Total processing volume grew continuously. The company seized the favorable
opportunity to create efficiency, actively overcame the structural contradiction
between centralized maintenance and quarterly supply & demand of the refined oil
products, optimized the allocation of domestic and foreign markets, gave full play
to the advantage of the integrated refining and marketing industry chain, actively
supported sales to expand the market, fully guaranteed the supply of chemical raw
materials, and achieved a substantial increase in the total refining and processing
volume. The annual crude processing volume was 250 million tonnes, increased by
4.44 million tonnes year on year, up by 1.8%. The output of refined oil products
was 160 million tonnes, up by 3.4%. The export volume of refined oil products reached
26.5 million tonnes, up by 18%.
The product slate was optimized and efficiency was increased. We strengthened
the linkage between production and marketing, paid close attention to the trend
of domestic consumption for refined oil products, timely seized the opportunity
in markets, optimized and adjusted the production ratio between diesel and gasoline,
increased the supply of gasoline and jet fuel, promoted the production of light
chemical fuels, and ensured the demand for chemical raw materials. The output of
light chemical yield increased by 3.1%, and the self-supply rate of chemical feedstock
reached 94.3%. In 2019, our gasoline production increased by 2.6% and jet fuel production
was up by 7.8%. In 2019, the optimization of product structure realized a revenue
increase of 1.63 billion yuan.
Quality and efficiency steadily improved. We made solid progress in structural
adjustment and enhanced the overall competitiveness of the industrial chain. Mid-term
turnover was realized in the Zhongke Refining and Chemical Integration Refining
Project. Zhenhai boiling-bed hydrogenation and Luoyang catalytic capacity expansion
projects were put into operation, and a batch of alkylation units such as Jiujiang
were completed and put into operation. Jingmen 550,000 tpa lubricant hydrogenation
unit was put into operation, and the production of special products got prepared.
We sped up the construction of export-supporting facilities for refined oil products
and completed the construction for export capacity in advance. The company seized
the market opportunity and completed the construction for production capacity of
low sulfur heavy bunker fuel.