China Petroleum & Chemical (SNPMF) 20-F 20 Apr 21 2020 FY Annual report (foreign) Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION	12 Months Ended
	Dec. 31, 2020shares
Class of Shares
Entity Central Index Key	0001123658
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Entity Registrant Name	CHINA PETROLEUM & CHEMICAL CORPORATION
Entity Incorporation, State or Country Code	F4
Document Period End Date	Dec. 31, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Filer Category	Large Accelerated Filer
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
ICFR Auditor Attestation Flag	true
H shares
Class of Shares
Entity Common Stock, Shares Outstanding	25,513,438,600
A shares
Class of Shares
Entity Common Stock, Shares Outstanding	95,557,771,046

CONSOLIDATED INCOME STATEMENT

CONSOLIDATED INCOME STATEMENT - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating revenues
Sales of goods and other operating revenues	¥ 2,049,456	¥ 2,899,682	¥ 2,822,375
Other operating revenues	56,528	60,117	59,702
Operating revenues	2,105,984	2,959,799	2,882,077
Operating expenses
Purchased crude oil, products and operating supplies and expenses	(1,594,130)	(2,370,699)	(2,279,844)
Selling, general and administrative expenses	(55,315)	(55,438)	(65,770)
Depreciation, depletion and amortization	(106,965)	(109,172)	(110,344)
Exploration expenses, including dry holes	(9,716)	(10,510)	(10,744)
Personnel expenses	(86,006)	(82,743)	(78,967)
Taxes other than income tax	(234,947)	(244,517)	(248,587)
Other operating expense, net	(5,712)	(346)	(5,257)
Total operating expenses	(2,092,791)	(2,873,425)	(2,799,513)
Operating income	13,193	86,374	82,564
Finance costs
Interest expense	(15,194)	(17,088)	(7,396)
Interest income	4,803	7,210	7,730
Foreign currency exchange gains/(losses), net	885	(170)	596
Net finance costs	(9,506)	(10,048)	930
Investment income	37,744	919	1,871
Share of profits less losses from associates and joint ventures	6,712	12,777	13,974
Earnings before income tax	48,143	90,022	99,339
Income tax expense	(6,219)	(17,939)	(20,278)
Net income	41,924	72,083	79,061
Attributable to:
Net income attributable to owners of the Company	33,096	57,493	61,708
Non-controlling interests	8,828	14,590	17,353
Net income	¥ 41,924	¥ 72,083	¥ 79,061
Earnings per share:
Basic	¥ 0.27	¥ 0.48	¥ 0.51
Diluted	¥ 0.27	¥ 0.48	¥ 0.51

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Net income	¥ 41,924	¥ 72,083	¥ 79,061
Items that may not be reclassified subsequently to profit or loss
Equity investments at fair value through other comprehensive income	(22)	(31)	(53)
Total items that may not be reclassified subsequently to profit or loss	(22)	(31)	(53)
Items that may be reclassified subsequently to profit or loss
Fair value hedges	162	0	0
Share of other comprehensive loss of associates and joint ventures	(2,441)	(810)	(229)
Cash flow hedges	7,073	4,941	(9,741)
Foreign currency translation differences	(4,457)	1,480	3,399
Total items that may be reclassified subsequently to profit or loss	337	5,611	(6,571)
Total other comprehensive (loss)/income	315	5,580	(6,624)
Total comprehensive income/(loss) for the year	42,239	77,663	72,437
Attributable to:
Owners of the Company	34,490	62,908	54,090
Non-controlling interests	7,749	14,755	18,347
Total comprehensive income/(loss) for the year	¥ 42,239	¥ 77,663	¥ 72,437

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET - CNY (¥) ¥ in Millions	Dec. 31, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	¥ 87,559	¥ 60,438
Time deposits with financial institutions	100,498	67,614
Financial assets at fair value through profit or loss	1	3,319
Derivatives financial assets	12,528	837
Trade accounts receivable	35,587	54,375
Financial assets at fair value through other comprehensive income	8,735	8,661
Inventories	151,895	194,142
Prepaid expenses and other current assets	58,592	57,924
Total current assets	455,395	447,310
Non-current assets
Property, plant and equipment, net	589,247	625,692
Construction in progress	124,765	173,872
Right-of-use assets	266,368	267,937
Goodwill	8,620	8,697
Interest in associates	136,163	95,737
Interest in joint ventures	52,179	56,467
Financial assets at fair value through other comprehensive income	1,525	1,521
Deferred tax assets	25,054	17,616
Long-term prepayments and other assets	74,489	65,437
Total non-current assets	1,278,410	1,312,976
Total assets	1,733,805	1,760,286
Current liabilities
Short-term debts	23,769	40,521
Loans from Sinopec Group Company and fellow subsidiaries	5,264	43,289
Lease liabilities	15,292	15,198
Derivatives financial liabilities	4,826	2,729
Trade accounts payable and bills payable	161,656	200,023
Contract liabilities	126,160	126,833
Other payables	178,637	148,118
Income tax payable	6,586	3,267
Total current liabilities	522,190	579,978
Non-current liabilities
Long-term debts	72,037	49,208
Loans from Sinopec Group Company and fellow subsidiaries	11,778	9,626
Lease liabilities	172,306	177,674
Deferred tax liabilities	8,124	6,809
Provisions	45,552	43,163
Other long-term liabilities	18,960	16,524
Total non-current liabilities	328,757	303,004
Total liabilities	850,947	882,982
Equity
Share capital	121,071	121,071
Reserves	620,423	617,875
Total equity attributable to owners of the Company	741,494	738,946
Non-controlling interests	141,364	138,358
Total equity	882,858	877,304
Total liabilities and equity	¥ 1,733,805	¥ 1,760,286

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - CNY (¥) ¥ in Millions	Share capital	Capital reserve	Share premium	Statutory surplus reserve	Discretionary surplus reserve	Other reserves	Retained earnings	Total equity attributable to owners of the Company	Non-controlling interests	Total
Change in accounting policy						¥ (12)	¥ 12
Contribution from SAMC in the Acquisition of Baling Branch of SAMC (Note 35)		¥ 905					(25)	¥ 880	¥ 739	¥ 1,619
Balance at January 1, 2018	¥ 121,071	27,231	¥ 55,850	¥ 82,682	¥ 117,000	(2,946)	326,112	727,000	127,509	854,509
Balance at beginning of year at Dec. 31, 2017	121,071	26,326	55,850	82,682	117,000	(2,934)	326,125	726,120	126,770	852,890
Net income							61,708	61,708	17,353	79,061
Other comprehensive (loss)/income (Note 12)						(7,618)		(7,618)	994	(6,624)
Total comprehensive income/(loss) for the year						(7,618)	61,708	54,090	18,347	72,437
Amounts transferred to initial carrying amount of hedged items						5,269		5,269		5,269
Contributions by and distributions to owners:
Final dividend							(48,428)	(48,428)		(48,428)
Interim dividend							(19,371)	(19,371)		(19,371)
Appropriation (Note 43 (c))				3,996			(3,996)
Distributions to non-controlling interests									(7,476)	(7,476)
Contributions to subsidiaries from non-controlling interests									2,060	2,060
Total contributions by and distributions to owners				3,996			(71,795)	(67,799)	(5,416)	(73,215)
Transaction with non-controlling interests		(12)						(12)	(299)	(311)
Total transactions with owners		(12)		3,996			(71,795)	(67,811)	(5,715)	(73,526)
Others		(431)				818	(858)	(471)	(220)	(691)
Balance at end of year at Dec. 31, 2018	121,071	26,788	55,850	86,678	117,000	(4,477)	315,167	718,077	139,921	857,998
Net income							57,493	57,493	14,590	72,083
Other comprehensive (loss)/income (Note 12)						5,415		5,415	165	5,580
Total comprehensive income/(loss) for the year						5,415	57,493	62,908	14,755	77,663
Amounts transferred to initial carrying amount of hedged items						1,038		1,038	55	1,093
Contributions by and distributions to owners:
Final dividend							(31,479)	(31,479)		(31,479)
Interim dividend							(14,529)	(14,529)		(14,529)
Appropriation (Note 43 (c))				3,745			(3,745)
Distributions to non-controlling interests									(18,989)	(18,989)
Contributions to subsidiaries from non-controlling interests									5,495	5,495
Total contributions by and distributions to owners				3,745			(49,753)	(46,008)	(13,494)	(59,502)
Transaction with non-controlling interests		2,933						2,933	(2,933)
Total transactions with owners		2,933		3,745			(49,753)	(43,075)	(16,427)	(59,502)
Others		9				(35)	24	(2)	54	52
Balance at end of year at Dec. 31, 2019	121,071	29,730	55,850	90,423	117,000	1,941	322,931	738,946	138,358	877,304
Net income							33,096	33,096	8,828	41,924
Other comprehensive (loss)/income (Note 12)						1,406	(12)	1,394	(1,079)	315
Total comprehensive income/(loss) for the year						1,406	33,084	34,490	7,749	42,239
Amounts transferred to initial carrying amount of hedged items						(47)		(47)	48	1
Contributions by and distributions to owners:
Final dividend							(23,004)	(23,004)		(23,004)
Interim dividend							(8,475)	(8,475)		(8,475)
Appropriation (Note 43 (c))				1,857			(1,857)
Distributions to non-controlling interests									(6,726)	(6,726)
Contributions to subsidiaries from non-controlling interests									3,325	3,325
Distribution to SAMC in the Acquisition of Baling Branch of SAMC (Note 35)		(972)						(972)	972
Total contributions by and distributions to owners		(972)		1,857			(33,336)	(32,451)	(2,429)	(34,880)
Transaction with non-controlling interests		(138)						(138)	13	(125)
Total transactions with owners		(1,110)		1,857			(33,336)	(32,589)	(2,416)	(35,005)
Others	0	812	0	0	0	200	(318)	694	(2,375)	(1,681)
Balance at end of year at Dec. 31, 2020	¥ 121,071	¥ 29,432	¥ 55,850	¥ 92,280	¥ 117,000	¥ 3,500	¥ 322,361	¥ 741,494	¥ 141,364	¥ 882,858

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CONSOLIDATED STATEMENT OF CASH FLOWS
Net cash generated from operating activities	¥ 167,518	¥ 153,619	¥ 175,937
Investing activities
Capital expenditure	(117,874)	(130,057)	(94,848)
Exploratory wells expenditure	(13,315)	(11,497)	(8,261)
Purchase of investments, investments in associates and investments in joint ventures	(6,040)	(3,483)	(10,116)
Payment for financial assets at fair value through profit or loss	(6,700)	(12,851)	(29,550)
Proceeds from sale of financial assets at fair value through profit or loss	10,000	35,292	55,000
Payment for acquisition of subsidiary, net of cash acquired	(340)	(1,031)	(3,188)
Proceeds from disposal of investments and investments in associates	51,520	704	1,557
Proceeds from disposal of property, plant, equipment and other non-current assets	2,656	709	9,671
Increase in time deposits with maturities over three months	(84,689)	(103,231)	(81,708)
Decrease in time deposits with maturities over three months	54,950	90,710	78,401
Interest received	2,305	7,094	5,810
Investment and dividend income received	11,510	10,272	10,720
Repayments of other investing activities	(6,186)	(3,682)	(136)
Net cash used in investing activities	(102,203)	(121,051)	(66,648)
Financing activities
Proceeds from bank and other loans	558,680	602,467	749,155
Repayments of bank and other loans	(540,015)	(614,108)	(774,572)
Contributions to subsidiaries from non-controlling interests	4,219	3,919	1,989
Dividend paid by the Company	(31,479)	(46,008)	(67,799)
Distributions by subsidiaries to non-controlling interests	(4,157)	(7,357)	(13,702)
Interest paid	(7,508)	(6,250)	(6,064)
Payments made to acquire non-controlling interests	(1,121)	(8)	(160)
Repayments of lease liabilities (2018: Finance lease payment)	(15,327)	(16,859)	(86)
Proceeds from other financing activities	514	320
Repayments of other financing activities	(761)	(320)	(30)
Net cash used in financing activities	(36,955)	(84,204)	(111,269)
Net (decrease)/increase in cash and cash equivalents	28,360	(51,636)	(1,980)
Balance at beginning of period	60,438	111,927	113,389
Effect of foreign currency exchange rate changes	(1,239)	147	518
Balance at end of period	87,559	60,438	111,927
Operating activities
Earnings before income tax	48,143	90,022	99,339
Adjustments for:
Depreciation, depletion and amortization	106,965	109,172	110,344
Dry hole costs written off	5,928	5,831	6,921
Income from associates and joint ventures	(6,712)	(12,777)	(13,974)
Investment income	(37,744)	(919)	(1,871)
Interest income	(3,433)	(7,210)	(7,730)
Interest expense	14,449	17,088	7,396
(Gain)/Loss on foreign currency exchange rate changes and derivative financial instruments	2,003	3,624	(1,835)
Loss/(gain) on disposal of property, plant, equipment and other non-current assets, net	(398)	1,829	1,501
Impairment losses on assets	26,018	1,779	11,613
Credit impairment losses	2,066	1,264	140
Cash flows from (used in) operations before changes in working capital	157,285	209,703	211,844
Net changes from:
Accounts receivable and other current assets	(17,623)	(11,915)	(1,008)
Inventories	22,703	(9,748)	(2,670)
Accounts payable and other current liabilities	14,175	(14,898)	844
Net charges from operating activities	176,540	173,142	209,010
Income tax paid	(9,022)	(19,523)	(33,073)
Net cash generated from operating activities	¥ 167,518	¥ 153,619	¥ 175,937

PRINCIPAL ACTIVITIES, ORGANIZAT

PRINCIPAL ACTIVITIES, ORGANIZATION AND BASIS OF PREPARATION	12 Months Ended
	Dec. 31, 2020
PRINCIPAL ACTIVITIES, ORGANIZATION AND BASIS OF PREPARATION
PRINCIPAL ACTIVITIES, ORGANIZATION AND BASIS OF PREPARATION	1 PRINCIPAL ACTIVITIES, ORGANIZATION AND BASIS OF PREPARATION Principal activities China Petroleum & Chemical Corporation (the “Company”) is an energy and chemical company that, through its subsidiaries (hereinafter collectively referred to as the “Group”), engages in oil and gas and chemical operations in the People’s Republic of China (the “PRC”). Oil and gas operations consist of exploring for, developing and producing crude oil and natural gas; transporting crude oil and natural gas by pipelines; refining crude oil into finished petroleum products; and marketing crude oil, natural gas and refined petroleum products. Chemical operations include the manufacture and marketing of a wide range of chemicals for industrial uses. Organization The Company was established in the PRC on February 25, 2000 as a joint stock limited company as part of the reorganization (the “Reorganization”) of China Petrochemical Corporation (“Sinopec Group Company”), the ultimate holding company of the Group and a ministry-level enterprise under the direct supervision of the State Council of the PRC. Prior to the incorporation of the Company, the oil and gas and chemical operations of the Group were carried on by oil administration bureaux, petrochemical and refining production enterprises and sales and marketing companies of Sinopec Group Company. As part of the Reorganization, certain of Sinopec Group Company’s core oil and gas and chemical operations and businesses together with the related assets and liabilities were transferred to the Company. On February 25, 2000, in consideration for Sinopec Group Company transferring such oil and gas and chemical operations and businesses and the related assets and liabilities to the Company, the Company issued 68.8 billion domestic state-owned ordinary shares with a par value of RMB 1.00 each to Sinopec Group Company. The shares issued to Sinopec Group Company on February 25, 2000 represented the entire registered and issued share capital of the Company as of that date. The oil and gas and chemical operations and businesses transferred to the Company were related to (i) the exploration, development and production of crude oil and natural gas, (ii) the refining, transportation, storage and marketing of crude oil and petroleum products, and (iii) the production and sales of chemicals. Basis of preparation The accompanying consolidated financial statements have been prepared in accordance with all applicable International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). IFRS includes International Accounting Standards (“IAS”) and related interpretations (“IFRIC”). A summary of the significant accounting policies adopted by the Group are set out in Note 2. The accompanying financial statements were authorized for issue by the Board of Directors on March 26, 2021. The accounting policies adopted are consistent with those of the previous financial year, except for the adoption of new and amended standards as set out below. (a) New and amended standards and interpretations adopted by the Group On 28 May 2020, the IASB published IFRS 16 COVID-19-Related Rent Concessions Amendment, which has no material impact on the Group for 31 December 2020 reporting periods. A number of new or amended standards became applicable for the current reporting period. The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these standards. The Group had changed its accounting policies as a result of adopting IFRS 16 Leases in 2019. IFRS 16 Leases - Impact of adoption The Group has adopted IFRS 16 Leases from January 1, 2019, but has not restated comparative amounts for the 2018 reporting period, as permitted under the specific transition provision in the standard. The reclassifications and the adjustments arising from IFRS 16 Leases are therefore recognized in the opening balance sheet on January 1, 2019. Lease accounting policy applied until December 31, 2018 is disclosed in Note 2(x)(iii). On adoption of IFRS 16 Leases, the Group recognized lease liabilities in relation to leases which had previously been classified as 'operating leases'. These liabilities were measured at the present value of the remaining lease payments, discounted using the lessee's incremental borrowing rate as of January 1, 2019. The lessee’s incremental borrowing rates applied to the lease liabilities on January 1, 2019 ranged from 4.35% to 4.90%. (i) In applying IFRS 16 Leases for the first time, the Group has used the following practical expedients permitted by the standard: · the use of a single discount rate to a portfolio of leases with reasonably similar characteristics, · the accounting for operating leases with a remaining lease term of less than 12 months as of January 1, 2019 as short-term leases. The Group has also elected not to reassess whether a contract is, or contains a lease at the date of initial application. (ii) RMB Operating lease commitments disclosed as of December 31, 2018 352,794 Discounted using the lessee’s incremental borrowing rate of at the date of initial application 200,867 (Less): short-term leases and low-value leases recognized on a straight-line basis as expense (2,303) Lease liabilities recognized as of January 1, 2019 198,564 Of which are: Current lease liabilities 13,894 Non-current lease liabilities 184,670 198,564 (iii) Right-of-use assets were measured at the amount equal to the lease liabilities, adjusted by the amount of any prepaid or accrued lease payments relating to that lease recognized in the balance sheet as of December 31, 2018. The recognized right-of-use assets relate to the following types of assets: January 1, 2019 December 31, 2019 RMB RMB Land 244,588 239,374 Others 27,381 28,486 Total right-of-use assets 271,969 267,860 (iv) The change in accounting policy affected the following items in the balance sheet on January 1, 2019: · right-of-use assets – increase by RMB 271,969 · lease prepayments – decrease by RMB 64,514 · prepaid expenses and other current assets – decrease by RMB 766 · long-term prepayments and other assets – decrease by RMB 8,125 · lease liabilities – increase by RMB 198,564 (v) Segment assets and segment liabilities for December 31, 2019 all increased as a result of the changes in accounting policy. The following segments were affected by the changes in accounting policy: Increase in Segment assets Segment liabilities RMB RMB Exploration and production 79,263 78,041 Refining 32,839 26,094 Marketing and distribution 120,983 62,237 Chemicals 19,124 12,252 Corporate and others 15,651 14,248 267,860 192,872 Comparative segment information has not been restated. As a consequence, the segment information disclosure for the items noted above is not entirely comparable to the information disclosed for the prior year. (b) New and amended standards and interpretations not yet adopted by the Group Certain new accounting standards and interpretations have been published that are not mandatory for December 31, 2020 reporting periods and have not been early adopted by the Group. These standards are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. The preparation of the consolidated financial statements in accordance with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Key assumptions and estimation made by management in the application of IFRS that have significant effect on the consolidated financial statements and the major sources of estimation uncertainty are disclosed in Note 41.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2020
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	2 SIGNIFICANT ACCOUNTING POLICIES (a) Basis of consolidation The consolidated financial statements comprise the Company and its subsidiaries, and interest in associates and joint ventures. (i) Subsidiaries and non-controlling interests Subsidiaries are those entities controlled by the Group. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control effectively commences until the date that control effectively ceases. Non-controlling interests at the balance sheet date, being the portion of the net assets of subsidiaries attributable to equity interests that are not owned by the Company, whether directly or indirectly through subsidiaries, are presented in the consolidated balance sheet and consolidated statement of changes in equity within equity, separately from equity attributable to the owners of the Company. Non-controlling interests in the results of the Group are presented on the face of the consolidated statement of income and the consolidated statement of comprehensive income as an allocation of the total profit or loss and total comprehensive income for the year between non-controlling interests and the owners of the Company. Changes in the Group’s interests in a subsidiary that do not result in a loss of control are accounted for as equity transactions, whereby adjustments are made to the amounts of controlling and non-controlling interests within consolidated equity to reflect the change in relative interests, but no adjustments are made to goodwill and no gain or loss is recognized. If a business combination involving entities not under common control is achieved in stages, the acquisition date carrying value of the acquirer’s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in the consolidated statement of income. When the Group loses control of a subsidiary, it is accounted for as a disposal of the entire interest in that subsidiary, with a resulting gain or loss being recognized in profit or loss. Any interest retained in that former subsidiary at the date when control is lost is recognized at fair value and this amount is regarded as the fair value on initial recognition of a financial asset (Note 2(j)) or, when appropriate, the cost on initial recognition of an investment in an associate or joint venture (Note 2(a)(ii)). In the Company’s balance sheet, investments in subsidiaries are stated at cost less impairment losses (Note 2(n)). The particulars of the Group’s principal subsidiaries are set out in Note 39. (ii) Associates and joint ventures An associate is an entity, not being a subsidiary, in which the Group exercises significant influence over its management. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. The investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations each investor has rather than the legal structure of the joint arrangement. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Investments in associates and joint ventures are accounted for in the consolidated financial statements using the equity method from the date that significant influence or joint control commences until the date that significant influence or joint control ceases. Under the equity method, the investment is initially recorded at cost and adjusted thereafter for the post acquisition change in the Group’s share of the investee’s net assets and any impairment loss relating to the investment (Notes 2(i) and (n)). The Group’s share of the post-acquisition, post-tax results of the investees and any impairment losses for the year are recognized in the consolidated statement of income, whereas the Group’s share of the post-acquisition, post-tax items of the investees’ other comprehensive income is recognized in the consolidated statement of comprehensive income. When the Group ceases to have significant influence over an associate or joint control over a joint venture, it is accounted for as a disposal of the entire interest in that investee, with a resulting gain or loss being recognized in profit or loss. Any interest retained in that former investee at the date when significant influence or joint control is lost is recognized at fair value and this amount is regarded as the fair value on initial recognition of a financial asset (see Note 2(j)) or, when appropriate, the cost on initial recognition of an investment in an associate. (iii) Transactions eliminated on consolidation Inter-company balances and transactions and any unrealized gains arising from inter-company transactions are eliminated on consolidation. Unrealized gains arising from transactions with associates and joint ventures are eliminated to the extent of the Group’s interest in the entity. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. (iv) Merger accounting for common control combination The consolidated financial statements incorporate the financial statements of the combining entities or businesses in which the common control combination occurs as if they had been combined from the date when the combining entities or businesses first came under the control of the controlling party. The net assets of the combining entities or businesses are combined using the existing book values from the controlling parties’ perspective. No amount is recognized as consideration for goodwill or excess of acquirers’ interest in the net fair value of acquiree’s identifiable assets, liabilities and contingent liabilities over cost at the time of common control combination, to the extent of the continuation of the controlling party’s interest. The consolidated statement of income includes the results of each of the combining entities or businesses from the earliest date presented or since the date when the combining entities or businesses first came under the common control, where there is a shorter period, regardless of the date of the common control combination. The comparative amounts in the consolidated financial statements are presented as if the entities or businesses had been combined at the previous balance sheet date or when they first came under common control, whichever is shorter. A uniform set of accounting policies is adopted by those entities. All intra-group transactions, balances and unrealized gains on transactions between combining entities or businesses are eliminated on consolidation. Transaction costs, including professional fees, registration fees, costs of furnishing information to shareholders, costs or losses incurred in combining operations of the previously separate businesses, etc., incurred in relation to the common control combination that is to be accounted for by using merger accounting is recognized as an expense in the period in which it is incurred. (b) Translation of foreign currencies The presentation currency of the Group is Renminbi. Foreign currency transactions during the year are translated into Renminbi at the applicable rates of exchange quoted by the People’s Bank of China (“PBOC”) prevailing on the transaction dates. Foreign currency monetary assets and liabilities are translated into Renminbi at the PBOC’s rates at the balance sheet date. Exchange differences, other than those capitalized as construction in progress, are recognized as income or expense in the “finance costs” section of the consolidated statement of income. The results of foreign operations are translated into Renminbi at the applicable rates quoted by the PBOC prevailing on the transaction dates. Balance sheet items, including goodwill arising on consolidation of foreign operations are translated into Renminbi at the closing foreign exchange rates at the balance sheet date. The income and expenses of foreign operations are translated into Renminbi at the spot exchange rates or an exchange rate that approximates the spot exchange rates on the transaction dates. The resulting exchange differences are recognized in other comprehensive income and accumulated in equity in the other reserves. On disposal of a foreign operation, the cumulative amount of the exchange differences relating to that foreign operation is reclassified from equity to the consolidated statement of income when the profit or loss on disposal is recognized. (c) Cash and cash equivalents Cash equivalents consist of time deposits with financial institutions with an initial term of less than three months when purchased. Cash equivalents are stated at cost, which approximates fair value. (d) Trade, bills and other receivables Trade, bills and other receivables are recognized initially at their transaction price, unless they contain significant financing components when they are recognized at fair value. They are subsequently measured at amortized cost using the effective interest method, less impairment losses for bad and doubtful debts (Note 2(j)). Trade, bills and other receivables are derecognized if the Group’s contractual rights to the cash flows from these financial assets expire or if the Group transfers these financial assets to another party without retaining control or substantially all risks and rewards of the assets. (e) Inventories Inventories are stated at the lower of cost and net realizable value. Cost mainly includes the cost of purchase computed using the weighted average method and, in the case of work in progress and finished goods, direct labor and an appropriate proportion of production overheads. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale. (f) Property, plant and equipment An item of property, plant and equipment is initially recorded at cost, less accumulated depreciation and impairment losses (Note 2(n)). The cost of an asset comprises its purchase price, any directly attributable costs of bringing the asset to working condition and location for its intended use. The Group recognizes in the carrying amount of an item of property, plant and equipment the cost of replacing part of such an item when that cost is incurred, when it is probable that the future economic benefits embodied with the item will flow to the Group and the cost of the item can be measured reliably. All other expenditure is recognized as an expense in the consolidated statement of income in the year in which it is incurred. Gains or losses arising from the retirement or disposal of an item of property, plant and equipment, other than oil and gas properties, are determined as the difference between the net disposal proceeds and the carrying amount of the item and are recognized as income or expense in the consolidated statement of income on the date of retirement or disposal. Depreciation is provided to write off the cost amount of items of property, plant and equipment, other than oil and gas properties, over its estimated useful life on a straight-line basis, after taking into account its estimated residual value, as follows: Estimated usage period Estimated residuals rate Buildings 12 to 50 years Equipment, machinery and others 4 to 30 years Where parts of an item of property, plant and equipment have different useful lives, the cost of the item is allocated on a reasonable basis between the parts and each part is depreciated separately. Both the useful life of an asset and its residual value, if any, are reassessed annually. (g) Oil and gas properties The Group uses the successful efforts method of accounting for its oil and gas producing activities. Under this method, costs of development wells, the related supporting equipment and proved mineral interests in properties are capitalized. The cost of exploratory wells is initially capitalized as construction in progress pending determination of whether the well has found proved reserves. The impairment of exploratory well costs occurs upon the determination that the well has not found proved reserves. The exploratory well costs are usually not carried as an asset for more than one year following completion of drilling, unless (i) the well has found a sufficient quantity of reserves to justify its completion as a producing well if the required capital expenditure is made; (ii) drilling of the additional exploratory wells is under way or firmly planned for the near future; or (iii) other activities are being undertaken to sufficiently progress the assessing of the reserves and the economic and operating viability of the project. All other exploration costs, including geological and geophysical costs, other dry hole costs and annual lease rentals to explore for or use oil and natural gas, are expensed as incurred. Capitalized costs of proved oil and gas properties are amortized on a unit-of-production method based on volumes produced and reserves. Management estimates future dismantlement costs for oil and gas properties with reference to engineering estimates after taking into consideration the anticipated method of dismantlement required in accordance with the industry practices and the future cash flows are adjusted to reflect such risks specific to the liability, as appropriate. These estimated future dismantlement costs are discounted at a pre-tax risk-free rate and are capitalized as oil and gas properties, which are subsequently amortized as part of the costs of the oil and gas properties. (h) Construction in progress Construction in progress represents buildings, oil and gas properties, various plant and equipment under construction and pending installation, and is stated at cost less impairment losses (Note 2(n)). Cost comprises direct costs of construction as well as interest charges, and foreign exchange differences on related borrowed funds to the extent that they are regarded as an adjustment to interest charges, during the periods of construction. Construction in progress is transferred to property, plant and equipment when the asset is substantially ready for its intended use. No depreciation is provided in respect of construction in progress. (i) Goodwill Goodwill represents amounts arising on acquisition of subsidiaries, associates or joint ventures. Goodwill represents the difference between the cost of acquisition and the fair value of the net identifiable assets acquired. Prior to January 1, 2008, the acquisition of the non-controlling interests of a consolidated subsidiary was accounted for using the acquisition method whereby the difference between the cost of acquisition and the fair value of the net identifiable assets acquired (on a proportionate share) was recognized as goodwill. From January 1, 2008, any difference between the amount by which the non-controlling interest is adjusted (such as through an acquisition of the non-controlling interests) and the cash or other considerations paid is recognized in equity. Goodwill is stated at cost less accumulated impairment losses. Goodwill arising on a business combination is allocated to each cash-generating unit, or groups of cash-generating units, that is expected to benefit the synergies of the combination and is tested annually for impairment (Note 2(n)). In respect of associates or joint ventures, the carrying amount of goodwill is included in the carrying amount of the interest in the associates or joint ventures and the investment as a whole is tested for impairment whenever there is objective evidence of impairment (Note 2(n)). (j) Financial assets (i) Classification and measurement The Group classifies financial assets into different categories depending on the business model for managing the financial assets and the contractual terms of cash flows of the financial assets: a) financial assets measured at amortized cost, b) financial assets measured at fair value through other comprehensive income (“FVOCI”), c) financial assets measured at fair value through profit or loss. A contractual cash flow characteristic which could have only a de minimis effect, or could have an effect that is more than de minimis but is not genuine, does not affect the classification of the financial asset. Financial assets are initially recognized at fair value. For financial assets measured at fair value through profit or loss, the relevant transaction costs are recognized in profit or loss. The transaction costs for other financial assets are included in the initially recognized amount. However, trade accounts receivable and bills receivable arising from sale of goods or rendering services, without significant financing component, are initially recognized based on the transaction price expected to be entitled by the Group. Debt instruments Debt instruments held by the Group mainly includes cash and cash equivalents, time deposits with financial institutions, receivables. These financial assets are measured at amortized cost and FVOCI. · Amortized cost: The business model for managing such financial assets by the Group are held for collection of contractual cash flows. The contractual cash flow characteristics are to give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Interest income from these financial assets is recognized using the effective interest rate method. · FVOCI: The business model for managing such financial assets by the Group are held for collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest on the principal amount outstanding. Movements in the carrying amount are taken through other comprehensive income, except for the recognition of impairment gains or losses, foreign exchange gains and losses and interest income calculated using the effective interest rate method, which are recognized in profit or loss. Equity instruments Equity instruments that the Group has no power to control, jointly control or exercise significant influence over, are measured at fair value through profit or loss and presented in financial assets at fair value through profit or loss. In addition, the Group designates some equity instruments that are not held for trading as financial assets at FVOCI, are presented in financial assets at FVOCI. The relevant dividends of these financial assets are recognized in profit or loss. When derecognized, the cumulative gain or loss previously recognized in other comprehensive income is transferred to retained earnings. (ii) Impairment The Group recognizes a loss allowance for expected credit losses on a financial asset that is measured at amortized cost and a debt instrument that is measured at FVOCI. The Group measures and recognizes expected credit losses, considering reasonable and supportable information about the relevant past events, current conditions and forecasts of future economic conditions. The Group measures the expected credit losses of financial instruments on different stages at each balance sheet date. For financial instruments that have no significant increase in credit risk since the initial recognition, on first stage, the Group measures the loss allowance at an amount equal to 12-month expected credit losses. If there has been a significant increase in credit risk since the initial recognition of a financial instrument but credit impairment has not occurred, on second stage, the Group recognizes a loss allowance at an amount equal to lifetime expected credit losses. If credit impairment has occurred since the initial recognition of a financial instrument, on third stage, the Group recognizes a loss allowance at an amount equal to lifetime expected credit losses. For financial instruments that have low credit risk at the balance sheet date, the Group assumes that there is no significant increase in credit risk since the initial recognition, and measures the loss allowance at an amount equal to 12-month expected credit losses. For financial instruments on the first stage and the second stage, and that have low credit risk, the Group calculates interest income according to carrying amount without deducting the impairment allowance and effective interest rate. For financial instruments on the third stage, interest income is calculated according to the carrying amount minus amortized cost after the provision of impairment allowance and effective interest rate. For trade accounts receivable and bills receivable and financial assets at FVOCI related to revenue, the Group measures the loss allowance at an amount equal to lifetime expected credit losses. The Group recognizes the loss allowance accrued or written back in profit or loss. (iii) Derecognition The Group derecognizes a financial asset when: a) the contractual right to receive cash flows from the financial asset expires; b) the Group transfers the financial asset and substantially all the risks and rewards of ownership of the financial asset; c) the financial asset has been transferred and the Group neither transfers nor retains substantially all the risks and rewards of ownership of the financial asset, but the Group has not retained control. On derecognition of equity instruments at FVOCI, the difference between the carrying amounts and the sum of the consideration received and any accumulated gain or loss previously recognized in other comprehensive income, is recognized in retained earnings. While on derecognition of other financial assets, this difference is recognized in profit or loss. (k) Financial liabilities The Group, at initial recognition, classifies financial liabilities as either financial liabilities subsequently measured at amortized cost or financial liabilities at fair value through profit or loss. The Group’s financial liabilities are mainly financial liabilities measured at amortized cost, including trade accounts payable and bills payable, other payables, and loans, etc. These financial liabilities are initially measured at the amount of their fair value after deducting transaction costs and use the effective interest rate method for subsequent measurement. Where the present obligations of financial liabilities are completely or partially discharged, the Group derecognizes these financial liabilities or discharged parts of obligations. The differences between the carrying amounts and the consideration received are recognized in profit or loss. (l) Determination of fair value for financial instruments If there is an active market for financial instruments, the quoted price in the active market is used to measure fair values of the financial instruments. If no active market exists for financial instruments, valuation techniques are used to measure fair values. In valuation, the Group adopts valuation techniques that are applicable in the current situation and have sufficient available data and other information to support it, and selects input values that are consistent with the asset or liability characteristics considered by market participants in the transaction of relevant assets or liabilities, and gives priority to relevant observable input values. Use of unobservable input values where relevant observable input values cannot be obtained or are not practicable. (m) Derivative financial instruments and hedge accounting Derivative financial instruments are recognized initially at fair value. At each balance sheet date, the fair value is remeasured. The gain or loss on remeasurement to fair value is recognized immediately in profit or loss, except where the derivatives qualify for hedge accounting. Hedge accounting is a method which recognizes the offsetting effects on profit or loss (or other comprehensive income) of changes in the fair values of the hedging instrument and the hedged item in the same accounting period, to represent the effect of risk management activities. Hedged items are the items that expose the Group to risks of changes in future cash flows and that are designated as being hedged and that must be reliably measurable. The Group’s hedged items include a forecast transaction that is settled with an undetermined future market price and exposes the Group to risk of variability in cash flows, etc. A hedging instrument is a designated derivative whose changes in cash flows are expected to offset changes in cash flows of the hedged item. The hedging relationship meets all of the following hedge effectiveness requirements: (i) There is an economic relationship between the hedged item and the hedging instrument, which shares a risk and that gives rise to opposite changes in fair value that tend to offset each other. (ii) The effect of credit risk does not dominate the value changes that result from that economic relationship. (iii) The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the entity actually hedges and the quantity of the hedging instrument that the entity actually uses to hedge that quantity of hedged item. However, that designation does not reflect an imbalance between the weightings of the hedged item and the hedging instrument. Cash flow hedges Cash flow hedge is a hedge of the exposure to variability in cash flows that is attributable to a particular risk associated with all, or a component of, a recognized asset or liability (such as all or some future interest payments on variable-rate debt) or a highly probable forecast transaction, and could affect profit or loss. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. As long as a cash flow hedge meets the qualifying criteria for hedge accounting, the separate component of equity associated with the hedged item (cash flow hedge reserve) is adjusted to the lower of the following (in absolute amounts): (i) The cumulative gain or loss on the hedging instrument from inception of the hedge; and (ii) The cumulative change in fair value (present value) of the hedged item (i.e. the present value of the cumulative change in the hedged expected future cash flows) from inception of the hedge. The gain or loss on the hedging instrument that is determined to be an effective hedge is recognized in other comprehensive income. The portion of the gain or loss on the hedging instrument that is determined to be an ineffective hedge is recognized in profit or loss. If a hedged forecast transaction subsequently results in the recognition of a non-financial asset or non-financial liability, or a hedged forecast transaction for a non-financial asset or a non-financial liability becomes a firm commitment for which fair value hedge accounting is applied, the entity removes that amount from the cash flow hedge reserve and include it directly in the initial cost or other carrying amount of the asset or the liability. This is not a reclassification adjustment and hence it does not affect other comprehensive income. For cash flow hedges, other than those covered by the preceding policy statements, that amount is reclassified from the cash flow hedge reserve to profit or loss as a reclassification adjustment in the same period or periods during which the hedged expected future cash flows affect profit or loss. If the amount that has been accumulated in the cash flow hedge reserve is a loss and the Group expects that all or a portion of that loss will not be recovered in one or more future periods, the Group immediately reclassifies the amount that is not expected to be recovered into profit or loss. When the hedging relationship no longer meets the risk management objective on the basis of which it qualified for hedge accounting (ie the entity no longer pursues that risk management objective), or when a hedging instrument expires or is sold, terminated, exercised, or there is no longer an economic relationship between the hedged item and the hedging instrument or the effect of credit risk starts to dominate the value changes that result from that economic relationship or no longer meets the criteria for hedge accounting, the Group discontinues prospectively the hedge accounting treatments. If the hedged future cash flows are still expected to occur, that amount remains in the cash flow hedge reserve and is accounted for as cash flow hedges. If the hedged future cash flows are no longer expected to occur, that amount is immediately reclassified from the cash flow hedge reserve to profit or loss as a reclassification adjustment. A hedged future cash flow that is no longer highly probable to occur may still be expected to occur, if the hedged future cash flows are still expected to occur, that amount remains in the cash flow hedge reserve and is accounted for as cash flow hedges. (n) Impairment of assets The carrying amounts of assets, including property, plant and equipment, construction in progress, right-of-use assets and other assets, are reviewed at each balance sheet date to identify indicators that the assets may be impaired. These assets are tested for impairment whenever events or changes in circumstances indicate that their recorded carrying amounts may not be recoverable. When such a decline has occurred, the carrying amount is reduced to the recoverable amount. For goodwill, the recoverable amount is estimated at each balance sheet date. The recoverable amount is the greater of the fair value less costs to disposal and the value in use. In determining the value in use, expected future cash flows generated by the asset are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Where an asset does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the smallest group of assets that generates cash inflows independently (i.e. a cash-generating unit). The amount of the reduction is recognized as an expense in the consolidated statement of income. Impairment losses recognized in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating unit and then, to reduce the carrying amount of the other assets in the unit on a pro rata basis, except that the carrying value of an asset will not be reduced below its individual fair value less costs to disposal, or value in use, if determinable. Management assesses at each balance sheet date whether there is any indication that an impairment loss recognized for an asset, except in the case of goodwill, in prior years may no longer exist. An impairment loss is reversed if there has been a favorable change in the estimates used to determine the recoverable amount. A subsequent increase in the recoverable amount of an asset, when the circumstances and events that led to the write-down or write-off cease to exist, is recognized as an income. The reversal is reduced by the amount that would have been recognized as depreciation had the write-down or write-off not occurred. An impairment loss in respect of goodwill is not reversed. (o) Trade, bills and other payables Trade, bills and other payables are initially recognized at fair value and thereafter stated at amortized cost unless the effect of discounting would be immaterial, in which case they are stated at cost. (p) Interest-bearing borrowings Interest-bearing borrowings are recognized initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortized cost with any difference between cost and redemption value being recognized in the consolidated statement of income over the period of borrowings using the effective interest method. (q) Provisions and contingent liability A provision is recognized for liability of uncertain timing or amount when the Group has a legal or constructive obligation arising as a result of a past event, when it is probable that an outflow of economic benefits will be required

