BEIJING, Aug. 22, 2014 /PRNewswire/ -- China Petroleum
& Chemical Corporation ("Sinopec" or "the Company") (HKEX: 386;
CH: 600028;NYSE: SNP) today announced its interim results for the
six months ended 30 June 2014.
Financial Highlights:
- In accordance with the International Financial Reporting
Standards (IFRS), in the first half of 2014, the Company's
turnover, other operating revenues and other income was
RMB1,356.17 billion, down 4.2%
year-on-year. However, the Company still maintained double digit
growth in operating profit of RMB52.27
billion, up 11.8% year-on-year. Profit attributable to
equity shareholders of the Company was RMB32.54 billion, up 7.5% year-on-year. Basic
earnings per share were RMB0.279.
- In accordance with the PRC Accounting Standards for Business
Enterprises (ASBE), in the first half of 2014, the Company's
operating profit was RMB44.83
billion, up 2.6% year-on-year. Net profit attributable to
equity shareholders of the Company was RMB31.43 billion, up 6.8% year-on-year. Basic
earnings per share were RMB0.269.
-
Net cash flows from operating activities was RMB582.14 billion, up 76.9% year-on-year.
-
The Board of Directors proposed an interim dividend of
RMB0.09 per share.
Business Highlights:
In the first half of 2014, global economic growth slowed down
while China's economy maintained
moderate growth. Despite slowing growth in demand for refined oil
products and tumbling prices for chemical products, the Company
achieved a double digit increase in operating profit, thanks to
increased production and sales volume of high quality oil products
which led to a year-on-year operating profit growth in its refining
and marketing businesses.
- The Company achieved further progress in domestic oil and gas
exploration and development. Sinopec maintained its fast-track
momentum in the construction of shale gas capacity in Fuling in the
Sichuan Basin. By the end of June,
daily shale gas production hit 3.2 million cubic meters. As of the
end of 2013, the Company had completed its acquisition of overseas
upstream assets from China Petrochemical Corporation, which
significantly increased Sinopec's crude production on a
year-on-year basis.
- Benefitting from further optimized production structure and
increased production of high value-added oil products production
such as GB IV & GB V gasoline and diesel production, the
refining margin rose 43.4% in the first half of 2014 on a
year-on-year basis.
- In the first half of 2014, Sinopec carried out the
restructuring and reform of its marketing business as planned. The
Company established Sinopec Marketing Company Ltd. and completed
the auditing and evaluation of its assets, laying the foundation
for marketing business reform. Sinopec established Sinopec Easy Joy
Sales Co., Ltd. to take another big step in the development of its
non-fuel business. Sinopec significantly increased sales of premium
products and recorded 10% growth in non-fuel operating revenues
through optimising marketing strategies, expanding retail scale and
enhancing integrated service levels for its clients.
- Sinopec proactively responded to the severe market conditions
for the chemical industry. The Company adjusted the raw material
and product structure, optimised the utilisation rate of its
facilities, and shut down non-profitable units.
Fu Chengyu, Chairman of Sinopec said: "Focusing on improving the
quality and efficiency of development in the first half of 2014,
Sinopec has accelerated business restructuring, emphasizing
market-oriented reform and the specialized development of various
business lines. Sinopec is committed to building a people-oriented,
world-class energy and chemical company as well as enhancing
shareholders' long term returns through business transformation and
more effective management."
Business Review
Exploration and Production
In the first half of 2014, Sinopec achieved further progress in
oil and gas exploration and development by focusing on five key
domestic areas. In exploration, the Company made further
discoveries in west Sichuan, with
a number of discoveries in the west rim of the Zhungar Basin, the
Qintong sag of Jiangsu Province
and North Erdos. In development, Sinopec strengthened its efforts
in progressive exploration and reservoir characterisation,
implemented a number of projects to build oil and gas production
capacity and actively carried out gas production capacity building
projects in Yuanba, middle-shallow layer of west Sichuan and Daniudi. We sustained our rapid
growth in conventional gas production.
