Sinopec Corp. Posts 2007 Annual Results      

China Petroleum & Chemical Corporation (Sinopec Corp., HKEX: 386; NYSE: SNP; LSE: SNP; SH: 600028) announces its annual results for 2007. Under PRC accounting standards for business enterprises, the company's operating income increased by 13.5% to RMB1 204.84 billion. Net profit attributable to the equity shareholders of the parent company rose 5.5% to RMB54.947 billion. Under International Financial Reporting Standards (IFRS), the company's turnover with other operating revenues and income increased by 13.4% to RMB1 209.706 billion. Profit attributable to shareholders of the Company rose by 5.5% to RMB56.533 billion.
    Sinopec Corp. drilled 2 976 wells with total footage of 7 247 kilometers, with newly added capacity of 6.05 million tons per year for crude oil and 1.66 billion cubic meters per year for natural gas. The output for crude oil was 291.67 million barrels and for natural gas was 282.6 billion cubic feet.
    Sinopec Corp. processed 156 million tons of crude oil in 2007, a year-on-year increase of 6.3% and produced 24.69 million tons of gasoline, 60.08 million tons of diesel and 8.32 million tons of kerosene.
   Sinopec Corp. sold 119.39 million tons of petroleum products in 2007, up 6.9%, of which 76.72 million tons for retail, 20.17 million tons for direct sales and 22.6 million tons for wholesales. The oil service station under Sinopec brand amounted to 29 062 units.
   In 2007, Sinopec Corp. produced 6.534 million tons of ethylene, up 6.0%; 9.66 millions of synthetic resins, up 12.1%; 800 thousand tons of synthetic rubber, up 19.8%; 1.417 million tons of synthetic fibers, down 5.7% and 1.565 million tons of urea, down 2.7%.
   Looking forward 2008, Sinopec Corp. plans to produce 42 million tons of crude oil and 9 billion cubic meters of natural gas. The company plans to process 174 million tons of crude oil and produce 104 million tons of petroleum products as well as sell petroleum products of 124 million tons.
   The company plans to produce 6.72 million tons of ethylene 2008.