SALES OF GOODS

SALES OF GOODS	12 Months Ended
	Dec. 31, 2020
SALES OF GOODS
SALES OF GOODS	3. SALES OF GOODS Sales of goods primarily represents revenue from the sales of refined petroleum products, chemical products, crude oil and natural gas, which are recognized at a point in time. Years ended December 31, 2018 2019 2020 RMB RMB RMB Gasoline 711,236 699,202 557,605 Diesel 594,008 615,342 422,569 Crude oil 512,955 549,720 351,707 Basic chemical feedstock 252,158 215,773 155,687 Synthetic resin 125,977 125,658 122,313 Kerosene 168,823 191,636 72,385 Natural gas 43,205 53,839 48,121 Synthetic fiber monomers and polymers 77,572 80,100 41,640 Others(i) 336,441 368,412 277,429 2,822,375 2,899,682 2,049,456 (i) Others are primarily liquefied petroleum gas and other refinery and chemical byproducts and joint products.

OTHER OPERATING REVENUES

OTHER OPERATING REVENUES	12 Months Ended
	Dec. 31, 2020
OTHER OPERATING REVENUES
OTHER OPERATING REVENUES	4. OTHER OPERATING REVENUES Years ended December 31, 2018 2019 2020 RMB RMB RMB Sale of materials and others 58,623 58,886 55,441 Rental income 1,079 1,231 1,087 59,702 60,117 56,528

SELLING, GENERAL AND ADMINISTRA

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	12 Months Ended
	Dec. 31, 2020
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	5. SELLING, GENERAL AND ADMINISTRATIVE EXPENSES The following items are included in selling, general and administrative expenses: Years ended December 31, 2018 2019 2020 RMB RMB RMB Operating lease charges 12,301 1,858 2,685 Auditor’s remuneration: 　 - Audit services 94 70 73 - Others 9 6 8 Impairment losses: 　 - Trade accounts receivable 6 1,283 2,105 - Other receivables 8 (2) (25)

PERSONNEL EXPENSES

PERSONNEL EXPENSES	12 Months Ended
	Dec. 31, 2020
PERSONNEL EXPENSES
PERSONNEL EXPENSES	6. PERSONNEL EXPENSES Years ended December 31, 2018 2019 2020 RMB RMB RMB Salaries, wages and other benefits 69,786 70,921 77,202 Contributions to retirement schemes (Note 37) 9,181 11,822 8,804 78,967 82,743 86,006

TAXES OTHER THAN INCOME TAX

TAXES OTHER THAN INCOME TAX	12 Months Ended
	Dec. 31, 2020
TAXES OTHER THAN INCOME TAX
TAXES OTHER THAN INCOME TAX	7. TAXES OTHER THAN INCOME TAX Years ended December 31, 2018 2019 2020 RMB RMB RMB Consumption tax (i) 203,653 204,388 197,542 City construction tax (ii) 18,406 16,387 15,699 Education surcharge 13,308 12,111 11,670 Resources tax 6,021 5,883 4,572 Others 7,199 5,748 5,464 248,587 244,517 234,947 Notes: (i) Consumption tax was levied based on sales quantities of taxable products, tax rate of products is presented as below: Effective from January 13, 2015 Products RMB/Ton Gasoline 2,109.76 Diesel 1,411.20 Naphtha 2,105.20 Solvent oil 1,948.64 Lubricant oil 1,711.52 Fuel oil 1,218.00 Jet fuel oil 1,495.20 (ii) City construction tax is levied on an entity based on its total paid amount of value-added tax and consumption tax.

OTHER OPERATING EXPENSE, NET

OTHER OPERATING EXPENSE, NET	12 Months Ended
	Dec. 31, 2020
OTHER OPERATING EXPENSE, NET
OTHER OPERATING EXPENSE, NET	8. OTHER OPERATING EXPENSE, NET Years ended December 31, 2018 2019 2020 RMB RMB RMB Government grants(i) 7,677 6,933 8,775 Ineffective portion of change in fair value of cash flow hedges (1,978) (222) 3,052 Net realized and unrealized gain/(loss) on derivative financial instruments not qualified as hedging 191 (4,384) (1,252) Impairment losses on long-lived assets (ii) (6,286) (345) (14,560) (Loss)/gain on disposal of property, plant, equipment and other (1,501) (1,829) 398 Fines, penalties and compensations (278) (173) (43) Donations (181) (210) (301) Others (2,901) (116) (1,781) (5,257) (346) (5,712) Notes: (i) Government grants for the years ended December 31, 2018, 2019 and 2020 primarily represent financial appropriation income and non-income tax refunds received from respective government agencies without conditions or other contingencies attached to the receipts of the grants. (ii) Impairment losses recognized on long-lived assets of the exploration and production (“E&P”) segments were RMB 4,274, RMB 3 and RMB 8,495 for the years ended December 31, 2018, 2019 and 2020, respectively. The impairment comprised RMB 4,274, RMB 8,435 on property, plant and equipment for the years ended December 31, 2018 and 2020, respectively, RMB 60 on construction in progress for the year ended December 31, 2020, and RMB 3 on prepayments for the year ended December 31, 2019. E&P segment determines recoverable amounts of property, plant and equipment relating to oil and gas producing activities, which include significant judgements and assumptions. The recoverable amounts were determined based on the present values of the expected future cash flows of the assets using a pre-tax discount rate of 10.47%, 10.47% and 10.47% for the years ended December 31, 2018, 2019 and 2020, respectively. Further future downward revisions to the Group’s oil price outlook would lead to further impairments which, in aggregate, are likely to be material. It is estimated that a general decrease of 5% in oil price, with all other variables held constant, would result in additional impairment loss on the Group's property, plant and equipment relating to oil and gas producing activities by approximately RMB 4,548. It is estimated that a general increase of 5% in operating cost, with all other variables held constant, would result in additional impairment loss on the Group's property plant and equipment relating to oil and gas producing activities by approximately RMB 2,836. It is estimated that a general increase of 5% in discount rate, with all other variables held constant, would result in additional impairment loss on the Group's property, plant and equipment relating to oil and gas producing activities by approximately RMB 287. The primary factor resulting in the E&P segment impairment loss for the year ended December 31, 2018 was downward revision of oil and gas reserve in certain fields. The primary factors resulting in the E&P segment impairment loss for the year ended December 31, 2020 were low oil price outlook and downward revision of oil and gas reserve in certain fields. Impairment losses recognized for the chemicals segment were RMB 1,379, RMB 17 and RMB 3,606 for the years ended December 31, 2018, 2019 and 2020, respectively, and comprised of impairment losses of RMB 1,257, RMB 4 and RMB 2,611 on property, plant and equipment for the years ended December 31, 2018, 2019 and 2020, respectively, RMB 25, RMB 29 and RMB 744 on construction in progress for the years ended December 31, 2018, 2019 and 2020, respectively, RMB 251 for investment on associates and joint ventures for the year ended December 31, 2020, RMB 97 on entrusted loans for the year ended December 31, 2018 and written back RMB 16 on entrusted loans for the year ended December 31, 2019. Impairment losses recognized for the refining segment were RMB 353, RMB 245 and RMB 1,923 for the years ended December 31, 2018, 2019 and 2020, respectively, and comprised of impairment losses of RMB 353, RMB 140 and RMB 226 on property, plant and equipment for the years ended December 31, 2018, 2019 and 2020, respectively, and RMB 105 on construction in progress for the year ended December 31, 2019, RMB 1,697 for investment in joint venture for the year ended December 31, 2020. These impairment losses relate to certain refining and chemicals production facilities that are held for use for the years ended December 31, 2018, 2019 and 2020. The carrying values of these facilities were written down to their recoverable amounts that were primarily determined based on the asset held for use model using the present value of estimated future cash flows of the production facilities using the pre-tax discount rates for the years ended December 31, 2018, 2019 and 2020, respectively. The primary factor resulting in the impairment losses on long-lived assets of the refining and chemicals segment for the years ended December 31, 2018, 2019 and 2020, were due to the suspension of operations of certain production facilities. Evidence indicates the economic performance of certain production facilities are worse than expected also contributed to the written down of assets in the chemical segments for the years ended December 31, 2018, 2019 and 2020. Impairment losses recognized on long-lived assets of the marketing and distribution segment were RMB 264, RMB 80 and RMB 536 for the years ended December 31, 2018, 2019 and 2020 respectively. The impairment comprised of impairment losses of RMB 254, RMB 52 and RMB 442 on property, plant and equipment for the years ended December 31, 2018, 2019 and 2020, respectively, impairment losses of RMB 47 on intangible assets for the year ended December 31, 2020, impairment losses of RMB 7, RMB 7 on investments in associates and joint ventures for the years ended December 31, 2018 and 2020, respectively, impairment losses of, RMB 3 RMB 1 and RMB 40 on construction in progress for the year ended December 31, 2018, 2019 and 2020, respectively, primarily relate to certain service stations and certain construction in progress that were closed or abandoned during respective years, and impairment losses of RMB 27 on prepayments for the year ended December 31, 2019. In measuring the amounts of impairment charges, the carrying amounts of these assets were compared to the present value of the expected future cash flows of the assets, as well as information about sales and purchases of similar properties in the same geographic area. Impairment loss recognized on long-lived assets of the corporate and others segment was RMB 16 for the year ended December 31, 2018. The impairment comprised of impairment loss of RMB 16 on property, plant and equipment for the years ended December 31, 2018.

INTEREST EXPENSE

INTEREST EXPENSE	12 Months Ended
	Dec. 31, 2020
INTEREST EXPENSE
INTEREST EXPENSE	9. INTEREST EXPENSE Years ended December 31, 2018 2019 2020 RMB RMB RMB Interest expense incurred 6,457 7,039 6,513 Less: Interest expense capitalized* (499) (1,015) (2,011) 5,958 6,024 4,502 Interest expense on lease liabilities — 9,646 9,349 Accretion expenses (Note 32) 1,438 1,418 1,343 Interest expense 7,396 17,088 15,194 * Interest rates per annum at which borrowing costs were capitalized for construction in progress 2.37% to 4.66% 2.92% to 4.66% 2.60% to 4.66%

INVESTMENT INCOME

INVESTMENT INCOME	12 Months Ended
	Dec. 31, 2020
INVESTMENT INCOME
INVESTMENT INCOME	10. INVESTMENT INCOME Years ended December 31, 2018 2019 2020 RMB RMB RMB Investment income from disposal of business and long-term equity investments (i) 397 185 37,525 Dividend income from holding of other equity instrument investments 515 492 156 Others 959 242 63 1,871 919 37,744 Note: (i) The Company and Sinomart KTS Development Limited, Sinopec Natural Gas Limited Company and Sinopec Marketing Company Limited (“Marketing Company”), the subsidiaries of the Company entered into the Agreement on Cash Payment to Purchase Equity in Sinopec Yu Ji Pipeline Company Limited, the Agreement on Additional Issuance of Equity and Cash Payment to Purchase Assets, the Agreement on Cash Payment to Purchase Assets and the Agreement on Additional Issuance of Equity to Purchase Assets with China Oil & Gas Pipeline Network Corporation (“PipeChina”), on July 21, 2020 and on July 23, 2020 respectively, pursuant to which the Company and its subsidiaries proposed to dispose target business, including equity interests in the relevant companies, oil and gas pipeline and ancillary facilities, to PipeChina. The above transactions were considered and approved by the 15th Session of 7th Directorate Meeting on July 23, 2020 and the second Extraordinary General Meeting on September 28, 2020. The transaction consideration was mainly additional issuance of equity and/or cash payment by PipeChina and the gain on above transactions was RMB 37,731 million. Main assets and liabilities of disposed target business are as follows: 30 September 2020 RMB million Inventories 8,191 Property, plant and equipment, net 83,510 Construction in progress 19,843 Interest in associates 26,412 Long-term debts and Loans from Sinopec Group Company and fellow subsidiaries (41,800) Other financial statement items (9,035) Net Assets 87,121

INCOME TAX EXPENSE

INCOME TAX EXPENSE	12 Months Ended
	Dec. 31, 2020
INCOME TAX EXPENSE
INCOME TAX EXPENSE	11. INCOME TAX EXPENSE Income tax expense in the consolidated statement of income represents: Years ended December 31, 2018 2019 2020 RMB RMB RMB Current tax - Provision for the year 27,241 15,021 14,209 - Adjustment of prior years (719) (467) (117) Deferred taxation (Note 25) (6,244) 3,385 (7,873) 20,278 17,939 6,219 Reconciliation between actual income tax expense and the expected income tax expense at applicable statutory tax rates is as follows: Years ended December 31, 2018 2019 2020 RMB RMB RMB Earnings before income tax 99,339 90,022 48,143 Expected PRC income tax expense at a statutory tax rate of 25% 24,835 22,506 12,036 Tax effect of non-deductible expenses 2,359 2,321 3,274 Tax effect of non-taxable income (i) (5,033) (4,458) (8,330) Tax effect of preferential tax rate (ii) (1,259) (2,003) (1,011) Effect of income taxes at foreign operations 77 (312) (730) Tax effect of utilization of previously unrecognized tax losses and temporary differences (779) (335) (65) Tax effect of tax losses not recognized 609 498 1,087 Write-down of deferred tax assets 188 189 75 Adjustment of prior years (719) (467) (117) Actual income tax expense 20,278 17,939 6,219 Notes: (i) For the year ended December 31, 2020, the tax effect of non-taxable income includes the tax exempt investment income of joint ventures and associates and the tax exempt part of the gain related to the disposal of oil and gas pipeline and ancillary facilities. (ii) The provision for PRC current income tax is based on a statutory income tax rate of 25% of the assessable income of the Group as determined in accordance with the relevant income tax rules and regulations of the PRC, except for certain entities of the Group in western regions in the PRC are taxed at preferential income tax rate of 15% through the year 2020. According to Announcement [2020] No. 23 of the MOF “Announcement of the MOF, the State Taxation Administration and the National Development and Reform Commission on continuation of the income tax policy of western development enterprises”, the preferential tax rate of 15% extends from January 1, 2021 to December 31, 2030.

OTHER COMPREHENSIVE INCOME

OTHER COMPREHENSIVE INCOME	12 Months Ended
	Dec. 31, 2020
OTHER COMPREHENSIVE INCOME
OTHER COMPREHENSIVE INCOME	12. OTHER COMPREHENSIVE INCOME Years ended December 31, 2018 2019 2020 Before tax Tax Net of tax Before tax Tax Net of tax Before tax Tax Net of tax amount effect amount amount effect amount amount effect amount RMB RMB RMB RMB RMB RMB RMB RMB RMB Cash flow hedges: Effective portion of changes in fair value of hedging instruments recognized during the year (12,500) 2,159 (10,341) 5,258 (974) 4,284 9,207 (2,295) 6,912 Reclassification adjustments for amounts transferred to the consolidated statement of income 730 (130) 600 853 (196) 657 198 (37) 161 Net movement during the year recognized in other comprehensive income (i) (11,770) 2,029 (9,741) 6,111 (1,170) 4,941 9,405 (2,332) 7,073 Changes in the fair value of instruments at fair value through other comprehensive income (41) (12) (53) (39) 8 (31) (6) (4) (10) Transfer of loss on disposal of equity investments at fair value through other comprehensive income to retained earnings — — — — — — (12) — (12) Net movement during the year recognized in other comprehensive income (41) (12) (53) (39) 8 (31) (18) (4) (22) Fair value hedges — — — — — — 162 — 162 Share of other comprehensive (240) 11 (229) (810) — (810) (2,441) — (2,441) Foreign currency translation differences 3,399 — 3,399 1,480 — 1,480 (4,457) — (4,457) Other comprehensive income (8,652) 2,028 (6,624) 6,742 (1,162) 5,580 2,651 (2,336) 315 Note: (i) As of December 31, 2019 and 2020, cash flow hedge reserve amounted to a gain of RMB 1,102 and a gain of RMB 8,176, respectively, of which a gain of RMB 1,037 and a gain of RMB 7,805 were attributable to owners of the Company.