In unconventional resource development, we maintained our fast
track momentum in the construction of shale gas capacity in Fuling
in the Sichuan Basin. By the end
of June, average daily shale gas production hit 3.2 million cubic
meters. As of the end of 2013, the Company had completed its
acquisition of overseas upstream assets from China Petrochemical
Corporation, which significantly increased its crude oil
production. In the first half of 2014, our oil and gas production
was 237.01 million barrels of oil equivalent, up 8.00% from the
same period in 2013, of which crude oil was 177.88 million barrels,
representing an increase of 7.52% from the same period last year,
and natural gas output was 354.8 billion cubic meters, an increase
of 9.46%.
Due to lower crude oil realisation and lower overseas sales
volumes due to maintenance to our Angola project, operating revenue of the
Exploration and Production segment was RMB113.8 billion, representing a decrease of 2.9%
over the first half of 2013. The segment operated fairly smoothly
in the first half of 2014, realising RMB28.3
billion of operating profit, down 8.7% on a year-on-year
basis. This was mainly attributable to lower realized crude price
caused by factors including exchange rate fluctuation.
Summary of Operations for the Exploration and Production
Segment
|
Six-month period
ended 30 June
|
Change
|
2014
|
2013
|
%
|
Oil and gas production (mmboe)
|
237.01
|
219.46
|
8.00
|
Crude oil production (mmbbls)
|
177.88
|
165.44
|
7.52
|
China
|
154.15
|
153.66
|
0.32
|
Overseas
|
23.73
|
11.78
|
101.44
|
Natural gas production (bcf)
|
354.80
|
324.14
|
9.46
|
Refining
In the first half of 2014, we adjusted our refinery products mix
in response to changes in domestic demand; optimised resource
allocation and reduced procurement costs of crude oil; strengthened
coordination of production and marketing to increase production and
export of gasoline, jet fuel and other high-value-added products.
We actively promoted quality upgrading in our oil products and
significantly increased output of GB IV standard diesel. We took
advantage of our centralised marketing for other oil products and
increased sales of LPG, asphalt and petroleum wax. In the first
half of 2014, we processed 116 million tonnes of crude oil, up
0.32% year-on-year, and increased oil product output by 2.68%, of
which gasoline production was up by 9.63%, kerosene up by 19.74%
and light yield up by 0.63 percentage points.
Operating revenue for the refining segment was RMB652 billion, up 1.2% year-on-year. Benefitting
from further optimized production structure and increased
production of high quality oil product, the segment achieved an
operating profit of RMB9.8 billion in
the first half of 2014, representing an increase of RMB9.5 billion over the same period of 2013, and
the refining margin rose 43.4% on a year-on-year basis,
Summary of Operations for the Refining Segment
|
|
Unit: million tonnes
|
|
Six-month period
ended 30 June
|
Change
|
2014
|
2013
|
(%)
|
Refinery throughput
|
115.81
|
115.44
|
0.32
|
Gasoline, diesel and kerosene
production
|
71.62
|
69.75
|
2.68
|
Gasoline
|
24.94
|
22.75
|
9.63
|
Diesel
|
36.67
|
38.64
|
(5.10)
|
Kerosene
|
10.01
|
8.36
|
19.74
|
Light chemical feedstock production
|
19.96
|
18.82
|
6.06
|
Light yield (%)
|
76.83
|
76.20
|
0.63 percentage
points
|
Refining yield (%)
|
94.63
|
94.61
|
0.02 percentage
points
|
Note: includes 100% production of joint
ventures
|
|
|
Marketing and Distribution
In the first half of 2014, we carried out the restructuring and
reform of our marketing business as planned. We established Sinopec
Marketing Company Ltd. and completed the auditing and evaluation of
its assets and laid the foundations for marketing business reform.
We established Sinopec Easy Joy Sales Co., Ltd., as another big
step towards the specialized development of our non-fuel business.
In light of sufficient market supply and fierce competition, we
focused on resource allocation and optimised our marketing
strategies to concentrate on premium products. We focused on our
customer base and the retail market, enhancing the comprehensive
services at Sinopec retail stations and maximized the scale of our
retail business. With the launch of our online store for refuelling
cards and self-service apps and devices, we improved customer
experience by providing a one-stop service. In the first half of
2014, the total sales volume of oil products grew by 0.2% to 88.26
million tonnes, of which domestic sales were 81.04 million tonnes,
up 0.4% from the previous year. Retail volume increased by 1.9% to
56.55 million tonnes. Sales from our non-fuel business reached
RMB7.19 billion, an increase of 10%
from the same period in 2013.
