China petroleum giant set to invest $31 billion in oil, gas this year

According to a business statement filed by the Shanghai Stock Exchange on Sunday, inopec aims to spend 198 billion yuan ($31.10 billion) in 2022, up 18 percent from the previous year and breaking the previous record of 181.7 billion yuan established in 2013.

After posting its largest profit in a decade, China Petroleum & Chemical Corp, or Sinopec, is projecting its highest capital investment in history for 2022, repeating Beijing’s urge for energy companies to increase output.


It intends to invest 81.5 billion yuan in upstream exploitation, particularly in the crude oil bases in the Shunbei and Tahe areas, as well as in natural gas resources in Sichuan province and the Inner Mongolia region.

It also spoke of the possible effects of geopolitical problems and unpredictable oil prices on foreign investment and operations. However, no specific project was mentioned by the business.

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