BASIC AND DILUTED EARNINGS PER

BASIC AND DILUTED EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2020
BASIC AND DILUTED EARNINGS PER SHARE
BASIC AND DILUTED EARNINGS PER SHARE	13. BASIC AND DILUTED EARNINGS PER SHARE The calculation of basic earnings per share for the years ended December 31, 2018, 2019 and 2020 is based on the net income attributable to ordinary owners of the Company of RMB 61,708, RMB 57,493 and RMB 33,096, respectively, and the weighted average number of shares of 121,071,209,646, 121,071,209,646 and 121,071,209,646, respectively. The calculation of diluted earnings per share for the years ended December 31, 2018, 2019 and 2020 is based on the net income attributable to ordinary owners of the Company (diluted) of RMB 61,708, RMB 57,493 and RMB 33,096, respectively, and the weighted average number of shares of 121,071,209,646, 121,071,209,646 and 121,071,209,646, respectively, calculated as follows: (i) Net income attributable to ordinary owners of the Company (diluted) 2018 2019 2020 RMB RMB RMB Net income attributable to ordinary owners of the Company 61,708 57,493 33,096 Net income attributable to ordinary owners of the Company (diluted) 61,708 57,493 33,096 (ii) Weighted average number of shares (diluted) 2018 2019 2020 Number of Number of Number of shares shares shares Weighted average number of shares as of December 31 121,071,209,646 121,071,209,646 121,071,209,646 Weighted average number of shares (diluted) as of December 31 121,071,209,646 121,071,209,646 121,071,209,646

DERIVATIVE FINANCIAL ASSETS AND

DERIVATIVE FINANCIAL ASSETS AND DERIVATIVE FINANCIAL LIABILITIES	12 Months Ended
	Dec. 31, 2020
DERIVATIVE FINANCIAL ASSETS AND DERIVATIVE FINANCIAL LIABILITIES
DERIVATIVE FINANCIAL ASSETS AND DERIVATIVE FINANCIAL LIABILITIES	14. DERIVATIVE FINANCIAL ASSETS AND DERIVATIVE FINANCIAL LIABILITIES Derivative financial assets and derivative financial liabilities of the Group are primarily commodity futures and swaps contracts. See Note 40.

TRADE ACCOUNTS RECEIVABLE

TRADE ACCOUNTS RECEIVABLE	12 Months Ended
	Dec. 31, 2020
TRADE ACCOUNTS RECEIVABLE
TRADE ACCOUNTS RECEIVABLE	1 5. TRADE ACCOUNTS RECEIVABLE December 31, 2019 2020 RMB RMB Amounts due from third parties 43,735 22,536 Amounts due from Sinopec Group Company and fellow subsidiaries 6,062 12,120 Amounts due from associates and joint ventures 6,426 4,791 56,223 39,447 Less: Impairment losses for bad and doubtful debts (1,848) (3,860) 54,375 35,587 The ageing analysis of trade accounts receivable (net of impairment losses for bad and doubtful debts) is as follows: December 31, 2019 2020 RMB RMB Within one year 54,027 34,509 Between one and two years 190 931 Between two and three years 64 64 Over three years 94 83 54,375 35,587 Impairment losses for bad and doubtful debts are analyzed as follows: 2018 2019 2020 RMB RMB RMB Balance as of January 1 612 606 1,848 Provision for the year 83 1,566 2,173 Written back for the year (77) (283) (68) Written off for the year (19) (41) (23) Others 7 — (70) Balance as of December 31 606 1,848 3,860 Sales are generally on a cash term. Credit is generally only available for major customers with well-established trading records. Amounts due from Sinopec Group Company and fellow subsidiaries are repayable under the same terms. Trade accounts receivable (net of impairment losses for bad and doubtful debts) primarily represent receivables that are neither past due nor impaired. These receivables relate to a wide range of customers for whom there is no recent history of default. Information about the impairment of trade accounts receivable and the Group’s exposure to credit risk can be found in Note 40.

INVENTORIES

INVENTORIES	12 Months Ended
	Dec. 31, 2020
INVENTORIES
INVENTORIES	16. INVENTORIES December 31, 2019 2020 RMB RMB Crude oil and other raw materials 89,908 60,155 Work in progress 12,687 13,053 Finished goods 91,554 78,415 Spare parts and consumables 2,578 3,372 196,727 154,995 Less: Allowance for diminution in value of inventories (2,585) (3,100) 194,142 151,895 Allowance for diminution in value of inventories is analyzed as follows: 2018 2019 2020 RMB RMB RMB Balance as of January 1 1,165 6,389 2,585 Allowance for the year 5,538 1,616 11,689 Reversal of allowance on disposal (114) (199) (328) Written off (217) (5,233) (10,795) Others 17 12 (51) Balance as of December 31 6,389 2,585 3,100 During the years ended December 31, 2018, 2019 and 2020, the costs of inventories recognized as an expense in the consolidated statement of income were RMB 2,353,646, RMB 2,441,380 and RMB 1,659,355, respectively. Such costs include the write-down of inventories of RMB 5,538, RMB 1,616 and RMB 11,689, respectively, and the reversal of write-down of inventories of RMB 114, RMB 199 and RMB 328, respectively. The write-down of inventories and the reversal of write-down of inventories were recorded in purchased crude oil, products and operating supplies and expenses in the consolidated statement of income. The write-down of inventories which were realized primarily with the sales of inventories for the years ended December 31, 2018, 2019 and 2020 were RMB 217, RMB 5,233 and RMB 10,795. The write-down of inventories for the year ended December 31, 2020 is mainly related to crude oil and finished goods.

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	12 Months Ended
	Dec. 31, 2020
PREPAID EXPENSES AND OTHER CURRENT ASSETS
PREPAID EXPENSES AND OTHER CURRENT ASSETS	17. PREPAID EXPENSES AND OTHER CURRENT ASSETS December 31, 2019 2020 RMB RMB Receivables 25,669 34,974 Advances to suppliers 5,063 4,862 Value-added input tax to be deducted 25,313 18,625 Prepaid income tax 1,879 131 57,924 58,592

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Dec. 31, 2020
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT	18. PROPERTY, PLANT AND EQUIPMENT Equipment, Plants and Oil and gas, machinery buildings properties and others Total RMB RMB RMB RMB Cost: Balance as of January 1, 2019 123,946 695,724 973,688 1,793,358 Additions 159 1,408 3,993 5,560 Transferred from construction in progress 6,261 31,378 54,684 92,323 Reclassifications 1,051 — Invest into the joint ventures and associated companies (8) — (303) (311) Reclassification to other long-term assets (748) — (729) (1,477) Disposals (469) (1,549) (13,635) (15,653) Exchange adjustments 42 667 71 780 Balance as of December 31, 2019 130,234 727,552 1,016,794 1,874,580 Balance as of January 1, 2020 130,234 727,552 1,016,794 1,874,580 Additions 390 1,563 5,147 7,100 Transferred from construction in progress 10,848 32,214 98,095 141,157 Reclassifications 1,443 (125) (1,318) — Invest into the joint ventures and associated companies — — (115) (115) Reclassification to other long-term assets (38) — (1,052) (1,090) Disposals (i) (6,291) (806) (131,231) (138,328) Exchange adjustments (141) (2,806) (226) (3,173) Balance as of December 31, 2020 136,445 757,592 986,094 1,880,131 Accumulated depreciation: Balance as of January 1, 2019 56,242 550,288 565,830 1,172,360 Depreciation for the year 4,144 36,289 47,902 88,335 Impairment losses for the year 11 — 185 196 Reclassifications 292 (46) (246) — Invest into the joint ventures and associated companies — — (216) (216) Reclassification to other long-term assets 3 — (94) (91) Written back on disposals (854) (6) (11,564) (12,424) Exchange adjustments 21 667 40 728 Balance as of December 31, 2019 59,859 587,192 601,837 1,248,888 Balance as of January 1, 2020 59,859 587,192 601,837 1,248,888 Depreciation for the year 4,628 32,054 48,380 85,062 Impairment losses for the year 683 4,739 6,292 11,714 Reclassifications 393 (98) (295) — Invest into the joint ventures and associated companies — — (54) (54) Reclassification to other long-term assets (8) — (161) (169) Written back on disposals (i) (3,209) (464) (47,994) (51,667) Exchange adjustments (49) (2,703) (138) (2,890) Balance as of December 31, 2020 62,297 620,720 607,867 1,290,884 Net book value: Balance as of January 1, 2019 67,704 145,436 407,858 620,998 Balance as of December 31, 2019 70,375 140,360 414,957 625,692 Balance as of December 31, 2020 74,148 136,872 378,227 589,247 (i) Disposals for the year ended December 31, 2020 mainly due to the Company and its subsidiaries disposed their oil and gas pipeline and ancillary facilities to PipeChina. The additions to oil and gas properties of the Group for the years ended December 31, 2019 and 2020 included RMB 1,408 and RMB 1,563 respectively, of estimated dismantlement costs for site restoration (Note 32). As of December 31, 2019 and 2020, the Group had no individual substantial property, plant and equipment which have been pledged. As of December 31, 2019 and 2020, the Group had no individual significant property, plant and equipment which were temporarily idle or pending for disposal. As of December 31, 2019 and 2020, the Group had no individual significant fully depreciated property, plant and equipment which were still in use.

CONSTRUCTION IN PROGRESS

CONSTRUCTION IN PROGRESS	12 Months Ended
	Dec. 31, 2020
CONSTRUCTION IN PROGRESS
CONSTRUCTION IN PROGRESS	19. CONSTRUCTION IN PROGRESS 2019 2020 RMB RMB Balance as of January 1 137,449 173,872 Additions 144,751 130,283 Dry hole costs written off (5,831) (5,928) Transferred to property, plant and equipment (92,323) (141,157) Reclassification to other long-term assets (10,086) (11,464) Impairment losses for the year (135) (844) Disposals and others 46 (19,944) Exchange adjustments 1 (53) Balance as of December 31 173,872 124,765 Net changes in capitalized cost of exploratory wells included in the Group’s construction in progress in the E&P segment are analyzed as follows: 2018 2019 2020 RMB RMB RMB At beginning of year 9,737 7,296 8,961 Additions, net of amount that were capitalized and subsequently expensed in the same year, pending the determination of proved reserves 7,172 8,528 10,779 Transferred to oil and gas properties based on the determination of proved reserves (2,387) (2,822) (3,687) Dry hole costs written off (7,226) (4,041) (4,924) At end of year 7,296 8,961 11,129 Aging of capitalized exploratory well costs based on the date the drilling was completed are analyzed as follows: December 31, 2018 2019 2020 RMB RMB RMB One year or less 3,467 7,794 10,586 Over one year 3,829 1,167 543 7,296 8,961 11,129 Capitalized exploratory wells costs aged over one year are related to wells for which the drilling results are being further evaluated or the development plans are being formulated. The geological and geophysical costs paid during the years ended December 31, 2018, 2019 and 2020 amounted to RMB 3,511, RMB 4,024 and RMB 3,166, respectively.

RIGHT-OF-USE ASSETS

RIGHT-OF-USE ASSETS	12 Months Ended
	Dec. 31, 2020
RIGHT-OF-USE ASSETS
RIGHT-OF-USE ASSETS	20. RIGHT-OF-USE ASSETS Land Others Total RMB RMB RMB Cost: Balance as of January 1, 2019 244,595 27,381 271,976 Additions 8,737 7,555 16,292 Deacreases (4,766) (748) (5,514) Balance at December 31, 2019 248,566 34,188 282,754 Balance as of January 1, 2020 248,566 34,188 282,754 Additions 13,983 10,222 24,205 Decreases (9,405) (3,142) (12,547) Balance as of December 31, 2020 253,144 41,268 294,412 Accumulated depreciation: Balance as of January 1, 2019 — — — Additions 9,246 5,728 14,974 Decreases (131) (26) (157) Balance as of December 31, 2019 9,115 5,702 14,817 Balance as of January 1, 2020 9,115 5,702 14,817 Additions 9,247 6,354 15,601 Decreases (799) (1,575) (2,374) Balance as of December 31, 2020 17,563 10,481 28,044 Impairment loss: Balance as of January 1, 2019 — — — Additions — — — Decreases — — — Balance as of December 31, 2019 — — — Balance as of January 1, 2020 — — — Additions — — — Decreases — — — Balance as of December 31, 2020 — — — Net book value: Balance as of January 1, 2019 244,595 27,381 271,976 Balance as of December 31, 2019 239,451 28,486 267,937 Balance as of December 31, 2020 235,581 30,787 266,368

GOODWILL

GOODWILL	12 Months Ended
	Dec. 31, 2020
GOODWILL
GOODWILL	21. GOODWILL December 31, 2019 2020 RMB RMB Cost 16,558 16,481 Less: Accumulated impairment losses (7,861) (7,861) 8,697 8,620 Impairment tests for cash-generating units containing goodwill Goodwill is allocated to the following Group’s cash-generating units: December 31, Principal activities 2019 2020 RMB RMB Sinopec Zhenhai Refining and Chemical Branch Manufacturing of intermediate petrochemical products and petroleum products 4,043 4,043 Shanghai SECCO Petrochemical Company Limited ("Shanghai SECCO") Production and sale of petrochemical products 2,541 2,541 Sinopec Beijing Yanshan Petrochemical Branch Manufacturing of intermediate petrochemical products and petroleum products 1,004 1,004 Other units without individually significant goodwill 1,109 1,032 8,697 8,620 Goodwill represents the excess of the cost of purchase over the fair value of the underlying assets and liabilities. The recoverable amounts of the above cash-generating units are determined based on value in use calculations. These calculations use cash flow projections based on financial budgets approved by management covering a one-year period and pre-tax discount rates primarily ranging from 11.0% to 11.9% and 11.4% to 13.4% for the years ended December 31, 2019 and 2020, respectively. Cash flows beyond the one-year period are maintained constant. Based on the estimated recoverable amount, no major impairment loss was recognized. Key assumptions used for cash flow forecasts for these entities are the gross margin and sales volume. Management determined the budgeted gross margin based on the gross margin achieved in the period immediately before the budget period and management’s expectation on the future trend of the prices of crude oil and petrochemical products. The sales volume was based on the production capacity and/or the sales volume in the period immediately before the budget period.

INTEREST IN ASSOCIATES

INTEREST IN ASSOCIATES	12 Months Ended
	Dec. 31, 2020
INTEREST IN ASSOCIATES
INTEREST IN ASSOCIATES	22. INTEREST IN ASSOCIATES The Group’s investments in associates are with companies primarily engaged in the oil and gas, petrochemical, and marketing and distribution operations in the PRC. The Group’s principal associates are as follows: Particulars Percentage Percentage of Form of of issued of equity equity held business and paid held by the Company’s Principal Country of Principal place Name of company structure up capital by the Company subsidiaries activities incorporation of business % % PipeChina (i) Incorporated Registered capital RMB 500,000 million 9.42 4.58 Operation of oil and natural gas pipeline and auxiliary facilities PRC PRC Sinopec Finance Company Limited ("Sinopec Finance") Incorporated Registered capital RMB 18,000 million 49.00 — Provision of non-banking financial services PRC PRC PAO SIBUR Holding (“SIBUR”) (ii) Incorporated Registered capital RUB 21,784 million — 10.00 Processing natural gas and manufacturing petrochemical products Russia Russia Zhongtian Synergetic Energy Company Limited ("Zhongtian Synergetic Energy") Incorporated Registered capital RMB 17,516 million — 38.75 Mining coal and manufacturing of coal-chemical products PRC PRC Caspian Investments Resources Ltd. ("CIR") Incorporated Registered capital USD 10,002 — 50.00 Crude oil and natural gas extraction British Virgin Islands The Republic of Kazakhstan Summarized financial information and reconciliation to their carrying amounts in respect of the Group’s principal associates: Zhongtian PipeChina Sinopec Finance SIBUR Synergetic Energy CIR December 31, December 31, December 31, December 31, December 31, 2020 2019 2020 2019 2020 2019 2020 2019 2020 RMB RMB RMB RMB RMB RMB RMB RMB RMB Current assets 74,012 180,383 175,139 31,634 30,678 4,219 3,721 7,612 2,402 Non-current assets 655,982 18,926 53,008 182,646 147,140 56,424 53,124 971 903 Current liabilities (55,562) (170,621) (197,872) (31,295) (31,157) (13,887) (8,315) (936) (699) Non-current liabilities (104,150) (582) (514) (71,289) (58,941) (26,227) (28,422) (166) (286) Net assets 570,282 28,106 29,761 111,696 87,720 20,529 20,108 7,481 2,320 Net assets attributable to owners of the Company 505,336 28,106 29,761 111,250 87,280 20,529 20,108 7,481 2,320 Net assets attributable to non-controlling interests 64,946 — — 446 440 — — — — Share of net assets from associates 70,747 13,772 14,583 11,125 8,728 7,955 7,792 3,741 1,160 Carrying Amounts 70,747 13,772 14,583 11,125 8,728 7,955 7,792 3,741 1,160 Summarized statement of comprehensive income PipeChina Zhongtian Synergetic (iii) Sinopec Finance SIBUR Energy CIR Year ended December 31 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB Operating revenues 22,766 4,536 4,966 4,742 59,927 56,706 49,793 12,235 13,329 11,707 2,856 2,334 1,252 Net income/(loss) for the year 6,444 1,868 2,234 2,027 10,400 6,513 (1,936) 1,142 1,994 551 583 424 181 Other comprehensive (loss)/income — (157) 411 (372) 6,410 (1,435) (19,180) — — — 116 151 (308) Total comprehensive income/(loss) 6,444 1,711 2,645 1,655 16,810 5,078 (21,116) 1,142 1,994 551 699 575 (127) Dividends declared by associates — 490 — — 271 468 285 — 219 284 — — 2,517 Share of net income/(loss) from associates 709 915 1,095 993 1,040 651 (194) 443 773 214 292 212 91 Share of other comprehensive (loss)/income from associates (iv) — (77) 201 (182) 641 (144) (1,918) — — — 58 76 (154) The share of net income for years ended December 31, 2018, 2019 and 2020 in all individually immaterial associates accounted for using equity method in aggregate were RMB 4,561, RMB 5,661 and RMB 4,264, respectively. The share of other comprehensive income/(loss) for the years ended December 31, 2018, 2019 and 2020 in all individually immaterial associates accounted for using equity method in aggregate were a loss of RMB 844, a loss of RMB 155 and a gain of RMB 817, respectively. The carrying amount as of December 31, 2019 and 2020 of all individually immaterial associates accounted for using equity method in aggregate were RMB 59,144 and RMB 33,153, respectively. Notes: (i) The Group has a member in the Board of Directors of PipeChina. According to the structure and the resolution mechanism of the Board of Directors, the Group can exercise significant influence on PipeChina. (ii) Sinopec is able to exercise significant influence in SIBUR since Sinopec has a member in SIBUR's Board of Directors and has a member in SIBUR’s Management Board. (iii) The summarized statement of comprehensive income for the year 2020 presents the operating results from the date when the Group can exercise significant influence on PipeChina to December 31, 2020. (iv) Including foreign currency translation differences.

INTEREST IN JOINT VENTURES

INTEREST IN JOINT VENTURES	12 Months Ended
	Dec. 31, 2020
INTEREST IN JOINT VENTURES
INTEREST IN JOINT VENTURES	23. INTEREST IN JOINT VENTURES The Group’s principal interests in joint ventures which are incorporated companies are as follows: Percentage of Particulars of Percentage of equity held by Principal Country of issued and paid equity held by the Company’s place of Name of company incorporation up capital the Company subsidiaries Principal activities business % % Fujian Refining & Petrochemical Company Limited (“FREP”) PRC Registered capital RMB 14,758 million — 50.00 Manufacturing refining oil products PRC BASF-YPC Company Limited (“BASF-YPC”) PRC Registered capital RMB 12,704 million 30.00 10.00 Manufacturing and distribution of petrochemical products PRC Taihu Limited (“Taihu”) Cyprus Registered capital USD 25,000 — 49.00 Crude oil and natural gas extraction Russia Yanbu Aramco Sinopec Refining Company Ltd. (“YASREF”) Saudi Arabia Registered capital USD 1,560 million — 37.50 Petroleum refining and processing business Saudi Arabia Sinopec SABIC Tianjin Petrochemical Company Limited ("Sinopec SABIC Tianjin") PRC Registered capital RMB 10,520 million — 50.00 Manufacturing and distribution of petrochemical products PRC Summarized balance sheet and reconciliation to their carrying amounts in respect of the Group’s principal joint ventures: Sinopec SABIC FREP BASF-YPC Taihu YASREF Tianjin December 31, December 31, December 31, December 31, December 31, 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB Current assets Cash and cash equivalents 5,603 7,448 1,154 1,838 4,485 1,280 733 1,408 3,242 5,259 Other current assets 11,977 7,492 4,937 4,777 2,336 1,223 11,311 7,516 4,501 2,665 Total current assets 17,580 14,940 6,091 6,615 6,821 2,503 12,044 8,924 7,743 7,924 Non-current assets 17,267 15,237 10,498 9,993 10,453 12,531 50,548 45,413 14,878 18,258 Current liabilities Current financial liabilities (1,280) (1,203) (237) (456) (57) (38) (7,445) (9,520) (500) (998) Other current liabilities (7,090) (5,147) (1,808) (2,190) (1,815) (1,043) (12,504) (8,644) (2,896) (3,052) Total current liabilities (8,370) (6,350) (2,045) (2,646) (1,872) (1,081) (19,949) (18,164) (3,396) (4,050) Non-current liabilities Non-current financial liabilities (11,185) (8,761) — — (125) (85) (29,445) (29,650) (4,592) (6,773) Other non-current liabilities (290) (235) (35) (42) (1,984) (2,017) (1,963) (2,008) (368) (378) Total non-current liabilities (11,475) (8,996) (35) (42) (2,109) (2,102) (31,408) (31,658) (4,960) (7,151) Net assets 15,002 14,831 14,509 13,920 13,293 11,851 11,235 4,515 14,265 14,981 Net assets attributable to owners of the company 15,002 14,831 14,509 13,920 12,829 11,439 11,235 4,515 14,265 14,981 Net assets attributable to non-controlling interests — — — — 464 412 — — — — Share of net assets from joint ventures 7,501 7,416 5,804 5,568 6,286 5,605 4,213 — 7,133 7,491 Carrying Amounts 7,501 7,416 5,804 5,568 6,286 5,605 4,213 — 7,133 7,491 Summarized statement of comprehensive income Sinopec SABIC FREP BASF-YPC Taihu YASREF Tianjin Year ended December 31, 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB Operating revenues 52,469 57,047 38,691 21,574 19,590 15,701 14,944 15,222 9,528 77,561 75,940 37,337 23,501 20,541 14,881 Depreciation, depletion and amortization (2,250) (2,541) (2,222) (1,521) (1,474) (1,244) (664) (629) (541) (2,823) (3,048) (3,140) (1,104) (1,094) (1,085) Interest income 157 124 118 41 32 27 141 94 291 101 58 17 169 171 183 Interest expense (647) (597) (535) (43) (26) (16) (151) (265) (20) (1,382) (1,470) (1,136) (167) (134) (131) Earning/(loss) before income tax 3,920 964 520 3,625 2,314 1,518 3,493 3,320 2,304 (1,569) (1,292) (7,193) 3,916 2,178 954 Tax expense (935) (197) (87) (897) (579) (379) (729) (708) (378) (249) (8) 1,057 (993) (533) (236) Net income/(loss) for the year 2,985 767 433 2,728 1,735 1,139 2,764 2,612 1,926 (1,818) (1,300) (6,136) 2,923 1,645 718 Other comprehensive income/(loss) — — — — — — 921 (1,105) (3,368) 1,059 (261) (584) — — — Total comprehensive income/(loss) 2,985 767 433 2,728 1,735 1,139 3,685 1,507 (1,442) (759) (1,561) (6,720) 2,923 1,645 718 Dividends declared by joint ventures 1,200 1,400 300 1,226 1,224 691 — — — — — — — 1,750 — Share of net income/(loss) from joint ventures 1,493 384 217 1,091 694 456 1,307 1,235 911 (682) (488) (2,301) 1,462 823 359 Share of other comprehensive income/(loss) from joint ventures (i) — — — — — — 435 (522) (1,593) 397 (98) (219) — — — The share of net income for the years ended December 31, 2018, 2019 and 2020 in all individually immaterial joint ventures accounted for using equity method in aggregate were RMB 2,052, RMB 1,737 and RMB 993, respectively. The share of other comprehensive income/(loss) for the years ended December 31, 2018, 2019 and 2020 in all individually immaterial joint ventures accounted for using equity method in aggregate were a loss of RMB 839, a loss of RMB 168 and a gain of RMB 808, respectively. The carrying amount as of December 31, 2019 and 2020 of all individually immaterial joint ventures accounted for using equity method in aggregate were RMB 25,530 and RMB 26,099, respectively. Note: (i) Including foreign currency translation differences.

FINANCIAL ASSETS AT FAIR VALUE

FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME	12 Months Ended
	Dec. 31, 2020
FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME
FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME	24. December 31, 2019 2020 RMB RMB Non-current assets Unlisted equity instruments 1,431 1,376 Listed equity instruments 90 149 Current assets Trade accounts receivable and bills receivable (i) 8,661 8,735 10,182 10,260 Note: (i) As of December 31, 2019 and 2020, bills receivable and certain trade accounts receivable were classified as financial assets at FVOCI, as the Group's business model is achieved both by collecting contractual cash flows and selling of these assets.