Operating income of the segment was RMB726.9 billion, down 0.8% year-on-year, mainly
due to the revenue drop in diesel and fuels oil. Operating profit
was RMB18.8 billion, representing an
increase of 11.5% over the same period of 2013.
Summary of Operations for Marketing and Distribution
Segment
|
|
Unit: million tonnes
|
|
Six-month period
ended 30 June
|
Change
|
2014
|
2013
|
%
|
Total sales volume of oil products
|
88.26
|
88.05
|
0.2
|
Total domestic sales volume of oil
products
|
81.04
|
80.75
|
0.4
|
Retail
|
56.55
|
55.52
|
1.9
|
Direct and wholesale
|
24.49
|
25.23
|
(2.9)
|
Annualised average throughput per station
(tonne/station)
|
3,712
|
3,620
|
2.5
|
|
|
|
|
|
As of 30 June
2014
|
As of 31 December
2013
|
Change
from the end
of last year (%)
|
Total number of Sinopec-branded service
stations
|
30,467
|
30,536
|
(0.23)
|
Company-operated
|
30,454
|
30,523
|
(0.23)
|
Chemicals Business
In the first half of 2014, facing oversupply in the market, high
and volatile feedstock costs and a continued decline in chemical
prices, we adjusted our feedstock and product mix as well as the
configuration of facilities in order to process more low-cost,
light feedstock into high-value-added products. In addition, we
strengthened our efforts in the research, development, production
and marketing of new products, integrated production with marketing
and research and optimised the utilisation rate of facilities while
shutting down non-profitable units. Furthermore, we strengthened
our supply-chain management to ensure stable production and sales.
In the first half of 2014, ethylene production reached 5.084
million tonnes, up 5.0% from the same period in the previous year
and chemical sales volume was 29.2 million tonnes, up 4.1%
year-on-year.
In the first half of 2014, operating revenue of the chemicals
segment was RMB213.4 billion,
representing an increase of 0.9% from the same period in 2013. This
was primarily due to a 6.4% year-on-year increase in the sales
volume of chemical products thanks to proactive marketing
activities. Fierce competition in the domestic market and decreased
chemical product prices led to an operating loss of RMB4 billion for the reporting period.
Summary of Operations, Chemicals Segment
|
|
Unit: thousand tonnes
|
|
Six-month period ended 30 June
|
Changes
|
2014
|
2013
|
(%)
|
Ethylene
|
5,084
|
4,841
|
5.0
|
Synthetic resin
|
6,965
|
6,730
|
3.5
|
Synthetic fiber monomer and polymer
|
4,105
|
4,539
|
(9.6)
|
Synthetic fiber
|
646
|
699
|
(7.6)
|
Synthetic rubber
|
483
|
457
|
5.7
|
Note: Includes 100% of production of joint
ventures.
|
|
|
Capital Expenditures
The Company has focused on improving the investment quality and
returns and has made progress in a number of key projects. Total
capital expenditure in the first half of 2014 was RMB39.186 billion. The Exploration and Production
Segment accounted for a capital expenditure of RMB20.743 billion. This was primarily for oil and
gas production capacity building, including at the Shengli oil
field, Tahe oil field, Yuanba and Daniudi gas fields, Fuling shale
gas field, the South Yanchuan Coal-bed-methane project, the
Shandong and Guangxi LNG projects
as well as at natural gas pipeline projects and overseas upstream
projects. The Refining Segment accounted for a capital expenditure
of RMB6.592 billion, which primarily
supported the completion of revamping projects at the Shijiazhuang, Yangzi, Tahe and Jiujiang
refineries and for quality improvements in our oil products. The
Chemicals Segment accounted for a capital expenditure of
RMB4.67 billion. This was primarily
used for the acquisition of equity interests in the Ningdong coal
chemical project and an investment in ZhongAn coal-chemical
project, as well as to support product mix adjustments and basic
chemical projects including Qilu acrylonitrile and Maoming
polypropylene projects. The Marketing and Distribution Segment
accounted for a capital expenditure of RMB5.83 billion, which primarily supported the
building and revamping of service stations and the construction of
oil product pipelines and depots. We added 261 new service stations
in the first half of 2014. Corporate and Others accounted for a
capital expenditure of RMB1.351
billion, which primarily supported R&D facilities and IT
projects.
