In 2024, Sinopec actively engaged in international energy cooperation and global operations, advancing high-quality energy collaboration under the Belt and Road Initiative. The Company optimized its global business layout, driving new breakthroughs and achievements in international operations.

Overseas Oil and Gas Exploration and Development

By the end of 2024, Sinopec had operated 48 oil and gas exploration and development projects across 23 countries, maintaining a diversified global portfolio of onshore and offshore projects spanning conventional and unconventional resources. Throughout the year, the Company deepened efforts to increase reserves and production. We Completed 1,006 km of 2D seismic data acquisition and drilled 44 exploration wells, adding 5.11 million tonnes of oil equivalent in 2P reserves and 2C resources. We drilled 466 development wells, adding 2.18 million tonnes of equity production capacity. The Company realized 26.52 million tonnes of oil equivalent in overseas equity production, including 18.10 million tonnes of crude oil and 9.78 billion cubic meters of natural gas. Sinopec continued optimizing its asset portfolio, securing seven new projects through agreements or transactions in 2024. The Company also streamlined operations by divesting underperforming assets, such as the Kazakhstan ARMAN project.

Overseas Petroleum Engineering Technical Services

By the end of 2024, we had carried out petroleum services in 29 countries, with 357 contracts under execution and a total contract value of USD 18.07 billion. We achieved integrated and synchronized development of wellbore business and geophysical exploration, surface construction, and geological engineering. In 2024, we signed 95 new contracts with a total value of USD 3.42 billion , while 47 contracts worth USD 2.56 billion were completed. In the Middle East market, major projects were kicked off and ongoing projects operated safely and efficiently, with multiple business qualifications obtained in Kuwait including geophysical exploration and drilling fluids. In the Latin American market, the HUELITLI 3D Project, recognized as the most challenging geophysical project in Mexico's petroleum history, was completed ahead of schedule, and the geological-engineering integration project in Ecuador achieved record-high productions.

Overseas Cooperation and JV in Refining, Marketing, Chemical and Storage

By the end of 2024, the Company had invested in 9 refining and storage projects across 7 countries and regions, including the Hong Kong Special Administrative Region, with overseas annual equity capacities of 7.5 million tonnes in terms of refining, 1.61 million cubic meters of storage, 160 thousand tonnes of lubricant and grease, and 11.9 thousand tonnes of nitrile rubber production. In 2024, the overseas business progressed steadily. The company efficiently completed the Final Investment Decision (FID) and government approvals for the polyethylene project in Kazakhstan, finalized the feasibility study for the Yasref+ Project in Saudi Arabia and signed the framework agreement, and further expanded the capacity of the Singapore lubricant plant.

By the end of 2024, Sinopec had operated 239 gas stations in 5 countries and regions, including the Hong Kong Special Administrative Region. Notably, 2024 witnessed Sinopec's entry into Australia's refined products retail market and the addition of four new gas stations in Singapore and Thailand.

Overseas Refining and Petrochemical Engineering Services

By the end of 2024, we had operated refining and petrochemical service projects in 14 countries, with 72 contracts under execution and a total contract value of USD 11.93 billion. In 2024, the Company signed 86 new contracts with a contract value of USD 8.03 billion, reaching a new historical high. We completed 38 contracts with a contract value of USD 1.7 billion. We continued to consolidate our market base in key regions such as the Middle East and made new progress in moving towards high-end business. The first overseas PMC project was implemented successfully and highly recognized by the client. Significant breakthroughs were achieved in licensing high-end polyolefin and aromatics production process technologies.

International Trade

In 2024, our international oil and gas trade volume reached 353 million tonnes. Crude oil trade accounted for 333 million tonnes, comprising 225 million tonnes of import and 108 million tonnes of third-party trading. LNG accounted for 19.93 million tonnes (equivalent to 27.11 billion cubic meters), with 13.86 million tonnes (18.84 billion cubic meters) imported and 6.08 million tonnes (8.27 billion cubic meters) traded through third-parties. The Company strengthened its LNG portfolio by securing premium long-term resources through a framework agreement with TotalEnergies' resource pool.

Trade volume for refined oil products reached 57.41 million tonnes, including 680 thousand tonnes of import, 16.35 million tonnes of export, and 40.38 million tonnes for third-party trading, becoming the largest supplier of refined products in many ASEAN member countries and a key player in European and African markets.

Overseas trade volume of chemical products reached 7.84 million tonnes, lubricants totaled 292 thousand tonnes, fuel oil was 15.23 million tonnes, refining by-products contributed 1.41 million tonnes, and catalysts saw 26.5 thousand tonnes distributed internationally. Foreign trade of equipment and materials totaled USD 552 million , while transactions on the EPEC International Platform amounted to USD 5.62 million.

Domestic Joint Ventures with International Partners

The Company was committed to the national policy of high-level opening-up and consolidated partnership with foreign investors, actively advancing Sino-foreign cooperative projects to drive Sinopec's refining and chemical industries focusing on high value-added businesses. In 2024, groundbreaking ceremonies were held for the Gulei Phase II Project and the YPC-BYC Light Hydrocarbon Utilization Project, while the Tianjin Nangang Chemical Project, jointly developed with INEOS, achieved smooth commissioning.

We continued to strengthen Sino-foreign cooperation in domestic oil and gas exploration and development. In 2024, the deep coalbed methane exploration in the Sanjiaobei Block made a significant breakthrough, adding 92.98 billion cubic meters of resource in place and 44.63 billion cubic meters of recoverable reserves. Full-process management of the Chengdao West Project was intensified to enhance safe and clean production. By the end of 2024, joint venture projects had cumulatively produced 11.37 million tonnes of crude oil and 1.16 billion cubic meters of natural gas.