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

China's ​Sinopec Corp 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%. 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.

China's ​Sinopec Corp 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)