DEFERRED TAX ASSETS AND LIABILI

DEFERRED TAX ASSETS AND LIABILITIES	12 Months Ended
	Dec. 31, 2020
DEFERRED TAX ASSETS AND LIABILITIES
DEFERRED TAX ASSETS AND LIABILITIES	25. DEFERRED TAX ASSETS AND LIABILITIES Deferred tax assets and liabilities before offset are attributable to the items detailed in the table below: Assets Liabilities December 31, December 31, 2019 2020 2019 2020 RMB RMB RMB RMB Receivables and inventories 2,546 2,411 — — Payables 1,142 1,286 — — Cash flow hedges 116 1,790 (384) (4,420) Property, plant and equipment 16,463 15,793 (12,317) (13,415) Tax losses carried forward 3,594 13,322 — — Financial assets at fair value through other comprehensive income 131 127 (7) (11) Intangible assets 595 869 (508) (517) Others 318 371 (882) (676) Deferred tax assets/(liabilities) 24,905 35,969 (14,098) (19,039) The consolidated elimination amount between deferred tax assets and liabilities are as follows: December 31, 2019 2020 RMB RMB Deferred tax assets 7,289 10,915 Deferred tax liabilities 7,289 10,915 Deferred tax assets and liabilities after the consolidated elimination adjustments are as follows: December 31, 2019 2020 RMB RMB Deferred tax assets 17,616 25,054 Deferred tax liabilities 6,809 8,124 As of December 31, 2019 and 2020, certain subsidiaries of the Company did not recognize deferred tax of deductible loss carried forward of RMB 16,605 and RMB 17,718, respectively, of which RMB 1,992 and RMB 4,349 were incurred for the years ended December 31, 2019 and 2020, respectively, because it was not probable that the future taxable profits will be realized. These deductible losses carried forward of RMB 3,089, RMB 5,938, RMB 2,356, RMB 1,986 and RMB 4,349 will expire in 2021, 2022, 2023, 2024, 2025 and after, respectively. Periodically, management performed assessment on the probability that future taxable profit will be available over the period which the deferred tax assets can be realized or utilized. In assessing the probability, both positive and negative evidence was considered, including whether it is probable that the operations will have sufficient future taxable profits over the periods which the deferred tax assets are deductible or utilized and whether the tax losses result from identifiable causes which are unlikely to recur. During the years ended December 31, 2019 and 2020, write-down of deferred tax assets amounted to RMB 189 and RMB 75 (Note 11). Movements in the deferred tax assets and liabilities are as follows: Recognized in Recognized in Balance as Balance as of consolidated other Transferred of January 1, statement of comprehensive from December 31, 2018 income income Others reserve 2018 RMB RMB RMB RMB RMB RMB Receivables and inventories 381 2,176 3 3 — 2,563 Payables 1,925 — — — 1,808 Cash flow hedges 115 2,029 1 1,104 Property, plant and equipment 4,222 2,650 19 — 6,761 Tax losses carried forward 2,325 1,414 6 — 3,709 Available-for-sale financial assets 117 — — — — Financial assets at fair value through other comprehensive income — — (1) 117 — 116 Intangible assets (336) 273 — 2 — (61) Others (84) — (254) Net deferred tax assets/(liabilities) 8,665 6,244 1,905 15,746 Recognized in Recognized in Balance as Balance as of consolidated other Transferred of January 1, statement of comprehensive from December 31, 2019 income income Others reserve 2019 RMB RMB RMB RMB RMB RMB Receivables and inventories 2,563 (17) — — — 2,546 Payables 1,808 (667) — 1 — 1,142 Cash flow hedges 1,104 73 (1,195) — (250) (268) Property, plant and equipment 6,761 (2,575) (39) (1) — 4,146 Tax losses carried forward 3,709 (151) 38 (2) — 3,594 Financial assets at fair value through other comprehensive income 116 — 8 — — 124 Intangible assets (61) 148 — — — 87 Others (254) (196) (49) (65) — (564) Net deferred tax assets/(liabilities) 15,746 (3,385) (1,237) (67) (250) 10,807 Recognized in Recognized in Balance as Balance as of consolidated other Transferred of January 1, statement of comprehensive from December 31, 2020 income income Others reserve 2020 RMB RMB RMB RMB RMB RMB Receivables and inventories 2,546 (122) (12) (1) — 2,411 Payables 1,142 144 — — — 1,286 Cash flow hedges (268) (42) (2,316) — (4) (2,630) Property, plant and equipment 4,146 (2,244) 127 349 — 2,378 Tax losses carried forward 3,594 9,960 (84) (148) — 13,322 Financial assets at fair value through other comprehensive income 124 (4) (4) — — 116 Intangible assets 87 19 — 246 — 352 Others (564) 162 24 73 — (305) Net deferred tax assets/(liabilities) 10,807 7,873 (2,265) 519 (4) 16,930

LONG-TERM PREPAYMENTS AND OTHER

LONG-TERM PREPAYMENTS AND OTHER ASSETS	12 Months Ended
	Dec. 31, 2020
LONG-TERM PREPAYMENTS AND OTHER ASSETS
LONG-TERM PREPAYMENTS AND OTHER ASSETS	26. LONG-TERM PREPAYMENTS AND OTHER ASSETS December 31, 2019 2020 RMB RMB Operating rights of service stations 34,013 31,856 Long-term receivables from and prepayment to Sinopec Group Company and fellow subsidiaries 1,562 2,801 Prepayments for construction projects to third parties 3,926 5,861 Others (i) 25,936 33,971 65,437 74,489 Note: (i) Others mainly comprise time deposits with terms of three years, catalyst expenditures and improvement expenditures of property, plant and equipment. The cost of operating rights of service stations is charged to expense on a straight-line basis over the respective periods of the rights. The movement of operating rights of service stations is as follows: 2019 2020 RMB RMB Operating rights of service stations Cost: Balance as of January 1 52,216 53,549 Additions 1,494 493 Decreases (161) (475) Balance as of December 31 53,549 53,567 Accumulated amortization: Balance as of January 1 17,282 19,536 Additions 2,357 2,365 Decreases (103) (190) Balance as of December 31 19,536 21,711 Net book value as of December 31 34,013 31,856

SHORT-TERM AND LONG-TERM DEBTS

SHORT-TERM AND LONG-TERM DEBTS AND LOANS FROM SINOPEC GROUP COMPANY AND FELLOW SUBSIDIARIES	12 Months Ended
	Dec. 31, 2020
SHORT-TERM AND LONG-TERM DEBTS AND LOANS FROM SINOPEC GROUP COMPANY AND FELLOW SUBSIDIARIES
SHORT-TERM AND LONG-TERM DEBTS AND LOANS FROM SINOPEC GROUP COMPANY AND FELLOW SUBSIDIARIES	27. SHORT-TERM AND LONG-TERM DEBTS AND LOANS FROM SINOPEC GROUP COMPANY AND FELLOW SUBSIDIARIES Short-term debts represent: December 31, 2019 2020 RMB RMB Third parties’ debts Short-term bank loans 25,709 16,111 RMB denominated 25,619 16,111 US Dollar (“USD”) denominated 90 — Short-term other loans 22 3 RMB denominated 22 3 Current portion of long-term bank loans 1,790 4,637 RMB denominated 1,765 4,613 USD denominated 25 24 Current portion of long-term corporate bonds 13,000 — RMB denominated 13,000 — 14,790 4,637 Corporate bonds(i) — 3,018 RMB denominated — 3,018 40,521 23,769 Loans from Sinopec Group Company and fellow subsidiaries Short-term loans 5,465 4,642 RMB denominated 2,709 1,141 USD denominated 2,236 3,298 Hong Kong Dollar (“HKD”) denominated 495 31 European Dollar (“EUR”) denominated 25 172 Current portion of long-term loans 37,824 622 RMB denominated 37,824 622 43,289 5,264 83,810 29,033 The Group’s weighted average interest rates on short-term loans were 3.11% and 2.53% per annum as of December 31, 2019 and 2020, respectively. The above borrowings are unsecured. Long-term debts represent: December 31, Interest rate and final maturity 2019 2020 RMB RMB Third parties’ debts Long-term bank loans RMB denominated Interest rates ranging from 1.08% to 5.23% per annum as of December 31, 2020 with maturities through 2030 31,714 38,226 USD denominated Interest rates at 1.55% per annum as of December 31, 2020 with maturities through 2039 127 92 31,841 38,318 Corporate bonds(ii) RMB denominated Fixed interest rates ranging from 2.20% to 4.90% per annum as of December 31, 2020 with maturities through 2023 20,000 26,977 USD denominated Fixed interest rates ranging from 3.13 % to 4.25 % per annum as of December 31, 2020 with maturities through 2043 12,157 11,379 32,157 38,356 Total third parties’ long-term debts 63,998 76,674 Less: Current portion (14,790) (4,637) 49,208 72,037 Long-term loans from Sinopec Group Company and fellow subsidiaries RMB denominated Interest rates ranging from 1.08% to 5.23% per annum as of December 31, 2020 with maturities through 2036 47,450 11,013 USD denominated Interest rates at 1.60% per annum as of December 31, 2020 with maturities in 2027 — 1,387 Less: Current portion (37,824) (622) 9,626 11,778 58,834 83,815 Short-term and long-term bank loans, short-term other loans and loans from Sinopec Group Company and fellow subsidiaries are primarily unsecured and carried at amortized cost. Notes: (i) The Company issued Super & Short-term Commercial Paper on August 20, 2020 at par value of RMB 100, and the interest will be paid at its maturity. The total issued amount of the 169-day corporate bonds is RMB 3 billion with a fixed rate at 1.70% per annum. (ii) The Company issued corporate bonds with a maturity of three years on March 31, 2020 at par value of RMB 100. The total issued amount of the corporate bonds is RMB 10 billion. The corporate bonds adopt a simple interest rate on an annual basis with a fixed rate at 2.70% per annum and the interest is paid once a year. The Company issued corporate bonds with a maturity of three years on May 27, 2020 at par value of RMB 100. The total issued amount of the corporate bonds is RMB 10 billion. The corporate bonds adopt a simple interest rate on an annual basis with a fixed rate at 2.20% per annum and the interest is paid once a year. These corporate bonds are carried at amortized cost.

LEASE LIABILITIES

LEASE LIABILITIES	12 Months Ended
	Dec. 31, 2020
LEASE LIABILITIES
LEASE LIABILITIES	28. LEASE LIABILITIES December 31, 2019 2020 RMB RMB Lease liabilities Current 15,198 15,292 Non-current 177,674 172,306 192,872 187,598

TRADE ACCOUNTS AND BILLS PAYABL

TRADE ACCOUNTS AND BILLS PAYABLE	12 Months Ended
	Dec. 31, 2020
TRADE ACCOUNTS PAYABLE AND BILLS PAYABLE
TRADE ACCOUNTS PAYABLE AND BILLS PAYABLE	29. TRADE ACCOUNTS PAYABLE AND BILLS PAYABLE December 31, 2019 2020 RMB RMB Amounts due to third parties 166,830 132,136 Amounts due to Sinopec Group Company and fellow subsidiaries 11,251 11,384 Amounts due to associates and joint ventures 10,108 7,742 188,189 151,262 Bills payable 11,834 10,394 Trade accounts payable and bills payable measured at amortized cost 200,023 161,656

CONTRACT LIABILITIES

CONTRACT LIABILITIES	12 Months Ended
	Dec. 31, 2020
CONTRACT LIABILITIES
CONTRACT LIABILITIES	30. CONTRACT LIABILITIES As of December 31, 2019 and 2020, the Group’s contract liabilities primarily represent advances from customers. Related performance obligations are satisfied and revenue is recognized within one year.

OTHER PAYABLES

OTHER PAYABLES	12 Months Ended
	Dec. 31, 2020
OTHER PAYABLES
OTHER PAYABLES	31. OTHER PAYABLES December 31, 2019 2020 RMB RMB Salaries and welfare payable 4,807 7,081 Interest payable 612 667 Payables for constructions 50,824 41,724 Other payables 25,618 58,908 Financial liabilities carried at amortized costs 81,861 108,380 Taxes other than income tax 66,257 70,257 148,118 178,637

PROVISIONS

PROVISIONS	12 Months Ended
	Dec. 31, 2020
PROVISIONS
PROVISIONS	32. PROVISIONS Provisions primarily represent provision for future dismantlement costs of oil and gas properties. The Group has mainly committed to the PRC government to establish certain standardized measures for the dismantlement of its oil and gas properties by making reference to the industry practices and is thereafter constructively obligated to take dismantlement measures of its oil and gas properties. Movement of provision of the Group’s obligations for the dismantlement of its oil and gas properties is as follows: 2018 2019 2020 RMB RMB RMB Balance as of January 1 39,407 42,007 42,438 Provision for the year 1,567 1,408 1,563 Accretion expenses 1,438 1,418 1,343 Decrease for the year (598) (2,439) (1,490) Exchange adjustments 193 44 (141) Balance as of December 31 42,007 42,438 43,713

SHARE CAPITAL

SHARE CAPITAL	12 Months Ended
	Dec. 31, 2020
SHARE CAPITAL
SHARE CAPITAL	33. SHARE CAPITAL December 31, 2019 2020 RMB RMB Registered, issued and fully paid 95,557,771,046 listed A shares (2019: 95,557,771,046) of RMB 1.00 each 95,558 95,558 25,513,438,600 listed H shares (2019: 25,513,438,600) of RMB 1.00 each 25,513 25,513 121,071 121,071 The Company was established on February 25, 2000 with a registered capital of 68.8 billion domestic state-owned shares with a par value of RMB 1.00 each. Such shares were issued to Sinopec Group Company in consideration for the assets and liabilities transferred to the Company (Note 1). Pursuant to the resolutions passed at an Extraordinary General Meeting held on July 25, 2000 and approvals from relevant government authorities, the Company is authorized to increase its share capital to a maximum of 88.3 billion shares with a par value of RMB 1.00 each and offer not more than 19.5 billion shares with a par value of RMB 1.00 each to investors outside the PRC. Sinopec Group Company is authorized to offer not more than 3.5 billion shares of its shareholdings in the Company to investors outside the PRC. The shares sold by Sinopec Group Company to investors outside the PRC would be converted into H shares. In October 2000, the Company issued 15,102,439,000 H shares with a par value of RMB 1.00 each, representing 12,521,864,000 H shares and 25,805,750 American Depositary Shares (“ADSs”, each representing 100 H shares), at prices of HKD 1.59 per H share and USD 20.645 per ADS, respectively, by way of a global initial public offering to Hong Kong and overseas investors. As part of the global initial public offering, 1,678,049,000 state-owned ordinary shares of RMB 1.00 each owned by Sinopec Group Company were converted into H shares and sold to Hong Kong and overseas investors. In July 2001, the Company issued 2.8 billion listed A shares with a par value of RMB 1.00 each at RMB 4.22 by way of a public offering to natural persons and institutional investors in the PRC. During the year ended December 31, 2010, the Company issued 88,774 listed A shares with a par value of RMB 1.00 each, as a result of exercise of 188,292 warrants entitled to the Bonds with Warrants. During the year ended December 31, 2011, the Company issued 34,662 listed A shares with a par value of RMB 1.00 each, as a result of conversion by the holders of the 2011 Convertible Bonds. During the year ended December 31, 2012, the Company issued 117,724,450 listed A shares with a par value of RMB 1.00 each, as a result of conversion by the holders of the 2011 Convertible Bonds. On February 14, 2013, the Company issued 2,845,234,000 listed H shares (“the Placing”) with a par value of RMB 1.00 each at the Placing Price of HKD 8.45 per share. The aggregate gross proceeds from the Placing amounted to approximately HKD 24,042,227,300.00 and the aggregate net proceeds (after deduction of the commissions and estimated expenses) amounted to approximately HKD 23,970,100,618.00. In June 2013, the Company issued 21,011,962,225 listed A shares and 5,887,716,600 listed H shares as a result of bonus issues of 2 shares converted from the retained earnings, and 1 share transferred from the share premium for every 10 existing shares. During the year ended December 31, 2013, the Company issued 114,076 listed A shares with a par value of RMB 1.00 each, as a result of exercise of conversion by the holders of the 2011 Convertible Bonds. During the year ended December 31, 2014, the Company issued 1,715,081,853 listed A shares with a par value of RMB 1.00 each, as a result of exercise of conversion by the holders of the 2011 Convertible Bonds. During the year ended December 31, 2015, the Company issued 2,790,814,006 listed A shares with a par value of RMB 1.00 each, as a result of exercise of conversion by the holders of the 2011 Convertible Bonds. All A shares and H shares rank pari passu in all material aspects. Capital management Management optimizes the structure of the Group’s capital, which comprises of equity, debts and bonds. In order to maintain or adjust the capital structure of the Group, management may cause the Group to issue new shares, adjust the capital expenditure plan, sell assets to reduce debt, or adjust the proportion of short-term and long-term loans and bonds. Management monitors capital on the basis of the debt-to-capital ratio, which is calculated by dividing long-term loans (excluding current portion) and debentures payable, including long-term debts and loans from Sinopec Group Company and fellow subsidiaries, by the total of equity attributable to owners of the Company and long-term loans (excluding current portion) and debentures payable, and liability-to-asset ratio, which is calculated by dividing total liabilities by total assets. Management’s strategy is to make appropriate adjustments according to the Group’s operating and investment needs and the changes of market conditions, and to maintain the debt-to-capital ratio and the liability-to-asset ratio of the Group at a range considered reasonable. The debt-to-capital ratio of the Group was 7.4% and 10.2% as of December 31, 2019 and 2020, respectively. The liability-to-asset ratio of the Group was 50.2% and 49.1% as of December 31, 2019 and 2020, respectively. The schedule of the contractual maturities of loans and commitments are disclosed in Notes 27 and 34, respectively. There were no changes in the management’s approach to capital management of the Group during the year. Neither the Company nor any of its subsidiaries is subject to externally imposed capital requirements.

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	12 Months Ended
	Dec. 31, 2020
COMMITMENTS AND CONTINGENT LIABILITIES
COMMITMENTS AND CONTINGENT LIABILITIES	34. COMMITMENTS AND CONTINGENT LIABILITIES Operating lease commitments From January 1, 2019, the Group has recognized right-of-use assets for these leases, except for short-term and low-value leases, see Note 1 and Note 20 for further information. Capital commitments As of December 31, 2019 and 2020, the capital commitments of the Group are as follows: December 31, 2019 2020 RMB RMB Authorized and contracted for (i) 138,088 171,335 Authorized but not contracted for 63,967 33,942 202,055 205,277 These capital commitments relate to oil and gas exploration and development, refining and petrochemical production capacity expansion projects, the construction of service stations and oil depots and investment commitments. Note: (i) Commitments to joint ventures Pursuant to certain of the joint venture agreements entered into by the Group, the Group is obliged to purchase products from the joint ventures based on market prices. Exploration and production licenses Exploration licenses for exploration activities are registered with the Ministry of Natural Resources. The maximum term of the Group’s exploration licenses is 7 years, and may be renewed twice within 30 days prior to expiration of the original term with each renewal being for a two-year term. The Group is obligated to make progressive annual minimum exploration investment relating to the exploration blocks in respect of which the license is issued. The Ministry of Natural Resources also issues production licenses to the Group on the basis of the reserve reports approved by relevant authorities. The maximum term of a full production license is 30 years unless a special dispensation is given by the State Council. The maximum term of production licenses issued to the Group is 80 years as a special dispensation was given to the Group by the State Council. The Group’s production license is renewable upon application by the Group 30 days prior to expiration. The Group is required to make payments of exploration license fees and production right usage fees to the Ministry of Natural Resources annually which are expensed. Expenses recognized were approximately RMB 231, RMB 179 and RMB 231 for the years ended December 31, 2018, 2019 and 2020, respectively. Estimated future annual payments are as follows: December 31, 2019 2020 RMB RMB Within one year 302 390 Between one and two years 69 99 Between two and three years 34 66 Between three and four years 30 63 Between four and five years 29 56 Thereafter 845 824 1,309 1,498 Contingent liabilities As of December 31, 2019 and 2020, the guarantees by the Group in respect of facilities granted to the parties below are as follows: December 31, 2019 2020 RMB RMB Joint ventures 7,100 6,390 Associates (ii) 10,140 8,450 17,240 14,840 Management monitors the conditions that are subject to the guarantees to identify whether it is probable that a loss will occur, and recognizes any such losses under guarantees when those losses are reliably estimable. As of December 31, 2019 and 2020, the Group estimates that there is no need to pay for the guarantees. Thus no liability has been accrued for a loss related to the Group’s obligation under these guarantee arrangements. Note: (ii) The Group provided a guarantee in respect to standby credit facilities granted to Zhongtian Synergetic Energy by banks amount to RMB 17,050. As of December 31, 2019 and 2020, the amount withdrawn by Zhongtian Synergetic Energy and guaranteed by the Group was RMB 10,140 and RMB 8,450. Environmental contingencies Under existing legislation, management believes that there are no probable liabilities that will have a material adverse effect on the financial position or operating results of the Group. The PRC government, however, has moved, and may move further towards more rigorous enforcement of applicable laws, and towards the adoption of more stringent environmental standards. Environmental liabilities are subject to considerable uncertainties which affect management’s ability to estimate the ultimate cost of remediation efforts. These uncertainties include i) the exact nature and extent of the contamination at various sites including, but not limited to refineries, oil fields, service stations, terminals and land development areas, whether operating, closed or sold, ii) the extent of required cleanup efforts, iii) varying costs of alternative remediation strategies, iv) changes in environmental remediation requirements, and v) the identification of new remediation sites. The amount of such future cost is indeterminable due to such factors as the unknown magnitude of possible contamination and the unknown timing and extent of the corrective actions that may be required. Accordingly, the outcome of environmental liabilities under proposed or future environmental legislation cannot reasonably be estimated at present, and could be material. The Group paid normal routine pollutant discharge fees of approximately RMB 7,940, RMB 9,271 and RMB 11,362 in the consolidated financial statements for the years ended December 31, 2018, 2019 and 2020, respectively. Legal contingencies The Group is a defendant in certain lawsuits as well as the named party in other proceedings arising in the ordinary course of business. Management has assessed the likelihood of an unfavourable outcome of such contingencies, lawsuits or other proceedings and believes that any resulting liabilities will not have a material adverse effect on the financial position, operating results or cash flows of the Group.

BUSINESS COMBINATION

BUSINESS COMBINATION	12 Months Ended
	Dec. 31, 2020
BUSINESS COMBINATION
BUSINESS COMBINATION	35. BUSINESS COMBINATION Pursuant to the resolution passed at the Directors’meeting on October 28, 2020, the Company entered into an Agreement with Sinopec Assets Management Corporation (“SAMC”) in relation to the formation of Sinopec Baling Petrochemical Co. Ltd (“Baling Petrochemical”). According to the Agreement, the Company and SAMC subscribed capital contribution with the business of Baling area respectively and some cash. After the capital injection, the Company remained to hold 55% of Baling Petrochemical’s voting rights and was still able to control Baling Petrochemical. As Sinopec Group Company controls both the Company and SAMC, the transaction described above between Sinopec and SAMC has been accounted as business combination under common control. Accordingly, the assets and liabilities of which SAMC subscribed have been accounted for at historical cost, and the consolidated financial statements of the Group prior to these acquisitions have been restated to include the results of operation and the assets and liabilities of Baling Branch of SAMC on a combined basis. Baling Petrochemical is mainly engaged in the production and sales of petrochemicals, chemical fibers, fertilizers, fine chemical products and other chemical products. The financial condition as of December 31, 2019 and the results of operation for the year ended December 31, 2019 previously reported by the Group have been restated, as set out below: The Group, as Baling Branch Elimination and The Group, previously reported of SAMC Adjustment* as restated RMB million RMB million RMB million RMB million Summarised consolidated statement of income for the year ended December 31, 2019: Sales of goods and other operating revenues 2,966,193 16,906 (23,300) 2,959,799 Net income attributable to owners of the Company 57,465 50 (22) 57,493 Net income attributable to non-controlling interests 14,568 — 22 14,590 Basic earnings per share (RMB) 0.48 0.0004 — 0.48 Diluted earnings per share (RMB) 0.48 0.0004 — 0.48 Summarised consolidated balance sheet as of December 31, 2019: Current assets 445,856 2,097 (643) 447,310 Total assets 1,755,071 5,858 (643) 1,760,286 Current liabilities 576,374 4,247 (643) 579,978 Total liabilities 879,236 4,389 (643) 882,982 Total equity attributable to owners of the Company 738,150 1,448 (652) 738,946 Non-controlling interests 137,685 21 652 138,358 Summarised consolidated statement of cash flows for the year ended December 31, 2019: Net cash generated from operating activities 153,420 199 — 153,619 Net cash used in investing activities (120,463) (588) — (121,051) Net cash (used in)/generated from financing activities (84,713) 509 — (84,204) Net (decrease)/increase in cash and cash equivalents (51,756) 120 — (51,636) At the completion date, the non-controlling interests amount to RMB 972 was recognized in relation to SAMC’s 45% interest in Baling Branch of the Company.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2020
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	36. RELATED PARTY TRANSACTIONS Parties are considered to be related to the Group if the Group has the ability, directly or indirectly, to control or jointly control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Group and the party are subject to control or common control. Related parties may be individuals (being members of key management personnel, significant shareholders and/or their close family members) or other entities and include entities which are under the significant influence of related parties of the Group where those parties are individuals, and post-employment benefit plans which are for the benefit of employees of the Group or of any entity that is a related party of the Group. (a) Transactions with Sinopec Group Company and fellow subsidiaries, associates and joint ventures The Group is part of a larger group of companies under Sinopec Group Company, which is controlled by the PRC government, and has significant transactions and relationships with Sinopec Group Company and fellow subsidiaries. Because of these relationships, it is possible that the terms of these transactions are not the same as those that would result from transactions among wholly unrelated parties. The principal related party transactions with Sinopec Group Company and fellow subsidiaries, associates and joint ventures, which were carried out in the ordinary course of business are as follows: Years ended December 31, Note 2018 2019 2020 RMB RMB RMB Sales of goods (i) 260,197 285,853 233,283 Purchases (ii) 177,726 189,914 158,963 Transportation and storage (iii) 7,318 8,206 8,848 Exploration and development services (iv) 23,489 33,310 31,444 Production related services (v) 28,648 38,827 32,106 Ancillary and social services (vi) 6,616 3,098 3,099 Operating lease charges for land (vii) 7,765 — — Operating lease charges for buildings (vii) 521 — — Other operating lease charges (vii) 869 — — Agency commission income (viii) 113 116 160 Interest income (ix) 848 1,066 704 Interest expense (x) 1,110 1,334 919 Net deposits withdrawn from/(placed with) related parties (ix) 6,623 5,230 (17,585) Net funds obtained from/(repaid to) related parties (xi) 31,684 3,438 (31,144) The amounts set out in the table above in respect of each of the years in the three-year period ended December 31 represent the relevant costs and income as determined by the corresponding contracts with the related parties. For the years ended December 31, 2019 and 2020, no individually significant right-of-use assets were leased from Sinopec Group Company and fellow subsidiaries, associates and joint ventures by the Group. The interest expense recognized for the years ended December 31, 2019 and 2020 on lease liabilities in respect of amounts due to Sinopec Group Company and fellow subsidiaries, associates and joint ventures was RMB 8,518 and RMB 8,160. For the years ended December 31, 2018, 2019 and 2020, the amount of rental the Group paid to Sinopec Group Company and fellow subsidiaries, associates and joint ventures for land are RMB 7,636, RMB 11,333 and RMB 11,090, respectively. For the years ended December 31, 2018, 2019 and 2020, the amount of rental the Group paid to Sinopec Group Company and fellow subsidiaries, associates and joint ventures for buildings are RMB 653, RMB 518 and RMB 571, respectively. For the years ended December 31, 2018, 2019 and 2020, the amount of rental the Group paid to Sinopec Group Company and fellow subsidiaries, associates and joint ventures for others are RMB 836, RMB 468 and RMB 330, respectively. As of December 31, 2019 and 2020, there was no guarantee given to banks by the Group in respect of banking facilities to Sinopec Group Company and fellow subsidiaries, associates and joint ventures, except for the guarantees disclosed in Note 34. Guarantees given to banks by the Group in respect of banking facilities to associates and joint ventures are disclosed in Note 34. The directors of the Company are of the opinion that the above transactions with related parties were conducted in the ordinary course of business and on normal commercial terms or in accordance with the agreements governing such transactions, and this has been confirmed by the independent non-executive directors. Notes: (i) Sales of goods represent the sale of crude oil, intermediate petrochemical products, petroleum products and ancillary materials. (ii) Purchases represent the purchase of materials and utility supplies directly related to the Group’s operations such as the procurement of raw and ancillary materials and related services, supply of water, electricity and gas. (iii) Transportation and storage represent the cost for the use of railway, road and marine transportation services, pipelines, loading, unloading and storage facilities. (iv) Exploration and development services comprise direct costs incurred in the exploration and development such as geophysical, drilling, well testing and well measurement services. (v) Production related services represent ancillary services rendered in relation to the Group’s operations such as equipment repair and general maintenance, insurance premium, technical research, communications, firefighting, security, product quality testing and analysis, information technology, design and engineering, construction of oilfield ground facilities, refineries and chemical plants, manufacture of replacement parts and machinery, installation, project management, environmental protection and management services. (vi) Ancillary and social services represent expenditures for social welfare and support services such as educational facilities, media communication services, sanitation, accommodation, canteens, and property maintenance. (vii) Operating lease charges represent the rental incurred for operating leases in respect of land, buildings and equipment leased from Sinopec Group Company and fellow subsidiaries, associates and joint ventures. No lease charges had incurred for the years ended December 31, 2019 and 2020 because of the adoption of IFRS 16 Leases. (viii) Agency commission income represents commission earned for acting as an agent in respect of sales of products and purchase of materials for certain entities owned by Sinopec Group Company. (ix) Interest income represents interest received from deposits placed with Sinopec Finance and Sinopec Century Bright Capital Investment Limited, finance companies controlled by Sinopec Group Company. The applicable interest rate is determined in accordance with the prevailing saving deposit rate. The balance of deposits as of December 31, 2019 and 2020 were RMB 35,832 and RMB 53,417, respectively. (x) Interest expense represents interest charges on the loans obtained from Sinopec Group Company and fellow subsidiaries. (xi) The Group obtained loans, discounted bills and others from Sinopec Group Company and fellow subsidiaries. In connection with the Reorganization, the Company and Sinopec Group Company entered into a number of agreements under which 1) Sinopec Group Company will provide goods and products and a range of ancillary, social and supporting services to the Group and 2) the Group will sell certain goods to Sinopec Group Company. These agreements impacted the operating results of the Group for the year ended December 31, 2020. The terms of these agreements are summarized as follows: · The Company has entered into a non-exclusive “Agreement for Mutual Provision of Products and Ancillary Services” (“Mutual Provision Agreement”) with Sinopec Group Company effective from January 1, 2000 in which Sinopec Group Company has agreed to provide the Group with certain ancillary production services, construction services, information advisory services, supply services and other services and products. While each of Sinopec Group Company and the Company is permitted to terminate the Mutual Provision Agreement upon at least six months notice, Sinopec Group Company has agreed not to terminate the agreement if the Group is unable to obtain comparable services from a third party. The pricing policy for these services and products provided by Sinopec Group Company to the Group is as follows: (1) the government-prescribed price; (2) where there is no government-prescribed price, the government-guidance price; (3) where there is neither a government-prescribed price nor a government-guidance price, the market price; or (4) where none of the above is applicable, the price to be agreed between the parties, which shall be based on a reasonable cost incurred in providing such services plus a profit margin not exceeding 6%. · The Company has entered into a non-exclusive “Agreement for Provision of Cultural and Educational, Health Care and Community Services” with Sinopec Group Company effective from January 1, 2000 in which Sinopec Group Company has agreed to provide the Group with certain cultural, educational, health care and community services on the same pricing terms and termination conditions as described in the above Mutual Provision Agreement. · The Company has entered into a series of lease agreements with Sinopec Group Company to lease certain lands and buildings effective on January 1, 2000. The lease term is 40 or 50 years for lands and 20 years for buildings, respectively. The Company and Sinopec Group Company can renegotiate the rental amount every three years for land. The Company and Sinopec Group Company can renegotiate the rental amount for buildings every year. However such amount cannot exceed the market price as determined by an independent third party. · The Company has entered into agreements with Sinopec Group Company effective from January 1, 2000 under which the Group has been granted the right to use certain trademarks, patents, technology and computer software developed by Sinopec Group Company. · The Company has entered into a service stations franchise agreement with Sinopec Group Company effective from January 1, 2000 under which its service stations and retail stores would exclusively sell the refined products supplied by the Group. · On the basis of a series of continuing connected transaction agreements signed in 2000, the Company and Sinopec Group Company have signed the Fifth Supplementary Agreement and the Fourth Revised Memorandum of land use rights leasing contract on August 24, 2018, which took effect on January 1, 2019 and made adjustment to “Mutual Supply Agreement”, “Agreement for Provision of Cultural and Educational, Health Care and Community Services”, “Buildings Leasing Contract”, “Intellectual Property Contract” and “Land Use Rights Leasing Contract”, etc. Amounts due from/to Sinopec Group Company and fellow subsidiaries, associates and joint ventures included in the following accounts captions are summarized as follows: December 31, 2019 2020 RMB RMB Trade accounts receivable 12,470 16,896 Financial assets at fair value through other comprehensive income 407 760 Prepaid expenses and other current assets 12,771 19,305 Long-term prepayments and other assets 734 6,435 Total 26,382 43,396 Trade accounts payable and bills payable 25,177 22,805 Contract liabilities 4,456 5,940 Other payables 18,793 12,116 Other long-term liabilities — 3,010 Short-term loans and current portion of long-term loans from Sinopec Group Company and fellow subsidiaries 43,289 5,264 Long-term loans excluding current portion from Sinopec Group Company and fellow subsidiaries 9,626 11,778 Lease liabilities (including to be paid within one year) 171,402 162,048 Total 272,743 222,961 Amounts due from/to Sinopec Group Company and fellow subsidiaries, associates and joint ventures, other than short-term loans and long-term loans, bear no interest, are unsecured and are repayable in accordance with normal commercial terms. The terms and conditions associated with short-term loans and long-term loans payable to Sinopec Group Company and fellow subsidiaries are set out in Note 27. As of and for the year ended 31 December 2020, and as of and for the year ended 31 December 2019, no individually significant impairment losses for bad and doubtful debts were recognized in respect of amounts due from Sinopec Group Company and fellow subsidiaries, associates and joint ventures. (b) Key management personnel emoluments Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group, directly or indirectly, including directors and supervisors of the Group. The key management personnel compensation is as follows: Years ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Short-term employee benefits 5,745 9,209 5,753 Retirement scheme contributions 351 536 342 6,096 9,745 6,095 (c) Contributions to defined contribution retirement plans The Group participates in various defined contribution retirement plans organized by municipal and provincial governments for its staff. The details of the Group’s employee benefits plan are disclosed in Note 37. As of December 31, 2019 and 2020, the accrual for the contribution to post-employment benefit plans was not material. (d) Transactions with other state-controlled entities in the PRC The Group is a state-controlled energy and chemical enterprise and operates in an economic regime currently dominated by entities directly or indirectly controlled by the PRC government through its government authorities, agencies, affiliations and other organizations (collectively referred as “state-controlled entities”). Apart from transactions with Sinopec Group Company and fellow subsidiaries, the Group has transactions with other state-controlled entities, include but not limited to the followings: · sales and purchases of goods and ancillary materials; · rendering and receiving services; · lease of assets; · depositing and borrowing money; and · uses of public utilities. These transactions are conducted in the ordinary course of the Group’s business on terms comparable to those with other entities that are not state-controlled.

