"The industry has experienced unprecedented difficulties," Sinopec said.Processed crude oil volumes fell 10.5 per cent to 110.95 million tonnes，or 4.45 million barrels per day. The firm, which recently launched a new 200,000 bpd refinery in southern China, aims to raise throughput to 130 million tonnes (5.1 mln bpd) in the second half.Upstream, Sinopec produced 140.27 million barrels (771,000 bpd) of crude oil, down 1 per cent year-on-year, while natural gas production edged up 0.1 per cent to 512.41 billion cubic feet. The firm is targeting output of 138 million barrels and 580.5 billion cubic feet in the second half.China's leading shale gas developer, Sinopec aims to nearly double its output of the unconventional fuel to 13 billion cubic metres in 2025, company president Ma Yongsheng said. Capital expenditure came in at 44.99 billion yuan, less than a third of annual guidance of 143.4 billion yuan. Sinopec said it expects full-year spending at about 10 per cent below that target.

Source: Economic Times August 31, 2020 07:14 UTC