On Feb 16, the China Petroleum and Chemical Industry Federation released the economic performance of China's petroleum and chemical industry in 2022. According to the report, China's petroleum and chemical industries operated in a stable and orderly manner in 2022, with the business revenue of the whole industry growing by 14.4 percent and the total import and export volume growing by 21.7 percent over the previous year, both reaching new historical records.
Crude oil imports, crude oil processing and natural gas consumption decreased. In 2022, China imported 508 million tons of crude oil, down 1 percent from the previous year, and its dependence on foreign countries dropped to 71.2 percent. Natural gas imports were 152.07 billion cubic meters, down by 10.4% from the previous year, and its dependence on foreign countries dropped to 40.2%. Crude oil processing was 676 million tons, down 3.4 percent from the previous year, and apparent natural gas consumption was down 1.3 percent. This situation is the first time since the rapid development of China's petrochemical industry, which is related to the high price of crude oil and natural gas in the international market, the green and low-carbon transformation development, the implementation of the seven-year action Plan to increase storage and production by key energy enterprises, and the growth of China's crude oil and natural gas production. In addition, the oil and gas segment saw a 32.9 percent increase in revenue and a 114.7 percent increase in profit.
The total output of refined oil products increased, while the total output of chemical industry decreased slightly. The turnover of the refining and chemical sectors increased significantly, but the profit growth was negative due to the high price of crude oil and natural gas. In 2022, the operating revenue of the refining sector increased by 18.6 percent and the profit decreased by 87.6 percent compared with the previous year. The operating revenue of the chemical sector increased by 10.1% over the previous year, while the profit decreased by 8.1%. Despite the decrease in crude oil processing, the total output of refined oil products (gasoline, kerosene and diesel) was 366 million tons, an increase of 3.2 percent over the previous year, of which diesel was up 17.9 percent, gasoline was down 5.1 percent and kerosene was down 24.9 percent. The capacity utilization rate of the chemical industry was 76.7 percent, down 1.4 percentage points over the previous year, and the total production of major chemicals was down 0.4 percent over the previous year.
Sany Oil has always been committed to providing efficient and flexible integrated solutions for energy development and utilization, creating value for customers. In the future, in the oil and gas industry, any oil will show a more comprehensive and professional engineering service ability, drive the coordinated development of the whole equipment manufacturing industry chain, and secure the energy rice bowl of our country.