Special Highlights
Fuling Shale Gas Project
Following the significant breakthrough in the Fuling shale gas
exploration project and after trial development and appraisal, the
Company has set an overall production capacity target of 10 billion
cubic meters for the Fuling shale gas field, and a planned capacity
of 5 billion cubic meters per year for the first phase. In
accordance with the guidance of overall deployment and step-by-step
development, the first project in the first phase, which is the
North Block development, is scheduled for 2014. This project mainly
consists of drilling 91 new wells and constructing shale gas
gathering and transmission facilities. The new production capacity
is expected to be 1.8 billion cubic meters for this year.
Restructuring of the Marketing Business
In the first half of 2014, the Company accelerated the
restructuring of Sinopec Corp.'s marketing business. The
establishment, property audit and assessment of Sinopec Marketing
Company Ltd., have been completed as planned. The Capital
Introduction will be subject to market conditions and will be
administered with impartiality, fairness and openness. The process
of Capital Introduction will be divided into two phases and will
include multiple rounds of bidding and competitive negotiations.
The main objectives of the Capital Introduction are to promote and
optimize a modern enterprise system, improve its market-oriented
operational system and management mechanism, facilitate business
innovation and vitality, enhance the competitiveness and
sustainability of the enterprise, promote the transformation of
Sinopec Marketing from a refined oil products supplier into an
integrated services provider and develop Sinopec Marketing into a
comprehensive lifestyle services provider which is trusted by
consumers and which satisfies the needs of the general public.
Health, Safety, Environment and Low-carbon Growth
We improved and strictly implemented our Safe Production
Accountability System, implemented the Occupational Safety and
Health Administration (OSHA) standard, and initiated safety
inspections throughout the Company to identify potential risks and
emergency response team building. As a result, we maintained safe
production on the whole. The Company increased its efforts in
environmental protection, energy conservation, emissions reduction,
green and low-carbon growth, and initiated energy performance
contracting as well as an energy management system. Our Clean Water
and Blue Sky campaign is well underway and is working towards a
plan of Double the Energy Efficiency. In the first half of 2014,
our chemical oxygen demand (COD) in wastewater discharge fell by
3.84% year-on-year and SO2 emissions fell by 4.73%
year-on-year.
Corporate Governance Improvement
During the reporting period, Sinopec Corp. has complied with the
applicable securities laws and regulations in and outside mainland
China and further improved its
corporate governance. Throughout the restructuring of its Marketing
and Distribution business, the Company has and continues to
strictly following the principles of public, fair, impartial and
transparent. The Company has also provided training to newly
appointed members of senior management in order to support the
performance of their duties. The independent non-executive
directors strengthened their communication with management and the
external auditors and actively participated in the on-site research
and evaluation of the subsidiaries. Sinopec Corp. has actively
strengthened its internal control system, which has been
implemented effectively, it has organised several reverse roadshows
and has achieved continued improvements in relation to the
information disclosure and investor relations. The Company
initiates and leads green and low carbon development, and launches
Energy Conservation Campaign. Sinopec Corp. continuously acts as
Chairman of UNGC China Network and proactively supports its 2014
Caring for Climate China Summit. As at the date of this report, the
Company has established the Policy Concerning Diversity of Board
Members aiming to help maintain rational board structure and
revised the Insiders' Registration Rules for the Company aiming to
strengthen the management of Insiders.
Business Prospects
In the second half of the year, we expect the global economic
recovery to slow while China will
maintain steady economic growth. We expect international oil prices
to fluctuate at a high level during the second half of 2014.
Domestic demand for oil products, especially for gasoline, is
expected to grow rapidly and demand for chemicals to grow
slightly.
We will focus on efficiency and profitability based on market
dynamics and on safety and reliable operations. To achieve
full-year production and operation targets, we will undertake
initiatives in the following key areas:
In exploration and production, we will promote efficient and
effective exploration in frontier areas, secure acreage for
commercial development, continuously advance overseas crude oil
development, and step up capacity building in Yuanba, Daniudi,
middle-shallow layer of west Sichuan and Fuling shale gas projects.
In refining, we will optimise procurement and allocation of
crude oil to reduce costs. We will readjust our product mix and
raise the output of high-value-added products. We will continue to
upgrade the quality of oil products including our GB IV highway
diesel and GB V gasoline, and will strengthen the marketing of LPG,
asphalt and petroleum wax.
