China Petroleum and Chemical Corp.(Sinopec), the nation's largest oil refiner, said Friday that it processed 168.8 million tons of crude oil in 2008, up 4.49 percent year-on-year.

The company, which is also a leading oil producer, said in a preliminary report that its crude oil output rose 1.76 percent to 296.8 million barrels.

Gasoline output rose 11.97 percent to 29.09 million tons, with diesel production up 10.12 percent to 68.78 million tons. Sinopec also said:

-- Natural gas production rose 3.71 percent to 293 billion cubic meters.

-- Synthetic rubber and urea output rose 4.25 percent and 5.37 percent, respectively.

-- Ethylene output fell 3.75 percent to 6.3 million tons. Production of synthetic resins and synthetic fibers declined 0.88 percent and 11.39 percent, respectively.

-- Domestic sales of refined oil products rose 3 percent to 123million tons.

In a discussion of the data, Sinopec noted that oil product supplies were tight during the first three quarters of 2008, as local refineries reduced or stopped production in response to government price ceilings.

On Thursday, Sinopec announced preliminary 2008 results. It said net profit was expected to decline by more than 50 percent, reflecting huge refining losses caused by high world oil prices earlier in 2008 and low fixed selling prices.

Declining demand and prices for chemicals in the second half also hurt profitability, it said.

Net 2007 profit was 56.53 billion yuan (8.3 billion U.S. dollars).

Listed in Hong Kong, New York, London and Shanghai, Sinopec is also a leading oil refiner in Asia.

Source:Xinhua