China's Top Refiner Shifts Strategy as Domestic Fuel Sales Decline

Source Summary

China Petroleum & Chemical Corporation (Sinopec), the world's largest oil refiner, is pursuing a business transformation as domestic fuel sales reach their lowest level in nearly a decade due to the electric vehicle boom. The company plans to allocate more capital to new energy and chemicals by the end of the decade to boost revenues and profits. Management has acknowledged that the company's size limits its ability to respond quickly to market changes.