The company saw profit slip last year on the “sluggish” oil price, despite a strong performance in divisions other than upstream.
Sinopec is aiming for capex this year of 100.4 billion yuan ($15.42 billion), a 10.6% drop from the 112.25 billion yuan spent last year.
Exploration and production spending this year is set to hit 47.9 billion yuan, down on the 54.71
