The company said in an exchange filing that Covid restrictions inhibited fuel demand, which caused the company to fall in the last year's earnings.
China Petroleum Chemical Corp., as it is officially known, posted net income of 66.2 billion yuan $9.64 billion for 2022, according to international financial reporting standards. The company said in an exchange filing that it had a near-record profit of 72 billion yuan a year ago.
Covid Zero restrictions reduced road and air traffic in China last year, hurting the performance of the firm's leading refining and chemical units.
Sinopec plans to add 165.8 billion yuan in capital expenditure this year, after it reported spending 189.1 billion yuan for 2022. The company had budgeted record capital expenditures of 198 billion yuan last year.
The firm has been lobbying authorities for higher export quotas to take advantage of stronger diesel margins overseas, in order to compensate for the increased cost of drilling and petrochemical facilities.
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