(EnergyAsia, March 30) — China Petroleum & Chemical Corporation (Sinopec Corp) said its 2004 net profit jumped by nearly 70% to RMB32.28 billion over the previous year. (US$1=RMB8.27). Revenue was RMB 619.78 billion, up 38.04% from 2003.

It said: “2004 witnessed impressive progress in Sinopec Corp’s reforms and development. The company adjusted its operating strategy and carefully organised its production operations. These measures have laid a solid foundation for the company’s sustainable and effective growth.”

The board has proposed a dividend distribution of RMB0.12 per share for the full year of 2004. After deducting the interim dividend of RMB0.04 that has been distributed, the final dividend for the year 2004 will be RMB0.08 per share, which is equivalent to RMB 8 per American Depositary Share (ADS).

The company said that China’s domestic consumption of refined oil products rose 19% to 157.06 million tonnes last year.

It added: “China’s domestic demand for chemical products continued to grow significantly. The total nominal consumption of synthetic resins, synthetic fibres and synthetic rubber was 48.24 million tonnes, representing an increase of 11% over 2003. Domestic consumption of ethylene equivalent was 16.38 million tonnes, up by 5.8% over 2003.”

Sinopec said that its proved reserves of crude oil for 2004 were 3,267 million barrels (+0.31% from 2003) and natural gas were 3,033 billion cubic feet (5.04%). Last year, the company said its production of crude oil and natural gas reached 274.15 million barrels and 207.0 billion cubic feet respectively, representing an increase of 1.18% and 10.29%, respectively, over 2003.