(Yicai Global) March 28 -- Shares of China Petroleum and Chemical, also known as Sinopec, rose after Asia’s largest oil refiner posted a CNY71.2 billion (USD11.2 billion) profit for last year, the most since 2011, thanks to higher crude oil prices.

Sinopec [SHA: 600028] closed 3.1 percent up at CNY4.29 (67 US cents) in Shanghai today. Its Hong Kong-traded stock [HKG: 0386] gained 4 percent to end at HKD3.86 (49 US cents).

Net profit surged 114 percent in the year ended Dec. 31, the Beijing-based company said in its latest earnings report released yesterday. Revenue jumped 30 percent to CNY1.7 trillion (USD430 billion). Both hitting the highest levels since 2011.

Sinpoec pumped 479.7 million barrels of oil and gas equivalent in 2021, versus 459 million barrels the previous year, the firm said. Its domestic oil production was unchanged at 249.6 million barrels, while natural gas output rose 12 percent to nearly 1.2 trillion cubic feet.

Sinopec processed 255 million tons of crude oil and 146 million tons of refined oil, up 7.8 percent and 3.3 percent, respectively, and sold 221 million tons of refined oil, versus 218 million in 2020.

The company did not issue guidance for this year, but it did release production and sales targets. Sinopec aims to produce 281.2 million barrels of crude oil this year and almost 1.26 trillion cubic feet of natural gas, process 258 million tons of crude oil, and output 147 million tons of refined oil.

China Petroleum and Chemical is a listed unit of China’s largest state-owned petrochemicals company Sinopec Group.

Editor: Futura Costaglione