China Petroleum & Chemical Corp, known as Sinopec, reported a 9.9% decline in 2023 net profit on Sunday, weighed by falling oil and gas prices but supported by recovering fuel demand.
Upstream reserves have been extensively exploited, but the country’s downstream potential has yet to be unleashed. [Gas in Transition, Volume 3, Issue 6]
Sinopec has signed an equity participation agreement with QatarEnergy to take 1.25% shares in Qatar's North Field East expansion project, which is currently the largest LNG project in the world.