EMPLOYEE BENEFITS PLAN

EMPLOYEE BENEFITS PLAN	12 Months Ended
	Dec. 31, 2020
EMPLOYEE BENEFITS PLAN
EMPLOYEE BENEFITS PLAN	37. EMPLOYEE BENEFITS PLAN As stipulated by the regulations of the PRC, the Group participates in various defined contribution retirement plans organized by municipal and provincial governments for its staff. The Group is required to make contributions to the retirement plans at rates ranging from 13.0% to 16.0% of the salaries, bonuses and certain allowances of its staff. In addition, the Group provides a supplementary retirement plan for its staff at rates not exceeding 8% of the salaries. The Group has no other material obligation for the payment of pension benefits associated with these plans beyond the annual contributions described above. The Group’s contributions for the years ended December 31, 2018, 2019 and 2020 were RMB 9,181, RMB 11,822 and RMB 8,804, respectively.

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Dec. 31, 2020
SEGMENT REPORTING
SEGMENT REPORTING	38. SEGMENT REPORTING Segment information is presented in respect of the Group’s business segments. The format is based on the Group’s management and internal reporting structure. In a manner consistent with the way in which information is reported internally to the Group’s chief operating decision maker for the purposes of resource allocation and performance assessment, the Group has identified the following five reportable segments. No operating segments have been aggregated to form the following reportable segments. (i) Exploration and production, which explores and develops oil fields, produces crude oil and natural gas and sells such products to the refining segment of the Group and external customers. (ii) Refining, which processes and purifies crude oil, that is sourced from the exploration and production segment of the Group and external suppliers, and manufactures and sells petroleum products to the chemicals and marketing and distribution segments of the Group and external customers. (iii) Marketing and distribution, which owns and operates oil depots and service stations in the PRC, and distributes and sells refined petroleum products (mainly gasoline and diesel) in the PRC through wholesale and retail sales networks. (iv) Chemicals, which manufactures and sells petrochemical products, derivative petrochemical products and other chemical products mainly to external customers. (v) Corporate and others, which largely comprises the trading activities of the import and export companies of the Group and research and development undertaken by other subsidiaries. The segments were determined primarily because the Group manages its exploration and production, refining, marketing and distribution, chemicals, and corporate and others businesses separately. The reportable segments are each managed separately because they manufacture and/or distribute distinct products with different production processes and due to their distinct operating and gross margin characteristics. (1) Information of reportable segmental revenues, profits or losses, assets and liabilities The Group’s chief operating decision maker evaluates the performance and allocates resources to its operating segments on an operating profit basis, without considering the effects of finance costs or investment income. Inter-segment transfer pricing is based on the market price or cost plus an appropriate margin, as specified by the Group’s policy. Assets and liabilities dedicated to a particular segment’s operations are included in that segment’s total assets and liabilities. Segment assets include all tangible and intangible assets, except for interest in associates and joint ventures, investments, deferred tax assets, cash and cash equivalents, time deposits with financial institutions and other unallocated assets. Segment liabilities exclude short-term debts, income tax payable, long-term debts, loans from Sinopec Group Company and fellow subsidiaries, deferred tax liabilities and other unallocated liabilities. Information of the Group’s reportable segments is as follows: Years ended December 31, 2018 2019 2020 RMB RMB RMB Sales of goods Exploration and production External sales 93,499 111,114 104,524 Inter-segment sales 95,954 89,315 57,513 189,453 200,429 162,037 Refining External sales 148,930 141,674 114,064 Inter-segment sales 1,109,088 1,077,018 825,812 1,258,018 1,218,692 939,876 Marketing and distribution External sales 1,408,989 1,393,557 1,062,447 Inter-segment sales 5,224 4,159 4,854 1,414,213 1,397,716 1,067,301 Chemicals External sales 461,123 428,830 322,121 Inter-segment sales 101,387 78,165 40,518 562,510 506,995 362,639 Corporate and others External sales 709,834 824,507 458,154 Inter-segment sales 650,271 654,337 430,073 1,360,105 1,478,844 888,227 Elimination of inter-segment sales (1,961,924) (1,902,994) (1,370,624) Sales of goods 2,822,375 2,899,682 2,049,456 Other operating revenues Exploration and production 10,738 10,283 5,718 Refining 5,389 5,464 4,634 Marketing and distribution 32,424 33,247 34,905 Chemicals 9,628 9,273 9,215 Corporate and others 1,523 1,850 2,056 Other operating revenues 59,702 60,117 56,528 Sales of goods and other operating revenues 2,882,077 2,959,799 2,105,984 Years ended December 31, 2018 2019 2020 RMB RMB RMB Result Operating (loss)/income By segment - Exploration and production (10,107) 9,284 (16,476) - Refining 54,827 30,632 (5,555) - Marketing and distribution 23,464 29,107 20,828 - Chemicals 27,307 17,327 10,372 - Corporate and others (9,293) 64 (393) - Elimination (3,634) (40) 4,417 Total segment operating income 82,564 86,374 13,193 Share of profit/(loss) from associates and joint ventures - Exploration and production 2,598 3,167 2,117 - Refining 109 (640) (2,516) - Marketing and distribution 3,155 3,309 2,200 - Chemicals 6,298 4,611 1,723 - Corporate and others 1,814 2,330 3,188 Aggregate share of profits from associates and joint ventures 13,974 12,777 6,712 Investment (loss)/ income - Exploration and production (3) (19) 13,118 - Refining 315 59 14,941 - Marketing and distribution 43 73 8,980 - Chemicals 596 578 (61) - Corporate and others 920 228 766 Aggregate investment income 1,871 919 37,744 Net finance costs 930 (10,048) (9,506) Earnings before income tax 99,339 90,022 48,143 December 31, 2018 2019 2020 RMB RMB RMB Assets Segment assets - Exploration and production 321,686 410,950 354,024 - Refining 271,356 321,080 270,431 - Marketing and distribution 317,641 399,242 373,430 - Chemicals 161,940 180,974 186,033 - Corporate and others 152,799 131,686 118,458 Total segment assets 1,225,422 1,443,932 1,302,376 Interest in associates and joint ventures 145,721 152,204 188,342 Financial assets at fair value through other comprehensive income 1,450 1,521 1,525 Deferred tax assets 21,694 17,616 25,054 Cash and cash equivalents, time deposits with financial institutions 167,020 128,052 188,057 Other unallocated assets 36,094 16,961 28,451 Total assets 1,597,401 1,760,286 1,733,805 Liabilities Segment liabilities - Exploration and production 94,170 167,933 163,588 - Refining 103,809 122,264 136,869 - Marketing and distribution 159,536 226,531 234,309 - Chemicals 38,924 58,066 49,497 - Corporate and others 144,216 137,881 119,215 Total segment liabilities 540,655 712,675 703,478 Short-term debts 31,462 40,521 23,769 Income tax payable 6,701 3,267 6,586 Long-term debts 51,065 49,208 72,037 Loans from Sinopec Group Company and fellow subsidiaries 74,181 52,915 17,042 Deferred tax liabilities 5,948 6,809 8,124 Other unallocated liabilities 29,391 17,587 19,911 Total liabilities 739,403 882,982 850,947 Years ended December 31, 2018 2019 2020 RMB RMB RMB Capital expenditure Exploration and production 42,155 61,739 56,416 Refining 27,908 31,372 24,722 Marketing and distribution 21,429 29,566 25,403 Chemicals 19,578 22,438 26,202 Corporate and others 6,906 1,979 2,312 117,976 147,094 135,055 Depreciation, depletion and amortization Exploration and production 60,331 50,732 46,273 Refining 18,541 19,676 20,048 Marketing and distribution 16,296 21,572 23,196 Chemicals 13,379 14,326 14,376 Corporate and others 1,797 2,866 3,072 110,344 109,172 106,965 Impairment losses on long-lived assets Exploration and production 4,274 3 8,495 Refining 353 245 1,923 Marketing and distribution 264 80 536 Chemicals 1,379 17 3,606 Corporate and others 16 — — 6,286 345 14,560 (2) Geographical information The following tables set out information about the geographical information of the Group’s external sales and the Group’s non-current assets, excluding financial instruments and deferred tax assets. In presenting information on the basis of geographical segments, segment revenue is based on the geographical location of customers, and segment assets are based on the geographical location of the assets. Years ended December 31, 2018 2019 2020 RMB RMB RMB External sales Mainland China 2,110,478 2,124,684 1,721,955 Singapore 395,129 505,672 215,846 Others 376,470 329,443 168,183 2,882,077 2,959,799 2,105,984 December31, 2018 2019 2020 RMB RMB RMB Non-current assets Mainland China 993,411 1,239,437 1,211,441 Others 50,892 52,705 36,782 1,044,303 1,292,142 1,248,223

PRINCIPAL SUBSIDIARIES

PRINCIPAL SUBSIDIARIES	12 Months Ended
	Dec. 31, 2020
PRINCIPAL SUBSIDIARIES
PRINCIPAL SUBSIDIARIES	39. PRINCIPAL SUBSIDIARIES As of December 31, 2020, the following list contains the particulars of subsidiaries which principally affected the results, assets and liabilities of the Group. Interests held Particulars Interests by non- of issued held by the controlling Name of Company capital Company % interests % Principal activities Sinopec Great Wall Energy & Chemical Company Limited RMB 22,761 100.00 — Coal chemical industry investment management, production and sale of coal chemical products Sinopec Yangzi Petrochemical Company Limited RMB 15,651 100.00 — Manufacturing of intermediate petrochemical products and petroleum products Sinopec Overseas Investment Holding Limited ("SOIH") USD 1,662 100.00 — Investment holding of overseas business Sinopec International Petroleum Exploration and Production Limited ("SIPL") RMB 8,250 100.00 — Investment in exploration, production and sale of petroleum and natural gas Sinopec Yizheng Chemical Fibre Limited Liability Company RMB 4,000 100.00 — Production and sale of polyester chips and polyester fibres Sinopec Lubricant Company Limited RMB 3,374 100.00 — Production and sale of refined petroleum products, lubricant base oil, and petrochemical materials China International United Petroleum and Chemical Company Limited RMB 5,000 100.00 — Trading of crude oil and petrochemical products Sinopec Qingdao Petrochemical Company Limited RMB 1,595 100.00 — Manufacturing of intermediate petrochemical products and petroleum products Sinopec Catalyst Company Limited RMB 1,500 100.00 — Production and sale of catalyst products China Petrochemical International Company Limited RMB 1,400 100.00 — Trading of petrochemical products Sinopec Chemical Sales Company Limited RMB 1,000 100.00 — Marketing and distribution of petrochemical products Sinopec Beihai Refining and Chemical Limited Liability Company RMB 5,294 98.98 1.02 Import and processing of crude oil, production, storage and sale of petroleum products and petrochemical products ZhongKe (Guangdong) Refinery & Petrochemical Company Limited RMB 6,397 90.30 9.70 Crude oil processing and petroleum products manufacturing Sinopec Qingdao Refining and Chemical Company Limited RMB 5,000 85.00 15.00 Manufacturing of intermediate petrochemical products and petroleum products Sinopec Hainan Refining and Chemical Company Limited RMB 9,606 25.00 Manufacturing of intermediate petrochemical products and petroleum products Marketing Company RMB 28,403 29.58 Marketing and distribution of refined petroleum products Shanghai SECCO RMB 7,801 32.40 Production and sale of petrochemical products Sinopec Kantons Holdings Limited ("Sinopec Kantons") HKD 248 39.67 Provision of crude oil jetty services and natural gas pipeline transmission services Sinopec-SK (Wuhan) Petrochemical Company Limited ("Sinopec-SK") RMB 7,193 41.00 Production, sale, research and development of petrochemical products, ethylene and downstream byproducts Gaoqiao Petrochemical Company Limited RMB 10,000 45.00 Manufacturing of intermediate petrochemical products and petroleum products Baling Petrochemical (i) RMB 3,000 45.00 Crude oil processing and petroleum products manufacturing Sinopec Shanghai Petrochemical Company Limited ("Shanghai Petrochemical") RMB 10,824 49.56 Manufacturing of synthetic fibres, resin and plastics, intermediate petrochemical products and petroleum products Fujian Petrochemical Company Limited ("Fujian Petrochemical") (ii) RMB 10,492 50.00 Manufacturing of plastics, intermediate petrochemical products and petroleum products Except for Sinopec Kantons and SOIH, which are incorporated in Bermuda and Hong Kong SAR respectively, all of the above principal subsidiaries are incorporated and operate their businesses principally in the PRC. All of the above principal subsidiaries are limited companies. The Group entered into an Agreement on transferring equity interests in the relevant oil and pipeline companies with PipeChina, which included 100% equity of Sinopec Pipeline Storage & Transportation Company Limited. See Note 10. Notes: (i) See Note 35. (ii) The Group consolidated the financial statements of the entity because it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Summarized financial information on subsidiaries with material non-controlling interests Set out below are the summarized financial information which the amount before inter-company eliminations for each subsidiary that has non-controlling interests that are material to the Group. Summarized consolidated balance sheet Shanghai Marketing Company SIPL Petrochemical Fujian Petrochemical Sinopec Kantons Shanghai SECCO Sinopec-SK December 31, December 31, December 31, December 31, December 31, December 31, December 31, 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB Current assets 129,266 172,352 19,151 22,620 22,309 17,305 1,788 1,582 1,284 4,373 11,858 10,431 5,337 3,639 Current liabilities (192,106) (201,678) (456) (475) (15,479) (15,232) (804) (458) (2,961) (924) (3,196) (2,783) (15,037) (6,377) Net current (liabilities)/ assets (62,840) (29,326) 18,695 22,145 6,830 2,073 984 1,124 (1,677) 3,449 8,662 7,648 (9,700) (2,738) Non-current assets 340,356 323,571 13,234 8,951 23,185 27,314 11,558 12,568 12,777 9,106 11,473 12,177 21,567 22,187 Non-current liabilities (58,732) (59,554) (16,952) (18,270) (21) (52) (688) (693) (158) (170) (1,627) (1,553) (7) (8,509) Net non-current assets/(liabilities) 281,624 264,017 (3,718) (9,319) 23,164 27,262 10,870 11,875 12,619 8,936 9,846 10,624 21,560 13,678 Net assets 218,784 234,691 14,977 12,826 29,994 29,335 11,854 12,999 10,942 12,385 18,508 18,272 11,860 10,940 Attributable to owners of the Company 148,256 159,205 6,308 5,876 14,998 14,727 5,927 6,499 6,583 7,454 12,511 12,352 6,997 6,455 Attributable to non-controlling interests 70,528 75,486 8,669 6,950 14,996 14,608 5,927 6,500 4,359 4,931 5,997 5,920 4,863 4,485 Summarized consolidated statement of comprehensive income Marketing Company SIPL Shanghai Petrochemical Fujian Petrochemical Sinopec Kantons Shanghai SECCO Sinopec-SK Year ended December 31, 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB Operating revenues 1,443,698 1,427,705 1,099,680 5,037 3,282 2,017 107,689 100,270 74,624 5,261 5,535 4,871 1,398 1,274 1,064 26,320 28,341 21,626 17,134 31,016 28,702 Net income/(loss) for the year 22,046 22,992 22,415 3,272 2,831 1,160 5,336 2,227 656 1,576 477 243 1,065 1,131 2,047 3,099 3,137 2,132 1,879 701 (920) Total comprehensive income/(loss) 22,589 23,362 21,149 4,536 2,693 (720) 5,336 2,235 645 1,576 477 243 1,067 1,140 1,814 3,099 3,137 2,132 1,879 701 (920) Comprehensive income/(loss) attributable to non-controlling interests 7,794 8,289 7,205 2,737 1,651 (287) 2,645 1,113 325 788 238 121 399 433 707 1,004 1,016 691 658 245 (377) Dividends paid to non-controlling interests 3,964 4,830 2,766 — 10,926 316 1,616 1,344 649 600 650 150 104 159 175 1,191 822 767 — — — Summarized statement of cash flows Marketing Company SIPL Shanghai Petrochemical Fujian Petrochemical Sinopec Kantons Shanghai SECCO Sinopec-SK Year ended December 31, 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB Net cash generated from /(used in) operating activities 24,825 40,260 54,139 3,467 2,128 281 6,659 5,057 1,680 38 622 (244) 738 716 586 3,766 4,601 3,119 3,308 5,532 (363) Net cash generated from/ (used in) investing activities 8,339 (25,923) (40,010) 4,096 678 (2,659) (1,928) (4,623) (3,888) (215) (472) (649) 648 397 3,846 (480) (91) (4,335) (3,099) (4,987) (2,340) Net cash (used in)/ generated from financing activities (32,084) (21,535) (12,402) (5,419) (116) 1,683 (3,507) (1,737) 1,682 43 (163) 882 (1,551) (1,208) (1,250) (3,676) (2,050) (2,879) 525 250 2,176 Net increase/(decrease) in cash and cash equivalents 1,080 (7,198) 1,727 2,144 2,690 (695) 1,224 (1,303) (526) (134) (13) (11) (165) (95) 3,182 (390) 2,460 (4,095) 734 795 (527) Cash and cash equivalents as of January 1 12,921 14,142 6,901 3,605 5,993 8,833 7,504 8,742 7,450 226 92 79 343 198 117 7,205 6,817 9,278 64 798 1,593 Effect of foreign currency exchange rate changes 141 (43) 14 244 150 (439) 14 11 (8) — — - 20 14 (117) 2 1 (2) — — - Cash and cash equivalents as of December 31 14,142 6,901 8,642 5,993 8,833 7,699 8,742 7,450 6,916 92 79 68 198 117 3,182 6,817 9,278 5,181 798 1,593 1,066

FINANCIAL RISK MANAGEMENT AND F

FINANCIAL RISK MANAGEMENT AND FAIR VALUES	12 Months Ended
	Dec. 31, 2020
FINANCIAL RISK MANAGEMENT AND FAIR VALUES
FINANCIAL RISK MANAGEMENT AND FAIR VALUES	40. FINANCIAL RISK MANAGEMENT AND FAIR VALUES Overview Financial assets of the Group include cash and cash equivalents, time deposits with financial institutions, financial assets at fair value through profit or loss, derivative financial assets, trade accounts receivable, amounts due from Sinopec Group Company and fellow subsidiaries, amounts due from associates and joint ventures, financial assets at FVOCI and other receivables. Financial liabilities of the Group include short-term debts, loans from Sinopec Group Company and fellow subsidiaries, derivative financial liabilities, trade accounts payable and bills payable, amounts due to Sinopec Group Company and fellow subsidiaries, amounts due to associates and joint ventures, other payables, long-term debts and lease liabilities. The Group has exposure to the following risks from its uses of financial instruments: · credit risk; · liquidity risk; and · market risk. The Board of Directors has overall responsibility for the establishment, oversight of the Group’s risk management framework, and developing and monitoring the Group’s risk management policies. The Group’s risk management policies are established to identify and analyze the risks faced by the Group, and set appropriate risk limits and controls to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group’s activities. The Group, through its training and management controls and procedures, aims to develop a disciplined and constructive control environment in which all employees understand their roles and obligations. Internal audit department undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the Group’s audit committee. Credit risk (i) Risk management Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Group’s deposits placed with financial institutions (including structured deposits) and receivables from customers. To limit exposure to credit risk relating to deposits, the Group primarily places cash deposits only with large financial institutions in the PRC with acceptable credit ratings. The majority of the Group’s trade accounts receivable relate to sales of petroleum and chemical products to related parties and third parties operating in the petroleum and chemical industries. No single customer accounted for greater than 10% of total trade accounts receivable as of December 31, 2020, except the amounts due from Sinopec Group Company and fellow subsidiaries. Management performs ongoing credit evaluations of the Group’s customers’ financial condition and generally does not require collateral on trade accounts receivable. The Group maintains an impairment loss for doubtful accounts and actual losses have been within management’s expectations. The carrying amounts of cash and cash equivalents, time deposits with financial institutions, financial assets at fair value through profit or loss , derivative financial assets, trade accounts receivable, financial assets at FVOCI and other receivables, represent the Group’s maximum exposure to credit risk in relation to financial assets. (ii) Impairment of financial assets The Group’s primary type of financial assets that are subject to the expected credit loss model is trade accounts receivable, financial assets at FVOCI and other receivables. The Group’s cash deposits are placed only with large financial institutions with acceptable credit ratings, and there is no material impairment loss identified. For trade accounts receivable and financial assets at FVOCI, the Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade accounts receivable and financial assets at FVOCI. To measure the expected credit losses, trade accounts receivable and financial assets at FVOCI have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the payment profiles of sales over a period of 36 months before December 31, 2020 or December 31, 2019, respectively, and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The detailed analysis of trade accounts receivable and financial assets at FVOCI, based on which the Group generated its payment profile is listed in Note 15 and Note 24. All of the entity’s other receivables are considered to have low credit risk, and the loss allowance recognized during the period was therefore limited to 12 months expected losses. The Group considers ‘low credit risk’ for other receivables when they have a low risk of default and the issuer has a strong capacity to meet its contractual cash flow obligations in the near term. Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group’s reputation. Management prepares monthly cash flow budget to ensure that the Group will always have sufficient liquidity to meet its financial obligations as they fall due. The Group arranges and negotiates financing with financial institutions and maintains a certain level of standby credit facilities to reduce the Group’s liquidity risk. As of December 31, 2019 and 2020, the Group has standby credit facilities with several PRC financial institutions which provide borrowings up to RMB 379,649 and RMB 443,966 on an unsecured basis, at a weighted average interest rate of 3.57% and 2.85% per annum, respectively. As of December 31, 2019 and 2020, the Group’s outstanding borrowings under these facilities were RMB 2,947 and RMB 4,041 and were included in debts, respectively. The following table sets out the remaining contractual maturities at the balance sheet date of the Group’s financial liabilities, which are based on contractual undiscounted cash flows (including interest payments computed using contractual rates or, if floating, based on prevailing rates current at the balance sheet date) and the earliest date the Group would be required to repay: December 31, 2019 Total More than More than contractual Within 1 1 year but 2 years but Carrying undiscounted year or on less than 2 less than 5 More than amount cash flow demand years years 5 years RMB RMB RMB RMB RMB RMB Short-term debts 40,521 42,240 42,240 — — — Long-term debts 49,208 62,955 952 6,271 25,189 30,543 Loans from Sinopec Group Company and fellow subsidiaries 52,915 54,508 43,623 985 7,088 2,812 Lease liabilities 192,872 Derivative financial liabilities 2,729 2,729 2,729 — — — Trade accounts payable and bills payable 200,023 200,023 200,023 — — — Other payables 81,861 81,861 81,861 — — — 620,129 December 31, 2020 Total More than More than contractual Within 1 1 year but 2 years but Carrying undiscounted year or on less than 2 less than 5 More than amount cash flow demand years years 5 years RMB RMB RMB RMB RMB RMB Short-term debts 23,769 25,280 25,280 — — — Long-term debts 72,037 80,562 1,339 11,753 60,414 7,056 Loans from Sinopec Group Company and fellow subsidiaries 17,042 17,978 5,512 929 10,109 1,428 Lease liabilities 187,598 329,083 15,957 15,456 43,513 254,157 Derivative financial liabilities 4,826 4,826 4,826 — — — Trade accounts payable and bills payable 161,656 161,656 161,656 — — — Other payables 93,623 93,623 93,623 — — — 560,551 713,008 308,193 28,138 114,036 262,641 Management believes that the Group’s current cash on hand, expected cash flows from operations and available standby credit facilities from financial institutions will be sufficient to meet the Group’s short-term and long-term capital requirements. Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return on risk. Currency risk Currency risk arises on financial instruments that are denominated in a currency other than the functional currency in which they are measured. The Group’s currency risk exposure primarily relates to short-term and long-term debts and loans from Sinopec Group Company and fellow subsidiaries denominated in USD and lease liabilities denominated in Singapore Dollar (“SGD”). The Group enters into foreign exchange contracts to manage its currency risk exposure. Included primarily in short-term and long-term debts and loans from Sinopec Group Company and fellow subsidiaries of the Group and lease liabilities are the following amounts denominated in a currency other than the functional currency of the entity to which they relate: December 31, 2019 2020 Gross exposure arising from loans and lease liabilities USD 22 SGD 4 — A 5 percent strengthening/weakening of RMB against the following currencies as of December 31, 2019 and 2020 would have increased/decreased net income for the year of the Group by the amounts shown below. This analysis has been determined assuming that the change in foreign exchange rates had occurred at the balance sheet date and had been applied to the foreign currency balances to which the Group has significant exposure as stated above, and that all other variables, in particular interest rates, remain constant. The analysis is performed on the same basis for 2019. December 31, 2019 2020 RMB RMB USD 5 SGD 1 — Other than the amounts as disclosed above, the amounts of other financial assets and liabilities of the Group are substantially denominated in the functional currency of respective entity within the Group. Interest rate risk The Group’s interest rate risk exposure arises primarily from its short-term and long-term debts and loans from Sinopec Group Company and fellow subsidiaries. Debts bearing interest at variable rates and at fixed rates expose the Group to cash flow interest rate risk and fair value interest rate risk respectively. The interest rates and terms of repayment of short-term and long-term debts, and loans from Sinopec Group Company and fellow subsidiaries of the Group are disclosed in Note 27. As of December 31, 2019, it is estimated that a general increase/decrease of 100 basis points in variable interest rates, with all other variables held constant, would decrease/increase the Group’s net income for the year by approximately RMB 352.As of December 31, 2020, it is estimated that a general increase/decrease of 100 basis points in variable interest rates, with all other variables held constant, would decrease/increase the Group’s net income for the year by approximately RMB 245. This sensitivity analysis has been determined assuming that the change of interest rates was applied to the Group’s debts outstanding at the balance sheet date with exposure to cash flow interest rate risk. The analysis is performed on the same basis for 2019. Commodity price risk The Group engages in oil and gas operations and is exposed to commodity price risk related to price volatility of crude oil, refined oil products and chemical products. The fluctuations in prices of crude oil, refined oil products and chemical products could have significant impact on the Group. The Group uses derivative financial instruments, including commodity futures and swaps contracts, to manage a portion of this risk. As of December, 31, 2019 and 2020, the Group had certain commodity contracts of crude oil, refined oil products and chemical products designated as qualified cash flow hedges and economic hedges. As of December 31, 2019 and 2020, the fair value of such derivative hedging financial instruments is derivative financial assets of RMB 788 and RMB 12,353, respectively, and derivative financial liabilities of RMB 2,728 and RMB 4,808, respectively. As of December 31, 2019, it is estimated that a general increase/decrease of USD 10 per barrel in basic price of derivative financial instruments, with all other variables held constant, would impact the fair value of derivative financial instruments, which would increase/decrease the Group’s net income for the year by approximately RMB 3,134 and decrease/increase the Group’s other reserves by approximately RMB 4,289. As of December 31, 2020, it is estimated that a general increase/decrease of USD 10 per barrel in basic price of derivative financial instruments, with all other variables held constant, would impact the fair value of derivative financial instruments, which would increase/decrease the Group’s net income for the year by approximately RMB 3,592 and increase/decrease the Group’s other reserves by approximately RMB 10,379. This sensitivity analysis has been determined assuming that the change in prices had occurred at the balance sheet date and the change was applied to the Group’s derivative financial instruments at that date with exposure to commodity price risk. The analysis is performed on the same basis for 2019. Fair values (i) Financial instruments carried at fair value The following table presents the carrying value of financial instruments measured at fair value at the balance sheet date across the three levels of the fair value hierarchy defined in IFRS 7, Financial Instruments: Disclosures , with the fair value of each financial instrument categorized in its entirety based on the lowest level of input that is significant to that fair value measurement. The levels are defined as follows: · Level 1 (highest level): fair values measured using quoted prices (unadjusted) in active markets for identical financial instruments. · Level 2: fair values measured using quoted prices in active markets for similar financial instruments, or using valuation techniques in which all significant inputs are directly or indirectly based on observable market data. · Level 3 (lowest level): fair values measured using valuation techniques in which any significant input is not based on observable market data. December 31, 2019 Level 1 Level 2 Level 3 Total RMB RMB RMB RMB Assets Financial assets at fair value through profit or loss: - Structured deposits — — 3,318 3,318 - Equity investments, listed and at quoted market price 1 — — 1 Derivative financial assets: - Derivative financial assets 128 709 — 837 Financial assets at fair value through other comprehensive income: - Equity investments 90 — 1,431 1,521 -Trade accounts receivable and bills receivable — — 8,661 8,661 219 709 13,410 14,338 Liabilities Derivative financial liabilities: - Derivative financial liabilities 1,209 1,520 — 2,729 1,209 1,520 — 2,729 December 31, 2020 Level 1 Level 2 Level 3 Total RMB RMB RMB RMB Assets Financial assets at fair value through profit or loss: - Equity investments, listed and at quoted market price 1 — — 1 Derivative financial assets: - Derivative financial assets 9,628 2,900 — 12,528 Financial assets at fair value through other comprehensive income: - Equity investments 149 — 1,376 1,525 -Trade accounts receivable and bills receivable — — 8,735 8,735 9,778 2,900 10,111 22,789 Liabilities Derivative financial liabilities: - Derivative financial liabilities 2,471 2,355 — 4,826 2,471 2,355 — 4,826 During the years ended December 31, 2019 and 2020, there was no transfer between instruments in Level 1 and Level 2. Management of the Group uses discounted cash flow model with inputted interest rate and commodity index, which were influenced by historical fluctuation and the probability of market fluctuation, to evaluate the fair value of the structured deposits and trade accounts receivable and bills receivable classified as Level 3 financial assets. (ii) Fair values of financial instruments carried at other than fair value The disclosures of the fair value estimates, and their methods and assumptions of the Group’s financial instruments, are made to comply with the requirements of IFRS 7 and IFRS 9 and should be read in conjunction with the Group’s consolidated financial statements and related notes. The estimated fair value amounts have been determined by the Group using market information and valuation methodologies considered appropriate. However, considerable judgement is required to interpret market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Group could realize in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. The fair values of the Group’s financial instruments carried at other than fair value (other than long-term indebtedness and investments in unquoted equity securities) approximate their carrying amounts due to the short-term maturity of these instruments. The fair values of long-term indebtedness are estimated by discounting future cash flows using current market interest rates offered to the Group for debt with substantially the same characteristic and maturities range from 2.37% to 4.90% and from 0.77% to 4.65% for the years ended December 31, 2019 and 2020, respectively. The following table presents the carrying amount and fair value of the Group’s long-term indebtedness other than loans from Sinopec Group Company and fellow subsidiaries as of December 31, 2019 and 2020: December 31, 2019 2020 RMB RMB Carrying amount 63,998 76,674 Fair value 62,646 74,282 The Group has not developed an internal valuation model necessary to estimate the fair values of loans from Sinopec Group Company and fellow subsidiaries as it is not considered practicable to estimate their fair values because the cost of obtaining discount and borrowing rates for comparable borrowings would be excessive based on the Reorganization of the Group, the Group’s existing capital structure and the terms of the borrowings. Except for the above items, the financial assets and liabilities of the Group are carried at amounts not materially different from their fair values as of December 31, 2019 and 2020.

