Sinopec reports 4.5% rise in 2008 refining throughput

BEIJING, Jan. 23 (Chinese media) -- China Petroleum and

Chemical Corp.(Sinopec), the nation's largest oil refiner, said Friday that it

processed 168.8 million tons of crude oil in 2008, up 4.49 percent year-on-year.

The company, which is also a leading oil producer,

said in a preliminary report that its crude oil output rose 1.76 percent to

296.8 million barrels.

Gasoline output rose 11.97 percent to 29.09 million

tons, with diesel production up 10.12 percent to 68.78 million tons. Sinopec

also said:

-- Natural gas production rose 3.71 percent to 293

billion cubic meters.

-- Synthetic rubber and urea output rose 4.25 percent

and 5.37 percent, respectively.

-- Ethylene output fell 3.75 percent to 6.3 million

tons. Production of synthetic resins and synthetic fibers declined 0.88 percent

and 11.39 percent, respectively.

-- Domestic sales of refined oil products rose 3

percent to 123million tons.

In a discussion of the data, Sinopec noted that oil

product supplies were tight during the first three quarters of 2008, as local

refineries reduced or stopped production in response to government price

ceilings.

On Thursday, Sinopec announced preliminary 2008

results. It said net profit was expected to decline by more than 50 percent,

reflecting huge refining losses caused by high world oil prices earlier in 2008

and low fixed selling prices.

Declining demand and prices for chemicals in the

second half also hurt profitability, it said.

Net 2007 profit was 56.53 billion yuan (8.3 billion

U.S. dollars).

Listed in Hong Kong, New York, London and Shanghai,

Sinopec is also a leading oil refiner in Asia.