Sinopec plans biggest ever capital expenditure

Huge profits: An employee walks on top of an oil tank at a Sinopec refinery in Wuhan. The company has recorded a stellar financial performance. — Reuters

BEIJING: China Petroleum & Chemical Corp, better known as Sinopec, is planning its highest capital investment in history for 2022 after recording its best profit in a decade, echoing Beijing’s call for energy companies to raise production.

Sinopec expects to spend 198 billion yuan (US$31bil or RM130.6bil) in 2022, up 18% from a year ago, beating the previous record of 181.7 billion yuan (RM120bil) set in 2013, according to a company statement filed to the Shanghai Stocks Exchange on Sunday.