China Petroleum and Chemical Corporation, or Sinopec, the country's largest oil refiner, said on Sunday its net profits in 2012 dropped 14.8 percent year-on-year to 66.8 billion yuan ($10.65 billion). [Huang Jiexian / Asianewsphoto]

BEIJING -- China Petroleum and Chemical Corporation, or?Sinopec, the country's largest oil refiner, said on Sunday its net profits in 2012 dropped 14.8 percent year-on-year to 66.8 billion yuan ($10.65 billion).

Business revenues amounted to 2.73 trillion yuan last year, an increase of 11 percent year-on-year as calculated according to the international financial reporting standards, the company said in a statement filing to the Shanghai Stock Exchange.

By the Chinese reporting standards, Sinopec's net profit fell 11.4 percent to 63.5 billion yuan last year, mainly driven by the prospecting and extracting operations.

The refinery sector saw losses of 11.95 billion yuan during the period, narrowing from the 37.61 billion yuan in 2011, according to the report.

In 2012, Sinopec produced 328.28 million barrels of crude oil, among which 306 million are from explorations in China.

The company forecast it will produce 46.43 million tonnes of crude oil and 18.1 billion cubic meters of natural gas this year.

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