ACCOUNTING ESTIMATES AND JUDGEM

ACCOUNTING ESTIMATES AND JUDGEMENTS	12 Months Ended
	Dec. 31, 2020
ACCOUNTING ESTIMATES AND JUDGEMENTS
ACCOUNTING ESTIMATES AND JUDGEMENTS	41. ACCOUNTING ESTIMATES AND JUDGEMENTS The Group’s financial condition and results of operations are sensitive to accounting methods, assumptions and estimates that underlie the preparation of the consolidated financial statements. Management bases the assumptions and estimates on historical experience and on various other assumptions that it believes to be reasonable and which form the basis for making judgements about matters that are not readily apparent from other sources. On an ongoing basis, management evaluates its estimates. Actual results may differ from those estimates as facts, circumstances and conditions change. The selection of critical accounting policies, the judgements and other uncertainties affecting application of such policies and the sensitivity of reported results to changes in conditions and assumptions are factors to be considered when reviewing the consolidated financial statements. The significant accounting policies are set forth in Note 2. Management believes the following critical accounting policies involve the most significant judgements and estimates used in the preparation of the consolidated financial statements. Oil and gas properties and reserves The accounting for the exploration and production’s oil and gas activities is subject to accounting rules that are unique to the oil and gas industry. There are two methods to account for oil and gas business activities, the successful efforts method and the full cost method. The Group has elected to use the successful efforts method. The successful efforts method reflects the volatility that is inherent in exploring for mineral resources in that costs of unsuccessful exploratory efforts are charged to expense as they are incurred. These costs primarily include dry hole costs, seismic costs and other exploratory costs. Under the full cost method, these costs are capitalized and written-off or depreciated over time. Engineering estimates of the Group’s oil and gas reserves are inherently imprecise and represent only approximate amounts because of the subjective judgements involved in developing such information. There are authoritative guidelines regarding the engineering criteria that have to be met before estimated oil and gas reserves can be designated as “proved”. Proved and proved developed reserves estimates are updated at least annually and take into account recent production and technical information about each field. In addition, as prices and cost levels change from year to year, the estimates of proved and proved developed reserves also change. This change is considered a change in estimate for accounting purposes and is reflected on a prospective basis in relation to depreciation rates. Oil and gas reserves have a direct impact on the assessment of the recoverability of the carrying amounts of oil and gas properties reported in the financial statements. If proved reserves estimates are revised downwards, earnings could be affected by changes in depreciation expense or an immediate write-down of the property’s carrying amount. Future dismantlement costs for oil and gas properties are estimated with reference to engineering estimates after taking into consideration the anticipated method of dismantlement required in accordance with industry practices in similar geographic area, including estimation of economic life of oil and gas properties, technology and price level. The present values of these estimated future dismantlement costs are capitalized as oil and gas properties with equivalent amounts recognized as provisions for dismantlement costs. Despite the inherent imprecision in these engineering estimates, these estimates are used in determining depreciation expense, impairment loss and future dismantlement costs. Capitalized costs of proved oil and gas properties are amortized on a unit-of-production method based on volumes produced and reserves. Impairment for long-lived assets If circumstances indicate that the net book value of a long-lived asset may not be recoverable, the asset may be considered “impaired”, and an impairment loss may be recognized in accordance with IAS 36 “Impairment of Assets”. The carrying amounts of long-lived assets are reviewed periodically in order to assess whether the recoverable amounts have declined below the carrying amounts. These assets are tested for impairment whenever events or changes in circumstances indicate that their recorded carrying amounts may not be recoverable. When such a decline has occurred, the carrying amount is reduced to recoverable amount. For goodwill, the recoverable amount is estimated annually. The recoverable amount is the greater of the net selling price and the value in use. It is difficult to precisely estimate selling price because quoted market prices for the Group’s assets or cash-generating units are not readily available. In determining the value in use, expected cash flows generated by the asset or the cash-generating units are discounted to their present value, which requires significant judgement relating to level of sale volume, selling price, amount of operating costs and discount rate. Management uses all readily available information in determining an amount that is a reasonable approximation of recoverable amount, including estimates based on reasonable and supportable assumptions and projections of sale volume, selling price, amount of operating costs and discount rate. Depreciation Property, plant and equipment, other than oil and gas properties, are depreciated on a straight-line basis over the estimated useful lives of the assets, after taking into account the estimated residual value. Management reviews the estimated useful lives of the assets at least annually in order to determine the amount of depreciation expense to be recorded during any reporting period. The useful lives are based on the Group’s historical experience with similar assets and take into account anticipated technological changes. The depreciation expense for future periods is adjusted if there are significant changes from previous estimates. Measurement of expected credit losses The Group measures and recognizes expected credit losses, considering reasonable and supportable information about the relevant past events, current conditions and forecasts of future economic conditions. The Group regularly monitors and reviews the assumptions used for estimating expected credit losses. Allowance for diminution in value of inventories If the costs of inventories become higher than their net realizable values, an allowance for diminution in value of inventories is recognized. Net realizable value represents the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale. Management bases the estimates on all available information, including the current market prices of the finished goods and raw materials, and historical operating costs. If the actual selling prices were to be lower or the costs of completion were to be higher than estimated, the actual allowance for diminution in value of inventories could be higher than estimated.

PARENT AND ULTIMATE HOLDING COM

PARENT AND ULTIMATE HOLDING COMPANY	12 Months Ended
	Dec. 31, 2020
PARENT AND ULTIMATE HOLDING COMPANY
PARENT AND ULTIMATE HOLDING COMPANY	42. PARENT AND ULTIMATE HOLDING COMPANY The directors consider the parent and ultimate holding company of the Group as of December 31, 2020 is Sinopec Group Company, a state-owned enterprise established in the PRC. This entity does not produce financial statements available for public use.

RESERVES

RESERVES	12 Months Ended
	Dec. 31, 2020
RESERVES
RESERVES	43. RESERVES 2019 2020 RMB RMB Capital reserve (Note (a)) Balance as of January 1 26,788 29,730 Distribution to SAMC in the Acquisition of Baling Branch of SAMC (Note 35) — (972) Transaction with non-controlling interests 2,933 (138) Others 9 812 Balance as of December 31 29,730 29,432 Share premium (Note (b)) Balance as of January 1 55,850 55,850 Balance as of December 31 55,850 55,850 Statutory surplus reserve (Note (c)) Balance as of January 1 86,678 90,423 Appropriation 3,745 1,857 Balance as of December 31 90,423 92,280 Discretionary surplus reserve Balance as of January 1 117,000 117,000 Balance as of December 31 117,000 117,000 Other reserves Balance as of January 1 (4,477) 1,941 Other comprehensive income 5,415 1,406 Amounts transferred to initial carrying amount of hedged items 1,038 (47) Others (35) 200 Balance as of December 31 1,941 3,500 Retained earnings (Note (d)) Balance as of January 1 315,167 322,931 Net income attributable to owners of the Company 57,493 33,096 Final dividend inspect of the previous year, approved and paid during the year (Note (e)) (31,479) (23,004) Interim dividend (Note (f)) (14,529) (8,475) Appropriation (3,745) (1,857) Others (330) Balance as of December 31 322,931 322,361 617,875 Notes: (a) The capital reserve represents (i) the difference between the total amount of the par value of shares issued and the amount of the net assets transferred from Sinopec Group Company in connection with the Reorganization (Note 1), and (ii) the difference between the considerations paid over or received the amount of the net assets of entities and related operations acquired from or sold to Sinopec Group Company and non-controlling interests. (b) The application of the share premium account is governed by Sections 167 and 168 of the PRC Company Law. (c) During the years ended December 31, 2018, 2019 and 2020, the Company transferred RMB 3,996, RMB 3,745 and RMB 1,857 respectively, being 10% of the net income determined in accordance with the accounting policies complying with CASs. (d) Pursuant to a resolution passed at the director’s meeting on March 26, 2021, final dividends in respect of the year ended December 31, 2020 of RMB 0.13 per share totaling RMB 15,739 were proposed for shareholders’ approval at the Annual General Meeting. Final cash dividend for the year ended December 31, 2020 proposed after the balance sheet date has not been recognized as a liability at the balance sheet date. (e) Pursuant to the shareholders’ approval at the Annual General Meeting on May 19, 2020, a final dividend of RMB 0.19 per share totaling RMB 23,004 according to total shares as of June 9, 2020 was approved. All dividends have been paid in the year ended December 31, 2020. (f) Pursuant to the shareholders’ approval at the General Meeting on September 28, 2020, the interim dividends for the year ending December 31, 2020 of RMB 0.07 per share totaling RMB 8,475 were approved. Dividends were paid on October 23, 2020.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2020
SIGNIFICANT ACCOUNTING POLICIES
Basis of consolidation	(a) Basis of consolidation The consolidated financial statements comprise the Company and its subsidiaries, and interest in associates and joint ventures. (i) Subsidiaries and non-controlling interests Subsidiaries are those entities controlled by the Group. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control effectively commences until the date that control effectively ceases. Non-controlling interests at the balance sheet date, being the portion of the net assets of subsidiaries attributable to equity interests that are not owned by the Company, whether directly or indirectly through subsidiaries, are presented in the consolidated balance sheet and consolidated statement of changes in equity within equity, separately from equity attributable to the owners of the Company. Non-controlling interests in the results of the Group are presented on the face of the consolidated statement of income and the consolidated statement of comprehensive income as an allocation of the total profit or loss and total comprehensive income for the year between non-controlling interests and the owners of the Company. Changes in the Group’s interests in a subsidiary that do not result in a loss of control are accounted for as equity transactions, whereby adjustments are made to the amounts of controlling and non-controlling interests within consolidated equity to reflect the change in relative interests, but no adjustments are made to goodwill and no gain or loss is recognized. If a business combination involving entities not under common control is achieved in stages, the acquisition date carrying value of the acquirer’s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in the consolidated statement of income. When the Group loses control of a subsidiary, it is accounted for as a disposal of the entire interest in that subsidiary, with a resulting gain or loss being recognized in profit or loss. Any interest retained in that former subsidiary at the date when control is lost is recognized at fair value and this amount is regarded as the fair value on initial recognition of a financial asset (Note 2(j)) or, when appropriate, the cost on initial recognition of an investment in an associate or joint venture (Note 2(a)(ii)). In the Company’s balance sheet, investments in subsidiaries are stated at cost less impairment losses (Note 2(n)). The particulars of the Group’s principal subsidiaries are set out in Note 39. (ii) Associates and joint ventures An associate is an entity, not being a subsidiary, in which the Group exercises significant influence over its management. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. The investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations each investor has rather than the legal structure of the joint arrangement. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Investments in associates and joint ventures are accounted for in the consolidated financial statements using the equity method from the date that significant influence or joint control commences until the date that significant influence or joint control ceases. Under the equity method, the investment is initially recorded at cost and adjusted thereafter for the post acquisition change in the Group’s share of the investee’s net assets and any impairment loss relating to the investment (Notes 2(i) and (n)). The Group’s share of the post-acquisition, post-tax results of the investees and any impairment losses for the year are recognized in the consolidated statement of income, whereas the Group’s share of the post-acquisition, post-tax items of the investees’ other comprehensive income is recognized in the consolidated statement of comprehensive income. When the Group ceases to have significant influence over an associate or joint control over a joint venture, it is accounted for as a disposal of the entire interest in that investee, with a resulting gain or loss being recognized in profit or loss. Any interest retained in that former investee at the date when significant influence or joint control is lost is recognized at fair value and this amount is regarded as the fair value on initial recognition of a financial asset (see Note 2(j)) or, when appropriate, the cost on initial recognition of an investment in an associate. (iii) Transactions eliminated on consolidation Inter-company balances and transactions and any unrealized gains arising from inter-company transactions are eliminated on consolidation. Unrealized gains arising from transactions with associates and joint ventures are eliminated to the extent of the Group’s interest in the entity. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. (iv) Merger accounting for common control combination The consolidated financial statements incorporate the financial statements of the combining entities or businesses in which the common control combination occurs as if they had been combined from the date when the combining entities or businesses first came under the control of the controlling party. The net assets of the combining entities or businesses are combined using the existing book values from the controlling parties’ perspective. No amount is recognized as consideration for goodwill or excess of acquirers’ interest in the net fair value of acquiree’s identifiable assets, liabilities and contingent liabilities over cost at the time of common control combination, to the extent of the continuation of the controlling party’s interest. The consolidated statement of income includes the results of each of the combining entities or businesses from the earliest date presented or since the date when the combining entities or businesses first came under the common control, where there is a shorter period, regardless of the date of the common control combination. The comparative amounts in the consolidated financial statements are presented as if the entities or businesses had been combined at the previous balance sheet date or when they first came under common control, whichever is shorter. A uniform set of accounting policies is adopted by those entities. All intra-group transactions, balances and unrealized gains on transactions between combining entities or businesses are eliminated on consolidation. Transaction costs, including professional fees, registration fees, costs of furnishing information to shareholders, costs or losses incurred in combining operations of the previously separate businesses, etc., incurred in relation to the common control combination that is to be accounted for by using merger accounting is recognized as an expense in the period in which it is incurred.
Translation of foreign currencies	(b) Translation of foreign currencies The presentation currency of the Group is Renminbi. Foreign currency transactions during the year are translated into Renminbi at the applicable rates of exchange quoted by the People’s Bank of China (“PBOC”) prevailing on the transaction dates. Foreign currency monetary assets and liabilities are translated into Renminbi at the PBOC’s rates at the balance sheet date. Exchange differences, other than those capitalized as construction in progress, are recognized as income or expense in the “finance costs” section of the consolidated statement of income. The results of foreign operations are translated into Renminbi at the applicable rates quoted by the PBOC prevailing on the transaction dates. Balance sheet items, including goodwill arising on consolidation of foreign operations are translated into Renminbi at the closing foreign exchange rates at the balance sheet date. The income and expenses of foreign operations are translated into Renminbi at the spot exchange rates or an exchange rate that approximates the spot exchange rates on the transaction dates. The resulting exchange differences are recognized in other comprehensive income and accumulated in equity in the other reserves. On disposal of a foreign operation, the cumulative amount of the exchange differences relating to that foreign operation is reclassified from equity to the consolidated statement of income when the profit or loss on disposal is recognized.
Cash and cash equivalents	(c) Cash and cash equivalents Cash equivalents consist of time deposits with financial institutions with an initial term of less than three months when purchased. Cash equivalents are stated at cost, which approximates fair value.
Trade, bills and other receivables	(d) Trade, bills and other receivables Trade, bills and other receivables are recognized initially at their transaction price, unless they contain significant financing components when they are recognized at fair value. They are subsequently measured at amortized cost using the effective interest method, less impairment losses for bad and doubtful debts (Note 2(j)). Trade, bills and other receivables are derecognized if the Group’s contractual rights to the cash flows from these financial assets expire or if the Group transfers these financial assets to another party without retaining control or substantially all risks and rewards of the assets.
Inventories	(e) Inventories Inventories are stated at the lower of cost and net realizable value. Cost mainly includes the cost of purchase computed using the weighted average method and, in the case of work in progress and finished goods, direct labor and an appropriate proportion of production overheads. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale.
Property, plant and equipment	(f) Property, plant and equipment An item of property, plant and equipment is initially recorded at cost, less accumulated depreciation and impairment losses (Note 2(n)). The cost of an asset comprises its purchase price, any directly attributable costs of bringing the asset to working condition and location for its intended use. The Group recognizes in the carrying amount of an item of property, plant and equipment the cost of replacing part of such an item when that cost is incurred, when it is probable that the future economic benefits embodied with the item will flow to the Group and the cost of the item can be measured reliably. All other expenditure is recognized as an expense in the consolidated statement of income in the year in which it is incurred. Gains or losses arising from the retirement or disposal of an item of property, plant and equipment, other than oil and gas properties, are determined as the difference between the net disposal proceeds and the carrying amount of the item and are recognized as income or expense in the consolidated statement of income on the date of retirement or disposal. Depreciation is provided to write off the cost amount of items of property, plant and equipment, other than oil and gas properties, over its estimated useful life on a straight-line basis, after taking into account its estimated residual value, as follows: Estimated usage period Estimated residuals rate Buildings 12 to 50 years Equipment, machinery and others 4 to 30 years Where parts of an item of property, plant and equipment have different useful lives, the cost of the item is allocated on a reasonable basis between the parts and each part is depreciated separately. Both the useful life of an asset and its residual value, if any, are reassessed annually.
Oil and gas properties	(g) Oil and gas properties The Group uses the successful efforts method of accounting for its oil and gas producing activities. Under this method, costs of development wells, the related supporting equipment and proved mineral interests in properties are capitalized. The cost of exploratory wells is initially capitalized as construction in progress pending determination of whether the well has found proved reserves. The impairment of exploratory well costs occurs upon the determination that the well has not found proved reserves. The exploratory well costs are usually not carried as an asset for more than one year following completion of drilling, unless (i) the well has found a sufficient quantity of reserves to justify its completion as a producing well if the required capital expenditure is made; (ii) drilling of the additional exploratory wells is under way or firmly planned for the near future; or (iii) other activities are being undertaken to sufficiently progress the assessing of the reserves and the economic and operating viability of the project. All other exploration costs, including geological and geophysical costs, other dry hole costs and annual lease rentals to explore for or use oil and natural gas, are expensed as incurred. Capitalized costs of proved oil and gas properties are amortized on a unit-of-production method based on volumes produced and reserves. Management estimates future dismantlement costs for oil and gas properties with reference to engineering estimates after taking into consideration the anticipated method of dismantlement required in accordance with the industry practices and the future cash flows are adjusted to reflect such risks specific to the liability, as appropriate. These estimated future dismantlement costs are discounted at a pre-tax risk-free rate and are capitalized as oil and gas properties, which are subsequently amortized as part of the costs of the oil and gas properties.
Construction in progress	(h) Construction in progress Construction in progress represents buildings, oil and gas properties, various plant and equipment under construction and pending installation, and is stated at cost less impairment losses (Note 2(n)). Cost comprises direct costs of construction as well as interest charges, and foreign exchange differences on related borrowed funds to the extent that they are regarded as an adjustment to interest charges, during the periods of construction. Construction in progress is transferred to property, plant and equipment when the asset is substantially ready for its intended use. No depreciation is provided in respect of construction in progress.
Goodwill	(i) Goodwill Goodwill represents amounts arising on acquisition of subsidiaries, associates or joint ventures. Goodwill represents the difference between the cost of acquisition and the fair value of the net identifiable assets acquired. Prior to January 1, 2008, the acquisition of the non-controlling interests of a consolidated subsidiary was accounted for using the acquisition method whereby the difference between the cost of acquisition and the fair value of the net identifiable assets acquired (on a proportionate share) was recognized as goodwill. From January 1, 2008, any difference between the amount by which the non-controlling interest is adjusted (such as through an acquisition of the non-controlling interests) and the cash or other considerations paid is recognized in equity. Goodwill is stated at cost less accumulated impairment losses. Goodwill arising on a business combination is allocated to each cash-generating unit, or groups of cash-generating units, that is expected to benefit the synergies of the combination and is tested annually for impairment (Note 2(n)). In respect of associates or joint ventures, the carrying amount of goodwill is included in the carrying amount of the interest in the associates or joint ventures and the investment as a whole is tested for impairment whenever there is objective evidence of impairment (Note 2(n)).
Financial assets	(j) Financial assets (i) Classification and measurement The Group classifies financial assets into different categories depending on the business model for managing the financial assets and the contractual terms of cash flows of the financial assets: a) financial assets measured at amortized cost, b) financial assets measured at fair value through other comprehensive income (“FVOCI”), c) financial assets measured at fair value through profit or loss. A contractual cash flow characteristic which could have only a de minimis effect, or could have an effect that is more than de minimis but is not genuine, does not affect the classification of the financial asset. Financial assets are initially recognized at fair value. For financial assets measured at fair value through profit or loss, the relevant transaction costs are recognized in profit or loss. The transaction costs for other financial assets are included in the initially recognized amount. However, trade accounts receivable and bills receivable arising from sale of goods or rendering services, without significant financing component, are initially recognized based on the transaction price expected to be entitled by the Group. Debt instruments Debt instruments held by the Group mainly includes cash and cash equivalents, time deposits with financial institutions, receivables. These financial assets are measured at amortized cost and FVOCI. · Amortized cost: The business model for managing such financial assets by the Group are held for collection of contractual cash flows. The contractual cash flow characteristics are to give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Interest income from these financial assets is recognized using the effective interest rate method. · FVOCI: The business model for managing such financial assets by the Group are held for collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest on the principal amount outstanding. Movements in the carrying amount are taken through other comprehensive income, except for the recognition of impairment gains or losses, foreign exchange gains and losses and interest income calculated using the effective interest rate method, which are recognized in profit or loss. Equity instruments Equity instruments that the Group has no power to control, jointly control or exercise significant influence over, are measured at fair value through profit or loss and presented in financial assets at fair value through profit or loss. In addition, the Group designates some equity instruments that are not held for trading as financial assets at FVOCI, are presented in financial assets at FVOCI. The relevant dividends of these financial assets are recognized in profit or loss. When derecognized, the cumulative gain or loss previously recognized in other comprehensive income is transferred to retained earnings. (ii) Impairment The Group recognizes a loss allowance for expected credit losses on a financial asset that is measured at amortized cost and a debt instrument that is measured at FVOCI. The Group measures and recognizes expected credit losses, considering reasonable and supportable information about the relevant past events, current conditions and forecasts of future economic conditions. The Group measures the expected credit losses of financial instruments on different stages at each balance sheet date. For financial instruments that have no significant increase in credit risk since the initial recognition, on first stage, the Group measures the loss allowance at an amount equal to 12-month expected credit losses. If there has been a significant increase in credit risk since the initial recognition of a financial instrument but credit impairment has not occurred, on second stage, the Group recognizes a loss allowance at an amount equal to lifetime expected credit losses. If credit impairment has occurred since the initial recognition of a financial instrument, on third stage, the Group recognizes a loss allowance at an amount equal to lifetime expected credit losses. For financial instruments that have low credit risk at the balance sheet date, the Group assumes that there is no significant increase in credit risk since the initial recognition, and measures the loss allowance at an amount equal to 12-month expected credit losses. For financial instruments on the first stage and the second stage, and that have low credit risk, the Group calculates interest income according to carrying amount without deducting the impairment allowance and effective interest rate. For financial instruments on the third stage, interest income is calculated according to the carrying amount minus amortized cost after the provision of impairment allowance and effective interest rate. For trade accounts receivable and bills receivable and financial assets at FVOCI related to revenue, the Group measures the loss allowance at an amount equal to lifetime expected credit losses. The Group recognizes the loss allowance accrued or written back in profit or loss. (iii) Derecognition The Group derecognizes a financial asset when: a) the contractual right to receive cash flows from the financial asset expires; b) the Group transfers the financial asset and substantially all the risks and rewards of ownership of the financial asset; c) the financial asset has been transferred and the Group neither transfers nor retains substantially all the risks and rewards of ownership of the financial asset, but the Group has not retained control. On derecognition of equity instruments at FVOCI, the difference between the carrying amounts and the sum of the consideration received and any accumulated gain or loss previously recognized in other comprehensive income, is recognized in retained earnings. While on derecognition of other financial assets, this difference is recognized in profit or loss.
Financial liabilities	(k) Financial liabilities The Group, at initial recognition, classifies financial liabilities as either financial liabilities subsequently measured at amortized cost or financial liabilities at fair value through profit or loss. The Group’s financial liabilities are mainly financial liabilities measured at amortized cost, including trade accounts payable and bills payable, other payables, and loans, etc. These financial liabilities are initially measured at the amount of their fair value after deducting transaction costs and use the effective interest rate method for subsequent measurement. Where the present obligations of financial liabilities are completely or partially discharged, the Group derecognizes these financial liabilities or discharged parts of obligations. The differences between the carrying amounts and the consideration received are recognized in profit or loss.
Determination of fair value for financial instruments	(l) Determination of fair value for financial instruments If there is an active market for financial instruments, the quoted price in the active market is used to measure fair values of the financial instruments. If no active market exists for financial instruments, valuation techniques are used to measure fair values. In valuation, the Group adopts valuation techniques that are applicable in the current situation and have sufficient available data and other information to support it, and selects input values that are consistent with the asset or liability characteristics considered by market participants in the transaction of relevant assets or liabilities, and gives priority to relevant observable input values. Use of unobservable input values where relevant observable input values cannot be obtained or are not practicable.
Derivative financial instruments and hedge accounting	(m) Derivative financial instruments and hedge accounting Derivative financial instruments are recognized initially at fair value. At each balance sheet date, the fair value is remeasured. The gain or loss on remeasurement to fair value is recognized immediately in profit or loss, except where the derivatives qualify for hedge accounting. Hedge accounting is a method which recognizes the offsetting effects on profit or loss (or other comprehensive income) of changes in the fair values of the hedging instrument and the hedged item in the same accounting period, to represent the effect of risk management activities. Hedged items are the items that expose the Group to risks of changes in future cash flows and that are designated as being hedged and that must be reliably measurable. The Group’s hedged items include a forecast transaction that is settled with an undetermined future market price and exposes the Group to risk of variability in cash flows, etc. A hedging instrument is a designated derivative whose changes in cash flows are expected to offset changes in cash flows of the hedged item. The hedging relationship meets all of the following hedge effectiveness requirements: (i) There is an economic relationship between the hedged item and the hedging instrument, which shares a risk and that gives rise to opposite changes in fair value that tend to offset each other. (ii) The effect of credit risk does not dominate the value changes that result from that economic relationship. (iii) The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the entity actually hedges and the quantity of the hedging instrument that the entity actually uses to hedge that quantity of hedged item. However, that designation does not reflect an imbalance between the weightings of the hedged item and the hedging instrument. Cash flow hedges Cash flow hedge is a hedge of the exposure to variability in cash flows that is attributable to a particular risk associated with all, or a component of, a recognized asset or liability (such as all or some future interest payments on variable-rate debt) or a highly probable forecast transaction, and could affect profit or loss. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. As long as a cash flow hedge meets the qualifying criteria for hedge accounting, the separate component of equity associated with the hedged item (cash flow hedge reserve) is adjusted to the lower of the following (in absolute amounts): (i) The cumulative gain or loss on the hedging instrument from inception of the hedge; and (ii) The cumulative change in fair value (present value) of the hedged item (i.e. the present value of the cumulative change in the hedged expected future cash flows) from inception of the hedge. The gain or loss on the hedging instrument that is determined to be an effective hedge is recognized in other comprehensive income. The portion of the gain or loss on the hedging instrument that is determined to be an ineffective hedge is recognized in profit or loss. If a hedged forecast transaction subsequently results in the recognition of a non-financial asset or non-financial liability, or a hedged forecast transaction for a non-financial asset or a non-financial liability becomes a firm commitment for which fair value hedge accounting is applied, the entity removes that amount from the cash flow hedge reserve and include it directly in the initial cost or other carrying amount of the asset or the liability. This is not a reclassification adjustment and hence it does not affect other comprehensive income. For cash flow hedges, other than those covered by the preceding policy statements, that amount is reclassified from the cash flow hedge reserve to profit or loss as a reclassification adjustment in the same period or periods during which the hedged expected future cash flows affect profit or loss. If the amount that has been accumulated in the cash flow hedge reserve is a loss and the Group expects that all or a portion of that loss will not be recovered in one or more future periods, the Group immediately reclassifies the amount that is not expected to be recovered into profit or loss. When the hedging relationship no longer meets the risk management objective on the basis of which it qualified for hedge accounting (ie the entity no longer pursues that risk management objective), or when a hedging instrument expires or is sold, terminated, exercised, or there is no longer an economic relationship between the hedged item and the hedging instrument or the effect of credit risk starts to dominate the value changes that result from that economic relationship or no longer meets the criteria for hedge accounting, the Group discontinues prospectively the hedge accounting treatments. If the hedged future cash flows are still expected to occur, that amount remains in the cash flow hedge reserve and is accounted for as cash flow hedges. If the hedged future cash flows are no longer expected to occur, that amount is immediately reclassified from the cash flow hedge reserve to profit or loss as a reclassification adjustment. A hedged future cash flow that is no longer highly probable to occur may still be expected to occur, if the hedged future cash flows are still expected to occur, that amount remains in the cash flow hedge reserve and is accounted for as cash flow hedges.
Impairment of assets	(n) Impairment of assets The carrying amounts of assets, including property, plant and equipment, construction in progress, right-of-use assets and other assets, are reviewed at each balance sheet date to identify indicators that the assets may be impaired. These assets are tested for impairment whenever events or changes in circumstances indicate that their recorded carrying amounts may not be recoverable. When such a decline has occurred, the carrying amount is reduced to the recoverable amount. For goodwill, the recoverable amount is estimated at each balance sheet date. The recoverable amount is the greater of the fair value less costs to disposal and the value in use. In determining the value in use, expected future cash flows generated by the asset are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Where an asset does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the smallest group of assets that generates cash inflows independently (i.e. a cash-generating unit). The amount of the reduction is recognized as an expense in the consolidated statement of income. Impairment losses recognized in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating unit and then, to reduce the carrying amount of the other assets in the unit on a pro rata basis, except that the carrying value of an asset will not be reduced below its individual fair value less costs to disposal, or value in use, if determinable. Management assesses at each balance sheet date whether there is any indication that an impairment loss recognized for an asset, except in the case of goodwill, in prior years may no longer exist. An impairment loss is reversed if there has been a favorable change in the estimates used to determine the recoverable amount. A subsequent increase in the recoverable amount of an asset, when the circumstances and events that led to the write-down or write-off cease to exist, is recognized as an income. The reversal is reduced by the amount that would have been recognized as depreciation had the write-down or write-off not occurred. An impairment loss in respect of goodwill is not reversed.
Trade, bills and other payables	(o) Trade, bills and other payables Trade, bills and other payables are initially recognized at fair value and thereafter stated at amortized cost unless the effect of discounting would be immaterial, in which case they are stated at cost.
Interest-bearing borrowings	(p) Interest-bearing borrowings Interest-bearing borrowings are recognized initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortized cost with any difference between cost and redemption value being recognized in the consolidated statement of income over the period of borrowings using the effective interest method.
Provisions and contingent liability	(q) Provisions and contingent liability A provision is recognized for liability of uncertain timing or amount when the Group has a legal or constructive obligation arising as a result of a past event, when it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. When it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more future events are also disclosed as contingent liabilities unless the probability of outflow of economic benefits is remote. Provisions for future dismantlement costs are initially recognized based on the present value of the future costs expected to be incurred in respect of the Group’s expected dismantlement and abandonment costs at the end of related oil and gas exploration and development activities. Any subsequent change in the present value of the estimated costs, other than the change due to passage of time which is regarded as interest cost, is reflected as an adjustment to the provision and oil and gas properties.
Revenue recognition	(r) Revenue recognition Revenue arises in the course of the Group’s ordinary activities, and increases in economic benefits in the form of inflows that result in an increase in equity, other than those relating to contributions from equity participants. The Group sells crude oil, natural gas, petroleum and chemical products, etc. Revenue is recognized according to the expected consideration amount, when a customer obtains control over the relevant goods or services. To determine whether a customer obtains control of a promised asset, the Group shall consider indicators of the transfer of control, which include, but are not limited to, the Group has a present right to payment for the asset; the Group has transferred physical possession of the asset to the customer; the customer has the significant risks and rewards of ownership of the asset; the customer has accepted the asset. (i) Sales of goods Sales are recognized when control of the goods have transferred, being when the products are delivered to the customer. Advance from customers but goods not yet delivered is recorded as contract liabilities and is recognized as revenues when a customer obtains control over the relevant goods.
Government grants	(s) Government grants Grants from the government are recognized at their fair value where there is a reasonable assurance that the grant will be received and the Group will comply with all attached conditions. Government grants relating to costs are deferred and recognized in the profit or loss over the period necessary to match them with the costs that they are intended to compensate. Government grants relating to the purchase of property, plant and equipment are included in non-current liabilities as deferred income and are credited to profit or loss on a straight-line basis over the expected lives of the related assets.
Borrowing costs	(t) Borrowing costs Borrowing costs are expensed in the consolidated statements of income in the period in which they are incurred, except to the extent that they are capitalized as being attributable to the construction of an asset which necessarily takes a period of time to get ready for its intended use.
Repairs and maintenance expenditure	(u) Repairs and maintenance expenditure Repairs and maintenance expenditure is expensed as incurred.
Environmental expenditures	(v) Environmental expenditures Environmental expenditures that relate to current ongoing operations or to conditions caused by past operations are expensed as incurred. Liabilities related to future remediation costs are recorded when environmental assessments and/or cleanups are probable and the costs can be reliably estimated. As facts concerning environmental contingencies become known to the Group, the Group reassesses its position both with respect to accrued liabilities and other potential exposures.
Research and development expense	(w) Research and development expense Research and development expenditures that cannot be capitalized are expensed in the period in which they are incurred. Research and development expense amounted to RMB 7,996, RMB 9,450 and RMB 10,086 for the years ended December 31, 2018, 2019 and 2020, respectively.
Leases	(x) Leases A lease is a contract that a lessor transfers the right to use an identified asset for a period of time to a lessee in exchange for consideration. (i) As lessee The Group recognizes a right-of-use asset at the date at which the leased asset is available for use by the Group, and recognizes a lease liability measured at the present value of the remaining lease payments. The lease payments include fixed payments, the exercise price of a purchase option if the Group is reasonably certain to exercise that option, and payments of penalties for terminating the lease if the lease term reflects the Group exercising that option, etc. Variable payments that are based on a percentage of sales are not included in the lease payments, and should be recognized in profit or loss when incurred. Lease liabilities to be paid within one year (including one year) from balance sheet date is presented in current liabilities. Right-of-use assets of the Group mainly comprise land. Right-of-use assets are measured at cost which comprises the amount of the initial measurement of the lease liability, any lease payments made at or before the commencement date, any initial direct costs incurred by the lessee, less any lease incentives received. The Group depreciates the right-of-use assets over the shorter of the asset's useful life and the lease term on a straight-line basis. When the recoverable amount of a right-of-use asset is less than its carrying amount, the carrying amount is reduced to the recoverable amount. Payments associated with short-term leases with lease terms within 12 months and all leases of low-value assets are recognized on a straight-line basis over the lease term as an expense in profit or loss or as cost of relevant assets, instead of recognizing right-of-use assets and lease liabilities. A lessee shall account for a lease modification as a separate lease if both: (1) the modification increases the scope of the lease by adding the right to use one or more underlying assets; and (2) the consideration for the lease increases by an amount commensurate with the stand-alone price for the increase in scope and any appropriate adjustments to that stand-alone price to reflect the circumstances of the articular contract. For a lease modification that is not accounted for as a separate lease, except for the practical expedient which applies only to rent concessions occurring as a direct consequence of the covid-19 pandemic, the group determine the lease term of the modified lease at the effective date of the modification, and remeasure the lease liability by discounting the revised lease payments using a revised discount rate. The group decrease the carrying amount of the right-of-use asset to reflect the partial or full termination of the lease for lease modifications that decrease the scope or shorten the term of the lease, and shall recognize in profit or loss any gain or loss relating to the partial or full termination of the lease. The group make a corresponding adjustment to the right-of-use asset for all other lease modifications. (ii) As lessor A lease that transfers substantially all the risks and rewards incidental to ownership of an asset is a finance lease. An operating lease is a lease other than a finance lease. When the Group leases self-owned plants and buildings, equipment and machinery, lease income from an operating lease is recognized on a straight-line basis over the period of the lease. The Group recognizes variable lease income which is based on a certain percentage of sales as rental income when occurred. (iii) Accounting policy applied until December 31, 2018 Lease prepayments Lease prepayments represent land use rights paid to the relevant government authorities. Land use rights are carried at cost less accumulated amount charged to expense and impairment losses. The cost of lease prepayments is charged to expense on a straight-line basis over the respective periods of the rights. Operating leases Operating lease payments are charged to the consolidated statement of income on a straight-line basis over the period of the respective leases.
Employee benefits	(y) Employee benefits The contributions payable under the Group’s retirement plans are recognized as an expense in the consolidated statement of income as incurred and according to the contribution determined by the plans. Further information is set out in Note 37. Termination benefits, such as employee reduction expenses, are recognized when, and only when, the Group demonstrably commits itself to terminate employment or to provide benefits as a result of voluntary redundancy by having a detailed formal plan which is without realistic possibility of withdrawal.
Income tax	(z) Income tax Income tax comprises current and deferred tax. Current tax is calculated on taxable income by applying the applicable tax rates. Deferred tax is provided using the balance sheet liability method on all temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes only to the extent that it is probable that future taxable income will be available against which the assets can be utilized. Deferred tax is calculated on the basis of the enacted tax rates or substantially enacted tax rates that are expected to apply in the period when the asset is realized or the liability is settled. The effect on deferred tax of any changes in tax rates is charged or credited to the consolidated statement of income, except for the effect of a change in tax rate on the carrying amount of deferred tax assets and liabilities which were previously charged or credited to other comprehensive income or directly in equity. The tax value of losses expected to be available for utilization against future taxable income is set off against the deferred tax liability within the same legal tax unit and jurisdiction to the extent appropriate, and is not available for set off against the taxable profit of another legal tax unit. The carrying amount of a deferred tax asset is reviewed at each balance sheet date and is reduced to the extent that it is no longer probable that the related tax benefit will be realized.
Dividends	(aa) Dividends Dividends and distributions of profits proposed in the profit appropriation plan which will be authorized and declared after the balance sheet date, are not recognized as a liability at the balance sheet date and are separately disclosed in the notes to the financial statements. Dividends are recognized as a liability in the period in which they are declared.
Segment reporting	(bb) Segment reporting Operating segments, and the amounts of each segment item reported in the consolidated financial statements, are identified from the financial information provided regularly to the Group’s chief operating decision maker for the purposes of allocating resources to, and assessing the performance of the Group’s various lines of business.

