In 2014, the Company adjusted its
product mix in response to the market,
increasing production of oil products
and high-value-added products for which
demand was strong, such as gasoline
(especially high-octane gasoline) and
jet fuel, further decreasing the diesel to
gasoline ratio. We accelerated the quality
upgrade of oil products, increasing
production of GB IV automotive diesel,
with some regions gasoline and diesel
upgraded to GB V standard. We effectively
controlled costs through improvements
in resource allocation, optimising
selection of oil to be processed, as well
as inventory management. Through
tapping our well established advantages
in specialisation, margins of lubricants,
liquefied petroleum gas (LPG) and
asphalt further improved, delivering good
economic returns. In 2014, we processed
235 million tonnes of crude oil, up
by 1.5% from the previous year, and
produced 146 million tonnes of refined
oil products, up by 4.2%.