REFILE-Sinopec refineries cut Q1 production, LNG import business incurs $121 mln loss

ReutersApr 29, 2026 4:13 AM

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SINGAPORE, April 29 (Reuters) - China's Sinopec Corp 600688.SS said on Wednesday its refineries cut production by around 7.6 percentage points on an annualised basis in the first quarter of 2026, with utilisation rates averaging around 83%.

Formerly known as China Petroleum & Chemical Corp, Sinopec's ethylene utilisation rate stood at 89% in the first quarter, 1.5 percentage points lower year on year, a company executive said.

China's ethylene consumption is forecast to rise 2.7% in 2026 and remain under pressure due to surging feedstock costs during the Iran war, the executive added.

Sinopec's first-quarter liquefied natural gas import business incurred an 830 million yuan ($121.46 million) loss due to reduced supplies under term supplies and higher spot imports, the executive said.

($1 = 6.8335 Chinese yuan)

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