PRINCIPAL ACTIVITIES, ORGANIZ_2

PRINCIPAL ACTIVITIES, ORGANIZATION AND BASIS OF PREPARATION (Tables)	12 Months Ended
	Dec. 31, 2020
PRINCIPAL ACTIVITIES, ORGANIZATION AND BASIS OF PREPARATION
Summary of measurement of lease liabilities	RMB Operating lease commitments disclosed as of December 31, 2018 352,794 Discounted using the lessee’s incremental borrowing rate of at the date of initial application 200,867 (Less): short-term leases and low-value leases recognized on a straight-line basis as expense (2,303) Lease liabilities recognized as of January 1, 2019 198,564 Of which are: Current lease liabilities 13,894 Non-current lease liabilities 184,670 198,564
Summary of recognised right-of-use assets	January 1, 2019 December 31, 2019 RMB RMB Land 244,588 239,374 Others 27,381 28,486 Total right-of-use assets 271,969 267,860
Schedule of adjustments from new accounting policies	Increase in Segment assets Segment liabilities RMB RMB Exploration and production 79,263 78,041 Refining 32,839 26,094 Marketing and distribution 120,983 62,237 Chemicals 19,124 12,252 Corporate and others 15,651 14,248 267,860 192,872

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2020
SIGNIFICANT ACCOUNTING POLICIES
Disclosure of detailed information about property, plant and equipment	Estimated usage period Estimated residuals rate Buildings 12 to 50 years Equipment, machinery and others 4 to 30 years

SALES OF GOODS (Tables)

SALES OF GOODS (Tables)	12 Months Ended
	Dec. 31, 2020
SALES OF GOODS
Schedule of sales of goods	Years ended December 31, 2018 2019 2020 RMB RMB RMB Gasoline 711,236 699,202 557,605 Diesel 594,008 615,342 422,569 Crude oil 512,955 549,720 351,707 Basic chemical feedstock 252,158 215,773 155,687 Synthetic resin 125,977 125,658 122,313 Kerosene 168,823 191,636 72,385 Natural gas 43,205 53,839 48,121 Synthetic fiber monomers and polymers 77,572 80,100 41,640 Others(i) 336,441 368,412 277,429 2,822,375 2,899,682 2,049,456 (i) Others are primarily liquefied petroleum gas and other refinery and chemical byproducts and joint products.

OTHER OPERATING REVENUES (Table

OTHER OPERATING REVENUES (Tables)	12 Months Ended
	Dec. 31, 2020
OTHER OPERATING REVENUES
Schedule of other operating revenues	Years ended December 31, 2018 2019 2020 RMB RMB RMB Sale of materials and others 58,623 58,886 55,441 Rental income 1,079 1,231 1,087 59,702 60,117 56,528

SELLING, GENERAL AND ADMINIST_2

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2020
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Schedule of selling, general and administrative expenses	Years ended December 31, 2018 2019 2020 RMB RMB RMB Operating lease charges 12,301 1,858 2,685 Auditor’s remuneration: 　 - Audit services 94 70 73 - Others 9 6 8 Impairment losses: 　 - Trade accounts receivable 6 1,283 2,105 - Other receivables 8 (2) (25)

PERSONNEL EXPENSES (Tables)

PERSONNEL EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2020
PERSONNEL EXPENSES
Schedule of personnel expenses	Years ended December 31, 2018 2019 2020 RMB RMB RMB Salaries, wages and other benefits 69,786 70,921 77,202 Contributions to retirement schemes (Note 37) 9,181 11,822 8,804 78,967 82,743 86,006

TAXES OTHER THAN INCOME TAX (Ta

TAXES OTHER THAN INCOME TAX (Tables)	12 Months Ended
	Dec. 31, 2020
TAXES OTHER THAN INCOME TAX
Schedule of taxes other than income tax	Years ended December 31, 2018 2019 2020 RMB RMB RMB Consumption tax (i) 203,653 204,388 197,542 City construction tax (ii) 18,406 16,387 15,699 Education surcharge 13,308 12,111 11,670 Resources tax 6,021 5,883 4,572 Others 7,199 5,748 5,464 248,587 244,517 234,947 Notes: (i) Consumption tax was levied based on sales quantities of taxable products, tax rate of products is presented as below: Effective from January 13, 2015 Products RMB/Ton Gasoline 2,109.76 Diesel 1,411.20 Naphtha 2,105.20 Solvent oil 1,948.64 Lubricant oil 1,711.52 Fuel oil 1,218.00 Jet fuel oil 1,495.20 (ii) City construction tax is levied on an entity based on its total paid amount of value-added tax and consumption tax.
Schedule of detailed information of consumption tax	Effective from January 13, 2015 Products RMB/Ton Gasoline 2,109.76 Diesel 1,411.20 Naphtha 2,105.20 Solvent oil 1,948.64 Lubricant oil 1,711.52 Fuel oil 1,218.00 Jet fuel oil 1,495.20

OTHER OPERATING EXPENSE, NET (T

OTHER OPERATING EXPENSE, NET (Tables)	12 Months Ended
	Dec. 31, 2020
OTHER OPERATING EXPENSE, NET
Schedule of other operating expense, net	Years ended December 31, 2018 2019 2020 RMB RMB RMB Government grants(i) 7,677 6,933 8,775 Ineffective portion of change in fair value of cash flow hedges (1,978) (222) 3,052 Net realized and unrealized gain/(loss) on derivative financial instruments not qualified as hedging 191 (4,384) (1,252) Impairment losses on long-lived assets (ii) (6,286) (345) (14,560) (Loss)/gain on disposal of property, plant, equipment and other (1,501) (1,829) 398 Fines, penalties and compensations (278) (173) (43) Donations (181) (210) (301) Others (2,901) (116) (1,781) (5,257) (346) (5,712) Notes: (i) Government grants for the years ended December 31, 2018, 2019 and 2020 primarily represent financial appropriation income and non-income tax refunds received from respective government agencies without conditions or other contingencies attached to the receipts of the grants. (ii) Impairment losses recognized on long-lived assets of the exploration and production (“E&P”) segments were RMB 4,274, RMB 3 and RMB 8,495 for the years ended December 31, 2018, 2019 and 2020, respectively. The impairment comprised RMB 4,274, RMB 8,435 on property, plant and equipment for the years ended December 31, 2018 and 2020, respectively, RMB 60 on construction in progress for the year ended December 31, 2020, and RMB 3 on prepayments for the year ended December 31, 2019. E&P segment determines recoverable amounts of property, plant and equipment relating to oil and gas producing activities, which include significant judgements and assumptions. The recoverable amounts were determined based on the present values of the expected future cash flows of the assets using a pre-tax discount rate of 10.47%, 10.47% and 10.47% for the years ended December 31, 2018, 2019 and 2020, respectively. Further future downward revisions to the Group’s oil price outlook would lead to further impairments which, in aggregate, are likely to be material. It is estimated that a general decrease of 5% in oil price, with all other variables held constant, would result in additional impairment loss on the Group's property, plant and equipment relating to oil and gas producing activities by approximately RMB 4,548. It is estimated that a general increase of 5% in operating cost, with all other variables held constant, would result in additional impairment loss on the Group's property plant and equipment relating to oil and gas producing activities by approximately RMB 2,836. It is estimated that a general increase of 5% in discount rate, with all other variables held constant, would result in additional impairment loss on the Group's property, plant and equipment relating to oil and gas producing activities by approximately RMB 287. The primary factor resulting in the E&P segment impairment loss for the year ended December 31, 2018 was downward revision of oil and gas reserve in certain fields. The primary factors resulting in the E&P segment impairment loss for the year ended December 31, 2020 were low oil price outlook and downward revision of oil and gas reserve in certain fields.

INTEREST EXPENSE (Tables)

INTEREST EXPENSE (Tables)	12 Months Ended
	Dec. 31, 2020
INTEREST EXPENSE
Schedule of interest expense	Years ended December 31, 2018 2019 2020 RMB RMB RMB Interest expense incurred 6,457 7,039 6,513 Less: Interest expense capitalized* (499) (1,015) (2,011) 5,958 6,024 4,502 Interest expense on lease liabilities — 9,646 9,349 Accretion expenses (Note 32) 1,438 1,418 1,343 Interest expense 7,396 17,088 15,194 * Interest rates per annum at which borrowing costs were capitalized for construction in progress 2.37% to 4.66% 2.92% to 4.66% 2.60% to 4.66%

INVESTMENT INCOME (Tables)

INVESTMENT INCOME (Tables)	12 Months Ended
	Dec. 31, 2020
INVESTMENT INCOME
Schedule of components of investment income	Years ended December 31, 2018 2019 2020 RMB RMB RMB Investment income from disposal of business and long-term equity investments (i) 397 185 37,525 Dividend income from holding of other equity instrument investments 515 492 156 Others 959 242 63 1,871 919 37,744 Note: (i) The Company and Sinomart KTS Development Limited, Sinopec Natural Gas Limited Company and Sinopec Marketing Company Limited (“Marketing Company”), the subsidiaries of the Company entered into the Agreement on Cash Payment to Purchase Equity in Sinopec Yu Ji Pipeline Company Limited, the Agreement on Additional Issuance of Equity and Cash Payment to Purchase Assets, the Agreement on Cash Payment to Purchase Assets and the Agreement on Additional Issuance of Equity to Purchase Assets with China Oil & Gas Pipeline Network Corporation (“PipeChina”), on July 21, 2020 and on July 23, 2020 respectively, pursuant to which the Company and its subsidiaries proposed to dispose target business, including equity interests in the relevant companies, oil and gas pipeline and ancillary facilities, to PipeChina. The above transactions were considered and approved by the 15th Session of 7th Directorate Meeting on July 23, 2020 and the second Extraordinary General Meeting on September 28, 2020. The transaction consideration was mainly additional issuance of equity and/or cash payment by PipeChina and the gain on above transactions was RMB 37,731 million. Main assets and liabilities of disposed target business are as follows: 30 September 2020 RMB million Inventories 8,191 Property, plant and equipment, net 83,510 Construction in progress 19,843 Interest in associates 26,412 Long-term debts and Loans from Sinopec Group Company and fellow subsidiaries (41,800) Other financial statement items (9,035) Net Assets 87,121
Schedule of main assets and liabilities of disposed target business	30 September 2020 RMB million Inventories 8,191 Property, plant and equipment, net 83,510 Construction in progress 19,843 Interest in associates 26,412 Long-term debts and Loans from Sinopec Group Company and fellow subsidiaries (41,800) Other financial statement items (9,035) Net Assets 87,121

INCOME TAX EXPENSE (Tables)

INCOME TAX EXPENSE (Tables)	12 Months Ended
	Dec. 31, 2020
INCOME TAX EXPENSE
Schedule of income tax expense on consolidated statement of income	Years ended December 31, 2018 2019 2020 RMB RMB RMB Current tax - Provision for the year 27,241 15,021 14,209 - Adjustment of prior years (719) (467) (117) Deferred taxation (Note 25) (6,244) 3,385 (7,873) 20,278 17,939 6,219
Schedule of reconciliation between actual income tax and expected income tax expense	Years ended December 31, 2018 2019 2020 RMB RMB RMB Earnings before income tax 99,339 90,022 48,143 Expected PRC income tax expense at a statutory tax rate of 25% 24,835 22,506 12,036 Tax effect of non-deductible expenses 2,359 2,321 3,274 Tax effect of non-taxable income (i) (5,033) (4,458) (8,330) Tax effect of preferential tax rate (ii) (1,259) (2,003) (1,011) Effect of income taxes at foreign operations 77 (312) (730) Tax effect of utilization of previously unrecognized tax losses and temporary differences (779) (335) (65) Tax effect of tax losses not recognized 609 498 1,087 Write-down of deferred tax assets 188 189 75 Adjustment of prior years (719) (467) (117) Actual income tax expense 20,278 17,939 6,219 Notes: (i) For the year ended December 31, 2020, the tax effect of non-taxable income includes the tax exempt investment income of joint ventures and associates and the tax exempt part of the gain related to the disposal of oil and gas pipeline and ancillary facilities. (ii) The provision for PRC current income tax is based on a statutory income tax rate of 25% of the assessable income of the Group as determined in accordance with the relevant income tax rules and regulations of the PRC, except for certain entities of the Group in western regions in the PRC are taxed at preferential income tax rate of 15% through the year 2020. According to Announcement [2020] No. 23 of the MOF “Announcement of the MOF, the State Taxation Administration and the National Development and Reform Commission on continuation of the income tax policy of western development enterprises”, the preferential tax rate of 15% extends from January 1, 2021 to December 31, 2030.

OTHER COMPREHENSIVE INCOME (Tab

OTHER COMPREHENSIVE INCOME (Tables)	12 Months Ended
	Dec. 31, 2020
OTHER COMPREHENSIVE INCOME
Schedule of other comprehensive income	Years ended December 31, 2018 2019 2020 Before tax Tax Net of tax Before tax Tax Net of tax Before tax Tax Net of tax amount effect amount amount effect amount amount effect amount RMB RMB RMB RMB RMB RMB RMB RMB RMB Cash flow hedges: Effective portion of changes in fair value of hedging instruments recognized during the year (12,500) 2,159 (10,341) 5,258 (974) 4,284 9,207 (2,295) 6,912 Reclassification adjustments for amounts transferred to the consolidated statement of income 730 (130) 600 853 (196) 657 198 (37) 161 Net movement during the year recognized in other comprehensive income (i) (11,770) 2,029 (9,741) 6,111 (1,170) 4,941 9,405 (2,332) 7,073 Changes in the fair value of instruments at fair value through other comprehensive income (41) (12) (53) (39) 8 (31) (6) (4) (10) Transfer of loss on disposal of equity investments at fair value through other comprehensive income to retained earnings — — — — — — (12) — (12) Net movement during the year recognized in other comprehensive income (41) (12) (53) (39) 8 (31) (18) (4) (22) Fair value hedges — — — — — — 162 — 162 Share of other comprehensive (240) 11 (229) (810) — (810) (2,441) — (2,441) Foreign currency translation differences 3,399 — 3,399 1,480 — 1,480 (4,457) — (4,457) Other comprehensive income (8,652) 2,028 (6,624) 6,742 (1,162) 5,580 2,651 (2,336) 315 Note: (i) As of December 31, 2019 and 2020, cash flow hedge reserve amounted to a gain of RMB 1,102 and a gain of RMB 8,176, respectively, of which a gain of RMB 1,037 and a gain of RMB 7,805 were attributable to owners of the Company.

