China Petroleum and Chemical Corporation (Sinopec) published their 2006 annual report on April 10. In 2006, the company recorded a principal business income of 1.044579 trillion yuan, up 30.72 percent from 2005, and a net profit of 50.664 billion yuan, up 28.08 percent. The directors of Sinopec also announced share dividends ¨C 0.15 yuan per share.

Speaking about the 2006 report, Chen Tonghai, the chairman of Sinopec, said that after many years of hard work, the company has finally made a breakthrough both in theory and practice in marine stratum exploration. It has found a super-large marine stratum gas field in the northeast of Sichuan Province, where it will establish an important resource base for the company's development.

The company has realized an increase in reserves and output. The company's oil output now exceeds 40 million tons; its refined oil output is the third highest in the world; its ethylene output the fourth highest in the world; the sales network for finished oil is continually being improved; and the number of self-service gas stations has reached 28,000, the third largest in the world.