SEHK:386Oil and Gas
China Petroleum & Chemical (SEHK:386) Is Up 6.3% After Mixed 2025 Output Shift Toward Petrochemicals – Has The Bull Case Changed?
In January 2026, China Petroleum & Chemical Corporation reported its 2025 operating results, showing slightly higher crude oil and natural gas production but lower refinery throughput and reduced gasoline and diesel output compared with the prior year.
An interesting shift emerged in the product mix, with jet-fuel-related kerosene, light chemical feedstocks, ethylene, and synthetic resins all increasing, while domestic refined oil product sales volumes declined.
We’ll now examine how this...