In marketing and distribution, we will push forward the reform
and restructuring of our marketing business. We will optimise
resources allocation, improve business efficiency, and take full
advantage of our brand and existing network to expand retail
volume. We will promote market-oriented development of non-fuel and
other emerging businesses, and enhance the value-creation
capability of our sales network.
In chemicals, we will take advantage of integration production,
and further adjust our feedstock to reduce costs, modify our
product mix and unit structure through better integration of
production, marketing and research to produce more marketable
products. We will also strengthen business operations and marketing
optimisation to further enhance marketing ability.
Appendix
Principal financial data and indicators
FINANCIAL DATA AND INDICATORS PREPARED IN
ACCORDANCE WITH ASBE
|
|
|
Principal accounting data
|
|
|
|
|
Changes
|
|
|
over the same
|
|
Six-month periods ended 30 June
|
period of the
|
|
2014
|
2013
|
preceding year
|
Items
|
RMB million
|
RMB million
|
(%)
|
|
|
|
|
Operating income
|
1,356,172
|
1,415,244
|
(4.2)
|
Net profit attributable to equity shareholders of the
Company
|
31,430
|
29,417
|
6.8
|
Net profit attributable to equity shareholders of the
Company after deducting
extraordinary gain/loss items
|
31,354
|
29,196
|
7.4
|
Net cash flows from operating
activities
|
58,214
|
32,903
|
76.9
|
|
|
|
|
|
|
|
Changes
|
|
At 30 June
|
At 31 December
|
from the end
|
|
2014
|
2013
|
of last year
|
|
RMB million
|
RMB million
|
(%)
|
|
|
|
|
Total equity attributable to equity shareholders of
the Company
|
587,604
|
570,346
|
3.0
|
Total assets
|
1,429,543
|
1,382,916
|
3.4
|
|
|
|
|
|
|
|
|
Principal financial
indicators
|
|
|
|
|
Changes
|
|
|
over the same
|
|
Six-month periods ended 30 June
|
period of the
|
|
2014
|
2013
|
preceding year
|
Items
|
RMB
|
RMB
|
(%)
|
|
|
|
|
Basic earnings per share
|
0.269
|
0.254
|
5.9
|
Diluted earnings per share
|
0.268
|
0.239
|
12.1
|
Basic earnings per share after deducting
extraordinary
gain/loss items
|
0.269
|
0.252
|
6.7
|
Weighted average return on net assets
(%)
|
5.37
|
5.49
|
(0.12) percentage
points
|
Weighted average return on net assets after
deducting
extraordinary gain/loss items (%)
|
5.36
|
5.45
|
(0.09) percentage
points
|
Net assets per share attributable to equity
shareholders
of the Company (fully diluted)
|
5.031
|
4.687
|
7.3
|
FINANCIAL DATA AND INDICATORS PREPARED IN
ACCORDANCE WITH IFRS
|
|
|
|
|
Principal accounting data
|
|
|
|
|
|
|
Changes
|
|
Six-month periods ended 30 June
|
over the same
|
|
2014
|
2013
|
period of the
|
Items
|
RMB million
|
RMB million
|
preceding year (%)
|
|
|
|
|
Operating profit
|
52,268
|
46,741
|
11.8
|
Net profit attributable to owners of the
Company
|
32,543
|
30,281
|
7.5
|
Net cash generated from operating
activities
|
58,214
|
32,903
|
76.9
|
|
|
|
|
|
|
|
Changes
|
|
As of 30 June
|
As of 31 December
|
from the end
|
|
2014
|
2013
|
of last year
|
|
RMB million
|
RMB million
|
(%)
|
|
|
|
|
Equity attributable to owners of the
Company
|
586,110
|
568,803
|
3.0
|
Total assets
|
1,429,543
|
1,382,916
|
3.4
|
|
|
|
|
|
|
|
|
Principal financial
indicators
|
|
|
|
|
|
|
|
|
|
|
Changes
|
|
|
|
over the same
|
|
Six-month periods ended 30 June
|
period of the
|
|
2014
|
2013
|
preceding year
|
Items
|
RMB
|
RMB
|
(%)
|
|
|
|
|
Basic earnings per share
|
0.279
|
0.262
|
6.5
|
Diluted earnings per share
|
0.277
|
0.246
|
12.6
|
Net assets per share
|
5.018
|
4.664
|
7.6
|
Return on capital employed (%)
*
|
4.19
|
3.88
|
0.31
percentage points
|
Return on capital employed=operating profit ×
(1-income tax rate)/capital employed (not annualized
data)
|
The following table sets forth the operating revenues, operating
expenses and operating profit/(loss) by each segment before
elimination of the inter-segment transactions for the periods
indicated, and the changes between the first half of 2014 and the
first half of 2013.
