at 200 million tonnes”

But there are 6 barrels of oil in a ton.

So 280 million barrels of oil is NOT equal to about 200 million tons. 280 million barrels is equal to about 50 million tons.

200 million tons is about 70% of US production.
50 million tons is about 17% of US production
A very big difference. Which is it?

Hey, this is just basic arithmetic.
Even you should have caught such an obvious blunder.
As for AONN, theyre beyond pathetic.
Do you agree?

[Leaning Right]

I’m guessing that Sinopec will be investing all that money in green initiatives, better to meet the UN’s climate goals.

I kid, of course. Sinopec will do what’s best to power China. If that upsets Greta Thunberg and Al Gore, too bad.

[Basket_of_Deplorables]

We’re going to end up buying oil from China, before Brandon gets done.

[NWFree]

They’re a lot smarter than President Retard 🤪

[sauropod]

.

[DoughtyOne]

Biden and company are raping and pillaging our nation.

China, Russia, North Korea, Iran...

These nations can stand by and watch the Democrats finish us
off for them.

[PIF]

Well no because “tonnes” is the UK weight for a long ton which is 1.12 US short tons.

[Covenantor]

Other Sinopec news today....

Forex News

Chinese oil and gas company cancels $500m investment in Russia

12 hours ago 1 min read

https://forexnewsanalysis.com/2022/03/27/chinese-oil-and-gas-company-cancels-500m-investment-in-russia/

Chinese oil and gas company cancels $500m investment in Russia

A Chinese state-run oil and gas company has cancelled half a billion dollars of investment out of Russia to dodge sanctions.

The state-run Sinopec Group hit pause on plans to market Russian gas in China after realising that a senior figure at Russia’s Sibur was a long-term ally of Vladimir Putin.

Gennady Timchenko, an investor and board member at Sibur, had already been sanctioned by the West and is connected to other billionaires with ties to the Russian president, according to Reuters.

The move marks a hardening in China’s policy towards Russia amid the invasion, with which it has maintained regular trade amid a slew of sanctions by the West.

China has leaned towards Russia in the conflict, declining to call out its actions and endorsing its complaints about Nato’s expansion eastward.

But the Chinese government is said to be concerned about facing sanctions itself and is encouraging companies to urr on the side of caution when dealing with Russia.

Since the invasion on Feb 24, China’s largest energy companies have been working to assess the impact on the billions of dollars worth of investment they have in Russia.

[Owen]

A bit off. All oil is not created equal. China’s main oil is from the Daquing region and its API will be closer to 7 barrels per ton than 6.

The more important point is China’s production of crude of that API is about 4.5 million barrels (42 gallons) per day. US production is 11ish mbpd and US oil is mostly shale oil and therefore diesel poor. It’s gasoline rich, but diesel is what brings food to shelves.

China consumption is 14 mbpd. US is 21 mbpd. Both must import oil to feed the population food.

This is why Russia is going to win. They produce nearly 12 million bpd and consume only 4 of it domestically. Smaller population. Big, but smaller, certainly than China.

But in the final analysis, their sheer surface area ensures their oil runs out last. That’s when they trade it for disarmament rather than pieced of paper with ink on it.