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International
Operations

International Oil and Gas E&P

By the end of 2020, we had 46 overseas oil and gas exploration and production projects in 24 countries. A comprehensive overseas oil and gas strategic layout had initially come into shape featuring simultaneous development of oil and gas as well as of offshore and onshore, and diversification of conventional and unconventional resources. Efforts were made to develop the potential resources and good results were yielded through exploration. Throughout the year, we completed 2,800 square kilometers of 3D seismic acquisition, drilled 29 exploration wells and evaluation wells with a success rate of 83% and had oil and gas discoveries in regions like Egypt, Ecuador, Brazil, Angola and Russia. Newly-added 2P reserve and 2C resource reached 7.33 million tonnes of oil equivalent. Development and production remained stable. Altogether we drilled 390 new wells (including projects with equity participation), put 505 new wells into production, and built 3.32 million tonnes of equity capacity. We stepped up efforts in new project development and existing asset management to promote asset portfolio optimization. We vigorously reduced cost, increased efficiency and strengthened risk prevention and control. Our international upstream business was showing steady progress, quality improvement and good momentum.

International Oilfield Services

We focused our efforts in cultivating key markets to further consolidate our position in traditional markets. Our profits were outstanding in major markets such as Saudi Arabia and Kuwait with efficient and stable project operations. By the end of 2020, we had executed 397 oilfield serviced projects (contracts) in 37 countries, with a total contract value of USD 16.27 billion. In 2020, the contract value of new orders was USD 2.68 billion and the completed contract value was USD 1.7 billion.

International Refining & Chemical Engineering Services

We made timely adjustment to our international market development strategy and turned challenges to opportunities. In 2020, the value for completed contracts was USD 807 million. The number of newly-signed overseas contracts was 39 with a total value of USD 1.537 billion. Our projects progressed on schedule smoothly and yielded good results through proper contract management. By the end of 2020, we had executed 55 refining &chemical engineering projects in 16 countries with a total contract value of USD 5.477 billion.

International Refining & Chemical Joint Ventures

In 2020, we completed the deal of Amur gas chemical complex (AGCC) project in Russia. Operation was steady and smooth for YASREF in Saudi Arabia, the equity participation project in Sibur in Russia, Krasnoyarskiy NBR JV project in Russia, the lubricants plant and supporting jetty project in Singapore, the Fujairah storage project in UAE, and VESTA storage project in the Netherlands. By the end of 2020, our cumulative initial investment had reached USD 4.7 billion and possessed overseas refining capacity of 7.5 million tonnes/year, storage capacity of 1.36 million cubic meters, lubricant grease production capacity of 80 thousand tonnes/year and NBR production capacity of 10.5 thousand tonnes/year. Key projects like SEBS project in Russia and refining and marketing project in Thailand were advanced as planned.

International Joint Venture Cooperation in China

In response to the requirements of opening to the outside world at a higher level and "stabilizing foreign investment", we actively promoted the implementation of key international joint venture cooperation in China. We accelerated the development of new projects including signing strategic cooperation memorandum with INEOS and proceeding with a package of cooperation projects such as introducing foreign capital into domestic refining and chemical assets. We further expanded the cooperation of existing joint ventures, carrying out a number of new projects such as central waste gas treatment of BASF-YPC (BYC) and commencing the feasibility study of IPS III project in BYC. A batch of new chemical projects were implemented, such as the second PO/SM joint venture project between ZRCC and LyondellBasell as well as and cooperation with Arlanxeo in rubber.

International Trade

We imported 209.6 million tonnes of crude oil in 2020. Total oil product export was 16.3 million tonnes. We seized the favorable opportunities in global LNG market and procured more spot LNG to dilute the overall import cost so as to achieve the double increase in both volume and profitability. LNG import of the year stood at 17.47 million tonnes, equaling to 24.6 billion cubic meters of natural gas which rose by 2.98 billion cubic meters or 13.8%.

The realized annual international trade value for equipment and materials (petroleum machinery), coal, and by-products in refining and marketing segments reached USD 1.654 billion. Transaction value on the EPEC international business platform reached USD 14.534 billion. We established cooperation with 125 suppliers and 154 purchasers in 59 countries along the Belt and Road and realized industrial trade worth of USD 4.941 billion. Our trade value with BRICS countries was USD 1.235 billion. The chemical sales business overcome the adverse impact of the pandemic and saw increase in its overseas market. The annual overseas trade value of chemical business was USD 3.42 billion with a total business volume of 7.236 million tonnes and that of catalyst products was USD 75 million with a total business volume of 23 thousand tonnes. The polyolefin catalyst business successfully entered new markets in South Korea, Indonesia and Kuwait. The fuel oil business accomplished the plan for the global bunker fuel network and stepped up the progress for putting its Sri Lanka branch into operation. The lubricant business stepped up efforts in developing global renowned corporate clients and continuously promoted its brand recognition around the world.

Our Operations Outside China's Mainland (including Hongkong, Macau and Taiwan)
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