|
|
Unit: RMB millions
|
|
Six-month periods ended 30 June
|
Change
|
2014
|
2013
|
(%)
|
Exploration and Production Segment
|
|
|
|
Operating revenues
|
113,827
|
117,242
|
(2.9)
|
Operating expenses
|
85,564
|
86,293
|
(0.8)
|
Operating profit
|
28,263
|
30,949
|
(8.7)
|
Refining Segment
|
|
|
|
Operating revenues
|
651,969
|
644,246
|
1.2
|
Operating expenses
|
642,214
|
644,033
|
(0.3)
|
Operating profit
|
9,755
|
213
|
4,479.8
|
Marketing and Distribution Segment
|
|
|
|
Operating revenues
|
726,927
|
732,752
|
(0.8)
|
Operating expenses
|
708,133
|
715,900
|
(1.1)
|
Operating profit
|
18,794
|
16,852
|
11.5
|
Chemicals Segment
|
|
|
|
Operating revenues
|
213,392
|
211,521
|
0.9
|
Operating expenses
|
217,360
|
211,930
|
2.6
|
Operating loss
|
(3,968)
|
(409)
|
—
|
Corporate and others
|
|
|
|
Operating revenues
|
645,690
|
681,911
|
(5.3)
|
Operating expenses
|
645,951
|
682,925
|
(5.4)
|
Operating loss
|
(261)
|
(1,014)
|
—
|
Elimination of inter-segment
profits
|
(315)
|
150
|
—
|
About Sinopec:
Sinopec Corp. is one of the largest integrated energy and
chemical companies in China. Its
principal operations include the exploration and production,
pipeline transportation and sale of petroleum and natural gas; the
sale, storage and transportation of petroleum products,
petrochemical products, coal chemical products, synthetic fibre,
fertiliser and other chemical products; the import and export,
including an import and export agency business, of petroleum,
natural gas, petroleum products, petrochemical and chemical
products, and other commodities and technologies; and research,
development and application of technologies and information.
Sinopec sets 'powering beautiful life' as its corporate mission,
puts 'people, responsibility, integrity, precision, innovation and
win-win' as its corporate core values, pursues a strategy of
resources, markets, integration, international operation,
differentiation, and low-carbon, and strives to achieve its
corporate vision of building a world leading energy and chemical
company.
Disclaimer:
This press release includes "forward-looking statements". All
statements, other than statements of historical facts that address
activities, events or developments that Sinopec Corp. expects or
anticipates will or may occur in the future (including but not
limited to projections, targets, reserve volume, other estimates
and business plans) are forward-looking statements. Sinopec Corp.'s
actual results or developments may differ materially from those
indicated by these forward-looking statements as a result of
various factors and uncertainties, including but not limited to the
price fluctuation, possible changes in actual demand, foreign
exchange rate, results of oil exploration, estimates of oil and gas
reserves, market shares, competition, environmental risks, possible
changes to laws, finance and regulations, conditions of the global
economy and financial markets, political risks, possible delay of
projects, government approval of projects, cost estimates and other
factors beyond Sinopec Corp.'s control. In addition, Sinopec Corp.
makes the forward-looking statements referred to herein as of today
and undertakes no obligation to update these statements.
Investor Inquiries:
Beijing
Tel: (86 10) 5996 0028
Fax: (86 10) 5996 0386
Email: ir@sinopec.com
|
Media Inquiries:
Tel: (86 10) 5996 0028
Fax: (86 10) 5996 0386
Email: ir@sinopec.com
|
|
|
Hong Kong
Tel: (852) 2824 2638
Fax: (852) 2824 3669
Email: ir@sinopechk.com
|
Tel: (852) 3512 5000
Fax: (852) 2259 9008
Email: sinopec@brunswickgroup.com
|
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SOURCE China Petroleum & Chemical Corporation