BASIC AND DILUTED EARNINGS PE_2

BASIC AND DILUTED EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2020
BASIC AND DILUTED EARNINGS PER SHARE
Schedule of net income attributable to ordinary owners of the Company (diluted)	2018 2019 2020 RMB RMB RMB Net income attributable to ordinary owners of the Company 61,708 57,493 33,096 Net income attributable to ordinary owners of the Company (diluted) 61,708 57,493 33,096
Schedule of weighted average number of shares (diluted)	2018 2019 2020 Number of Number of Number of shares shares shares Weighted average number of shares as of December 31 121,071,209,646 121,071,209,646 121,071,209,646 Weighted average number of shares (diluted) as of December 31 121,071,209,646 121,071,209,646 121,071,209,646

TRADE ACCOUNTS RECEIVABLE (Tabl

TRADE ACCOUNTS RECEIVABLE (Tables)	12 Months Ended
	Dec. 31, 2020
TRADE ACCOUNTS RECEIVABLE
Schedule of Trade accounts receivable	December 31, 2019 2020 RMB RMB Amounts due from third parties 43,735 22,536 Amounts due from Sinopec Group Company and fellow subsidiaries 6,062 12,120 Amounts due from associates and joint ventures 6,426 4,791 56,223 39,447 Less: Impairment losses for bad and doubtful debts (1,848) (3,860) 54,375 35,587
Schedule of ageing analysis of trade accounts	December 31, 2019 2020 RMB RMB Within one year 54,027 34,509 Between one and two years 190 931 Between two and three years 64 64 Over three years 94 83 54,375 35,587
Schedule of impairment losses for bad and doubtful debts	2018 2019 2020 RMB RMB RMB Balance as of January 1 612 606 1,848 Provision for the year 83 1,566 2,173 Written back for the year (77) (283) (68) Written off for the year (19) (41) (23) Others 7 — (70) Balance as of December 31 606 1,848 3,860

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2020
INVENTORIES
Schedule of inventories	December 31, 2019 2020 RMB RMB Crude oil and other raw materials 89,908 60,155 Work in progress 12,687 13,053 Finished goods 91,554 78,415 Spare parts and consumables 2,578 3,372 196,727 154,995 Less: Allowance for diminution in value of inventories (2,585) (3,100) 194,142 151,895
Schedule of allowance for diminution in value of inventories	2018 2019 2020 RMB RMB RMB Balance as of January 1 1,165 6,389 2,585 Allowance for the year 5,538 1,616 11,689 Reversal of allowance on disposal (114) (199) (328) Written off (217) (5,233) (10,795) Others 17 12 (51) Balance as of December 31 6,389 2,585 3,100

PREPAID EXPENSES AND OTHER CU_2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	12 Months Ended
	Dec. 31, 2020
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Schedule of prepaid expenses and other current assets	December 31, 2019 2020 RMB RMB Receivables 25,669 34,974 Advances to suppliers 5,063 4,862 Value-added input tax to be deducted 25,313 18,625 Prepaid income tax 1,879 131 57,924 58,592

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2020
PROPERTY, PLANT AND EQUIPMENT
Schedule of detailed information about property, plant and equipment	Equipment, Plants and Oil and gas, machinery buildings properties and others Total RMB RMB RMB RMB Cost: Balance as of January 1, 2019 123,946 695,724 973,688 1,793,358 Additions 159 1,408 3,993 5,560 Transferred from construction in progress 6,261 31,378 54,684 92,323 Reclassifications 1,051 — Invest into the joint ventures and associated companies (8) — (303) (311) Reclassification to other long-term assets (748) — (729) (1,477) Disposals (469) (1,549) (13,635) (15,653) Exchange adjustments 42 667 71 780 Balance as of December 31, 2019 130,234 727,552 1,016,794 1,874,580 Balance as of January 1, 2020 130,234 727,552 1,016,794 1,874,580 Additions 390 1,563 5,147 7,100 Transferred from construction in progress 10,848 32,214 98,095 141,157 Reclassifications 1,443 (125) (1,318) — Invest into the joint ventures and associated companies — — (115) (115) Reclassification to other long-term assets (38) — (1,052) (1,090) Disposals (i) (6,291) (806) (131,231) (138,328) Exchange adjustments (141) (2,806) (226) (3,173) Balance as of December 31, 2020 136,445 757,592 986,094 1,880,131 Accumulated depreciation: Balance as of January 1, 2019 56,242 550,288 565,830 1,172,360 Depreciation for the year 4,144 36,289 47,902 88,335 Impairment losses for the year 11 — 185 196 Reclassifications 292 (46) (246) — Invest into the joint ventures and associated companies — — (216) (216) Reclassification to other long-term assets 3 — (94) (91) Written back on disposals (854) (6) (11,564) (12,424) Exchange adjustments 21 667 40 728 Balance as of December 31, 2019 59,859 587,192 601,837 1,248,888 Balance as of January 1, 2020 59,859 587,192 601,837 1,248,888 Depreciation for the year 4,628 32,054 48,380 85,062 Impairment losses for the year 683 4,739 6,292 11,714 Reclassifications 393 (98) (295) — Invest into the joint ventures and associated companies — — (54) (54) Reclassification to other long-term assets (8) — (161) (169) Written back on disposals (i) (3,209) (464) (47,994) (51,667) Exchange adjustments (49) (2,703) (138) (2,890) Balance as of December 31, 2020 62,297 620,720 607,867 1,290,884 Net book value: Balance as of January 1, 2019 67,704 145,436 407,858 620,998 Balance as of December 31, 2019 70,375 140,360 414,957 625,692 Balance as of December 31, 2020 74,148 136,872 378,227 589,247 (i) Disposals for the year ended December 31, 2020 mainly due to the Company and its subsidiaries disposed their oil and gas pipeline and ancillary facilities to PipeChina.

CONSTRUCTION IN PROGRESS (Table

CONSTRUCTION IN PROGRESS (Tables)	12 Months Ended
	Dec. 31, 2020
CONSTRUCTION IN PROGRESS
Schedule of construction in progress	2019 2020 RMB RMB Balance as of January 1 137,449 173,872 Additions 144,751 130,283 Dry hole costs written off (5,831) (5,928) Transferred to property, plant and equipment (92,323) (141,157) Reclassification to other long-term assets (10,086) (11,464) Impairment losses for the year (135) (844) Disposals and others 46 (19,944) Exchange adjustments 1 (53) Balance as of December 31 173,872 124,765
Schedule of net changes in capitalized cost of exploratory wells in E&P segment	2018 2019 2020 RMB RMB RMB At beginning of year 9,737 7,296 8,961 Additions, net of amount that were capitalized and subsequently expensed in the same year, pending the determination of proved reserves 7,172 8,528 10,779 Transferred to oil and gas properties based on the determination of proved reserves (2,387) (2,822) (3,687) Dry hole costs written off (7,226) (4,041) (4,924) At end of year 7,296 8,961 11,129
Schedule of aging of capitalized exploratory well costs based on drilling completion date	December 31, 2018 2019 2020 RMB RMB RMB One year or less 3,467 7,794 10,586 Over one year 3,829 1,167 543 7,296 8,961 11,129

RIGHT-OF-USE ASSETS (Tables)

RIGHT-OF-USE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2020
RIGHT-OF-USE ASSETS
Schedule of right of use assets	Land Others Total RMB RMB RMB Cost: Balance as of January 1, 2019 244,595 27,381 271,976 Additions 8,737 7,555 16,292 Deacreases (4,766) (748) (5,514) Balance at December 31, 2019 248,566 34,188 282,754 Balance as of January 1, 2020 248,566 34,188 282,754 Additions 13,983 10,222 24,205 Decreases (9,405) (3,142) (12,547) Balance as of December 31, 2020 253,144 41,268 294,412 Accumulated depreciation: Balance as of January 1, 2019 — — — Additions 9,246 5,728 14,974 Decreases (131) (26) (157) Balance as of December 31, 2019 9,115 5,702 14,817 Balance as of January 1, 2020 9,115 5,702 14,817 Additions 9,247 6,354 15,601 Decreases (799) (1,575) (2,374) Balance as of December 31, 2020 17,563 10,481 28,044 Impairment loss: Balance as of January 1, 2019 — — — Additions — — — Decreases — — — Balance as of December 31, 2019 — — — Balance as of January 1, 2020 — — — Additions — — — Decreases — — — Balance as of December 31, 2020 — — — Net book value: Balance as of January 1, 2019 244,595 27,381 271,976 Balance as of December 31, 2019 239,451 28,486 267,937 Balance as of December 31, 2020 235,581 30,787 266,368

GOODWILL (Tables)

GOODWILL (Tables)	12 Months Ended
	Dec. 31, 2020
GOODWILL
Schedule of goodwill	December 31, 2019 2020 RMB RMB Cost 16,558 16,481 Less: Accumulated impairment losses (7,861) (7,861) 8,697 8,620
Schedule of goodwill allocated to cash-generating units	December 31, Principal activities 2019 2020 RMB RMB Sinopec Zhenhai Refining and Chemical Branch Manufacturing of intermediate petrochemical products and petroleum products 4,043 4,043 Shanghai SECCO Petrochemical Company Limited ("Shanghai SECCO") Production and sale of petrochemical products 2,541 2,541 Sinopec Beijing Yanshan Petrochemical Branch Manufacturing of intermediate petrochemical products and petroleum products 1,004 1,004 Other units without individually significant goodwill 1,109 1,032 8,697 8,620

INTEREST IN ASSOCIATES (Tables)

INTEREST IN ASSOCIATES (Tables)	12 Months Ended
	Dec. 31, 2020
INTEREST IN ASSOCIATES
Schedule of principal associates	Particulars Percentage Percentage of Form of of issued of equity equity held business and paid held by the Company’s Principal Country of Principal place Name of company structure up capital by the Company subsidiaries activities incorporation of business % % PipeChina (i) Incorporated Registered capital RMB 500,000 million 9.42 4.58 Operation of oil and natural gas pipeline and auxiliary facilities PRC PRC Sinopec Finance Company Limited ("Sinopec Finance") Incorporated Registered capital RMB 18,000 million 49.00 — Provision of non-banking financial services PRC PRC PAO SIBUR Holding (“SIBUR”) (ii) Incorporated Registered capital RUB 21,784 million — 10.00 Processing natural gas and manufacturing petrochemical products Russia Russia Zhongtian Synergetic Energy Company Limited ("Zhongtian Synergetic Energy") Incorporated Registered capital RMB 17,516 million — 38.75 Mining coal and manufacturing of coal-chemical products PRC PRC Caspian Investments Resources Ltd. ("CIR") Incorporated Registered capital USD 10,002 — 50.00 Crude oil and natural gas extraction British Virgin Islands The Republic of Kazakhstan
Schedule of reconciliation of summarised financial information of associate accounted for using equity method to carrying amount of interest in associate	Zhongtian PipeChina Sinopec Finance SIBUR Synergetic Energy CIR December 31, December 31, December 31, December 31, December 31, 2020 2019 2020 2019 2020 2019 2020 2019 2020 RMB RMB RMB RMB RMB RMB RMB RMB RMB Current assets 74,012 180,383 175,139 31,634 30,678 4,219 3,721 7,612 2,402 Non-current assets 655,982 18,926 53,008 182,646 147,140 56,424 53,124 971 903 Current liabilities (55,562) (170,621) (197,872) (31,295) (31,157) (13,887) (8,315) (936) (699) Non-current liabilities (104,150) (582) (514) (71,289) (58,941) (26,227) (28,422) (166) (286) Net assets 570,282 28,106 29,761 111,696 87,720 20,529 20,108 7,481 2,320 Net assets attributable to owners of the Company 505,336 28,106 29,761 111,250 87,280 20,529 20,108 7,481 2,320 Net assets attributable to non-controlling interests 64,946 — — 446 440 — — — — Share of net assets from associates 70,747 13,772 14,583 11,125 8,728 7,955 7,792 3,741 1,160 Carrying Amounts 70,747 13,772 14,583 11,125 8,728 7,955 7,792 3,741 1,160
Schedule of summarised statement of comprehensive income of associates	PipeChina Zhongtian Synergetic (iii) Sinopec Finance SIBUR Energy CIR Year ended December 31 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB Operating revenues 22,766 4,536 4,966 4,742 59,927 56,706 49,793 12,235 13,329 11,707 2,856 2,334 1,252 Net income/(loss) for the year 6,444 1,868 2,234 2,027 10,400 6,513 (1,936) 1,142 1,994 551 583 424 181 Other comprehensive (loss)/income — (157) 411 (372) 6,410 (1,435) (19,180) — — — 116 151 (308) Total comprehensive income/(loss) 6,444 1,711 2,645 1,655 16,810 5,078 (21,116) 1,142 1,994 551 699 575 (127) Dividends declared by associates — 490 — — 271 468 285 — 219 284 — — 2,517 Share of net income/(loss) from associates 709 915 1,095 993 1,040 651 (194) 443 773 214 292 212 91 Share of other comprehensive (loss)/income from associates (iv) — (77) 201 (182) 641 (144) (1,918) — — — 58 76 (154)

INTEREST IN JOINT VENTURES (Tab

INTEREST IN JOINT VENTURES (Tables)	12 Months Ended
	Dec. 31, 2020
INTEREST IN JOINT VENTURES
Schedule of principal interest in joint ventures	Percentage of Particulars of Percentage of equity held by Principal Country of issued and paid equity held by the Company’s place of Name of company incorporation up capital the Company subsidiaries Principal activities business % % Fujian Refining & Petrochemical Company Limited (“FREP”) PRC Registered capital RMB 14,758 million — 50.00 Manufacturing refining oil products PRC BASF-YPC Company Limited (“BASF-YPC”) PRC Registered capital RMB 12,704 million 30.00 10.00 Manufacturing and distribution of petrochemical products PRC Taihu Limited (“Taihu”) Cyprus Registered capital USD 25,000 — 49.00 Crude oil and natural gas extraction Russia Yanbu Aramco Sinopec Refining Company Ltd. (“YASREF”) Saudi Arabia Registered capital USD 1,560 million — 37.50 Petroleum refining and processing business Saudi Arabia Sinopec SABIC Tianjin Petrochemical Company Limited ("Sinopec SABIC Tianjin") PRC Registered capital RMB 10,520 million — 50.00 Manufacturing and distribution of petrochemical products PRC
Schedule of reconciliation of summarised financial information of joint venture accounted for using equity method to carrying amount of interest in joint venture	Sinopec SABIC FREP BASF-YPC Taihu YASREF Tianjin December 31, December 31, December 31, December 31, December 31, 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB Current assets Cash and cash equivalents 5,603 7,448 1,154 1,838 4,485 1,280 733 1,408 3,242 5,259 Other current assets 11,977 7,492 4,937 4,777 2,336 1,223 11,311 7,516 4,501 2,665 Total current assets 17,580 14,940 6,091 6,615 6,821 2,503 12,044 8,924 7,743 7,924 Non-current assets 17,267 15,237 10,498 9,993 10,453 12,531 50,548 45,413 14,878 18,258 Current liabilities Current financial liabilities (1,280) (1,203) (237) (456) (57) (38) (7,445) (9,520) (500) (998) Other current liabilities (7,090) (5,147) (1,808) (2,190) (1,815) (1,043) (12,504) (8,644) (2,896) (3,052) Total current liabilities (8,370) (6,350) (2,045) (2,646) (1,872) (1,081) (19,949) (18,164) (3,396) (4,050) Non-current liabilities Non-current financial liabilities (11,185) (8,761) — — (125) (85) (29,445) (29,650) (4,592) (6,773) Other non-current liabilities (290) (235) (35) (42) (1,984) (2,017) (1,963) (2,008) (368) (378) Total non-current liabilities (11,475) (8,996) (35) (42) (2,109) (2,102) (31,408) (31,658) (4,960) (7,151) Net assets 15,002 14,831 14,509 13,920 13,293 11,851 11,235 4,515 14,265 14,981 Net assets attributable to owners of the company 15,002 14,831 14,509 13,920 12,829 11,439 11,235 4,515 14,265 14,981 Net assets attributable to non-controlling interests — — — — 464 412 — — — — Share of net assets from joint ventures 7,501 7,416 5,804 5,568 6,286 5,605 4,213 — 7,133 7,491 Carrying Amounts 7,501 7,416 5,804 5,568 6,286 5,605 4,213 — 7,133 7,491
Schedule of summarised statement of comprehensive income of joint ventures	Sinopec SABIC FREP BASF-YPC Taihu YASREF Tianjin Year ended December 31, 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB Operating revenues 52,469 57,047 38,691 21,574 19,590 15,701 14,944 15,222 9,528 77,561 75,940 37,337 23,501 20,541 14,881 Depreciation, depletion and amortization (2,250) (2,541) (2,222) (1,521) (1,474) (1,244) (664) (629) (541) (2,823) (3,048) (3,140) (1,104) (1,094) (1,085) Interest income 157 124 118 41 32 27 141 94 291 101 58 17 169 171 183 Interest expense (647) (597) (535) (43) (26) (16) (151) (265) (20) (1,382) (1,470) (1,136) (167) (134) (131) Earning/(loss) before income tax 3,920 964 520 3,625 2,314 1,518 3,493 3,320 2,304 (1,569) (1,292) (7,193) 3,916 2,178 954 Tax expense (935) (197) (87) (897) (579) (379) (729) (708) (378) (249) (8) 1,057 (993) (533) (236) Net income/(loss) for the year 2,985 767 433 2,728 1,735 1,139 2,764 2,612 1,926 (1,818) (1,300) (6,136) 2,923 1,645 718 Other comprehensive income/(loss) — — — — — — 921 (1,105) (3,368) 1,059 (261) (584) — — — Total comprehensive income/(loss) 2,985 767 433 2,728 1,735 1,139 3,685 1,507 (1,442) (759) (1,561) (6,720) 2,923 1,645 718 Dividends declared by joint ventures 1,200 1,400 300 1,226 1,224 691 — — — — — — — 1,750 — Share of net income/(loss) from joint ventures 1,493 384 217 1,091 694 456 1,307 1,235 911 (682) (488) (2,301) 1,462 823 359 Share of other comprehensive income/(loss) from joint ventures (i) — — — — — — 435 (522) (1,593) 397 (98) (219) — — —

FINANCIAL ASSETS AT FAIR VALU_2

FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME (Tables)	12 Months Ended
	Dec. 31, 2020
FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME
Schedule of financial assets at fair value through other comprehensive income	December 31, 2019 2020 RMB RMB Non-current assets Unlisted equity instruments 1,431 1,376 Listed equity instruments 90 149 Current assets Trade accounts receivable and bills receivable (i) 8,661 8,735 10,182 10,260 Note: (i) As of December 31, 2019 and 2020, bills receivable and certain trade accounts receivable were classified as financial assets at FVOCI, as the Group's business model is achieved both by collecting contractual cash flows and selling of these assets.

DEFERRED TAX ASSETS AND LIABI_2

DEFERRED TAX ASSETS AND LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2020
DEFERRED TAX ASSETS AND LIABILITIES
Schedule of deferred tax assets and liabilities	Assets Liabilities December 31, December 31, 2019 2020 2019 2020 RMB RMB RMB RMB Receivables and inventories 2,546 2,411 — — Payables 1,142 1,286 — — Cash flow hedges 116 1,790 (384) (4,420) Property, plant and equipment 16,463 15,793 (12,317) (13,415) Tax losses carried forward 3,594 13,322 — — Financial assets at fair value through other comprehensive income 131 127 (7) (11) Intangible assets 595 869 (508) (517) Others 318 371 (882) (676) Deferred tax assets/(liabilities) 24,905 35,969 (14,098) (19,039)
Schedule of consolidated elimination amount between deferred tax assets and liabilities	December 31, 2019 2020 RMB RMB Deferred tax assets 7,289 10,915 Deferred tax liabilities 7,289 10,915
Schedule of deferred tax assets and liabilities after the consolidated elimination adjustments	December 31, 2019 2020 RMB RMB Deferred tax assets 17,616 25,054 Deferred tax liabilities 6,809 8,124
Schedule of movements in the deferred tax assets and liabilities	Recognized in Recognized in Balance as Balance as of consolidated other Transferred of January 1, statement of comprehensive from December 31, 2018 income income Others reserve 2018 RMB RMB RMB RMB RMB RMB Receivables and inventories 381 2,176 3 3 — 2,563 Payables 1,925 — — — 1,808 Cash flow hedges 115 2,029 1 1,104 Property, plant and equipment 4,222 2,650 19 — 6,761 Tax losses carried forward 2,325 1,414 6 — 3,709 Available-for-sale financial assets 117 — — — — Financial assets at fair value through other comprehensive income — — (1) 117 — 116 Intangible assets (336) 273 — 2 — (61) Others (84) — (254) Net deferred tax assets/(liabilities) 8,665 6,244 1,905 15,746 Recognized in Recognized in Balance as Balance as of consolidated other Transferred of January 1, statement of comprehensive from December 31, 2019 income income Others reserve 2019 RMB RMB RMB RMB RMB RMB Receivables and inventories 2,563 (17) — — — 2,546 Payables 1,808 (667) — 1 — 1,142 Cash flow hedges 1,104 73 (1,195) — (250) (268) Property, plant and equipment 6,761 (2,575) (39) (1) — 4,146 Tax losses carried forward 3,709 (151) 38 (2) — 3,594 Financial assets at fair value through other comprehensive income 116 — 8 — — 124 Intangible assets (61) 148 — — — 87 Others (254) (196) (49) (65) — (564) Net deferred tax assets/(liabilities) 15,746 (3,385) (1,237) (67) (250) 10,807 Recognized in Recognized in Balance as Balance as of consolidated other Transferred of January 1, statement of comprehensive from December 31, 2020 income income Others reserve 2020 RMB RMB RMB RMB RMB RMB Receivables and inventories 2,546 (122) (12) (1) — 2,411 Payables 1,142 144 — — — 1,286 Cash flow hedges (268) (42) (2,316) — (4) (2,630) Property, plant and equipment 4,146 (2,244) 127 349 — 2,378 Tax losses carried forward 3,594 9,960 (84) (148) — 13,322 Financial assets at fair value through other comprehensive income 124 (4) (4) — — 116 Intangible assets 87 19 — 246 — 352 Others (564) 162 24 73 — (305) Net deferred tax assets/(liabilities) 10,807 7,873 (2,265) 519 (4) 16,930

LONG-TERM PREPAYMENTS AND OTH_2

LONG-TERM PREPAYMENTS AND OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2020
LONG-TERM PREPAYMENTS AND OTHER ASSETS
Schedule of long-term prepayments and other assets	December 31, 2019 2020 RMB RMB Operating rights of service stations 34,013 31,856 Long-term receivables from and prepayment to Sinopec Group Company and fellow subsidiaries 1,562 2,801 Prepayments for construction projects to third parties 3,926 5,861 Others (i) 25,936 33,971 65,437 74,489 Note: (i) Others mainly comprise time deposits with terms of three years, catalyst expenditures and improvement expenditures of property, plant and equipment.
Schedule of operating rights of service stations	2019 2020 RMB RMB Operating rights of service stations Cost: Balance as of January 1 52,216 53,549 Additions 1,494 493 Decreases (161) (475) Balance as of December 31 53,549 53,567 Accumulated amortization: Balance as of January 1 17,282 19,536 Additions 2,357 2,365 Decreases (103) (190) Balance as of December 31 19,536 21,711 Net book value as of December 31 34,013 31,856

SHORT-TERM AND LONG-TERM DEBT_2

SHORT-TERM AND LONG-TERM DEBTS AND LOANS FROM SINOPEC GROUP COMPANY AND FELLOW SUBSIDIARIES (Tables)	12 Months Ended
	Dec. 31, 2020
SHORT-TERM AND LONG-TERM DEBTS AND LOANS FROM SINOPEC GROUP COMPANY AND FELLOW SUBSIDIARIES
Schedule of short-term debts	December 31, 2019 2020 RMB RMB Third parties’ debts Short-term bank loans 25,709 16,111 RMB denominated 25,619 16,111 US Dollar (“USD”) denominated 90 — Short-term other loans 22 3 RMB denominated 22 3 Current portion of long-term bank loans 1,790 4,637 RMB denominated 1,765 4,613 USD denominated 25 24 Current portion of long-term corporate bonds 13,000 — RMB denominated 13,000 — 14,790 4,637 Corporate bonds(i) — 3,018 RMB denominated — 3,018 40,521 23,769 Loans from Sinopec Group Company and fellow subsidiaries Short-term loans 5,465 4,642 RMB denominated 2,709 1,141 USD denominated 2,236 3,298 Hong Kong Dollar (“HKD”) denominated 495 31 European Dollar (“EUR”) denominated 25 172 Current portion of long-term loans 37,824 622 RMB denominated 37,824 622 43,289 5,264 83,810 29,033
Schedule of long-term debts	December 31, Interest rate and final maturity 2019 2020 RMB RMB Third parties’ debts Long-term bank loans RMB denominated Interest rates ranging from 1.08% to 5.23% per annum as of December 31, 2020 with maturities through 2030 31,714 38,226 USD denominated Interest rates at 1.55% per annum as of December 31, 2020 with maturities through 2039 127 92 31,841 38,318 Corporate bonds(ii) RMB denominated Fixed interest rates ranging from 2.20% to 4.90% per annum as of December 31, 2020 with maturities through 2023 20,000 26,977 USD denominated Fixed interest rates ranging from 3.13 % to 4.25 % per annum as of December 31, 2020 with maturities through 2043 12,157 11,379 32,157 38,356 Total third parties’ long-term debts 63,998 76,674 Less: Current portion (14,790) (4,637) 49,208 72,037 Long-term loans from Sinopec Group Company and fellow subsidiaries RMB denominated Interest rates ranging from 1.08% to 5.23% per annum as of December 31, 2020 with maturities through 2036 47,450 11,013 USD denominated Interest rates at 1.60% per annum as of December 31, 2020 with maturities in 2027 — 1,387 Less: Current portion (37,824) (622) 9,626 11,778 58,834 83,815 Notes: (i) The Company issued Super & Short-term Commercial Paper on August 20, 2020 at par value of RMB 100, and the interest will be paid at its maturity. The total issued amount of the 169-day corporate bonds is RMB 3 billion with a fixed rate at 1.70% per annum. (ii) The Company issued corporate bonds with a maturity of three years on March 31, 2020 at par value of RMB 100. The total issued amount of the corporate bonds is RMB 10 billion. The corporate bonds adopt a simple interest rate on an annual basis with a fixed rate at 2.70% per annum and the interest is paid once a year. The Company issued corporate bonds with a maturity of three years on May 27, 2020 at par value of RMB 100. The total issued amount of the corporate bonds is RMB 10 billion. The corporate bonds adopt a simple interest rate on an annual basis with a fixed rate at 2.20% per annum and the interest is paid once a year. These corporate bonds are carried at amortized cost.

LEASE LIABILITIES (Tables)

LEASE LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2020
LEASE LIABILITIES
Schedule of lease liabilities	December 31, 2019 2020 RMB RMB Lease liabilities Current 15,198 15,292 Non-current 177,674 172,306 192,872 187,598

TRADE ACCOUNTS AND BILLS PAYA_2

TRADE ACCOUNTS AND BILLS PAYABLE (Tables)	12 Months Ended
	Dec. 31, 2020
TRADE ACCOUNTS PAYABLE AND BILLS PAYABLE
Schedule of trade accounts and bills payable	December 31, 2019 2020 RMB RMB Amounts due to third parties 166,830 132,136 Amounts due to Sinopec Group Company and fellow subsidiaries 11,251 11,384 Amounts due to associates and joint ventures 10,108 7,742 188,189 151,262 Bills payable 11,834 10,394 Trade accounts payable and bills payable measured at amortized cost 200,023 161,656

OTHER PAYABLES (Tables)

OTHER PAYABLES (Tables)	12 Months Ended
	Dec. 31, 2020
OTHER PAYABLES
Schedule of other payables	December 31, 2019 2020 RMB RMB Salaries and welfare payable 4,807 7,081 Interest payable 612 667 Payables for constructions 50,824 41,724 Other payables 25,618 58,908 Financial liabilities carried at amortized costs 81,861 108,380 Taxes other than income tax 66,257 70,257 148,118 178,637

PROVISIONS (Tables)

PROVISIONS (Tables)	12 Months Ended
	Dec. 31, 2020
PROVISIONS
Schedule of provisions	2018 2019 2020 RMB RMB RMB Balance as of January 1 39,407 42,007 42,438 Provision for the year 1,567 1,408 1,563 Accretion expenses 1,438 1,418 1,343 Decrease for the year (598) (2,439) (1,490) Exchange adjustments 193 44 (141) Balance as of December 31 42,007 42,438 43,713

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2020
SHARE CAPITAL
Schedule of share capital	December 31, 2019 2020 RMB RMB Registered, issued and fully paid 95,557,771,046 listed A shares (2019: 95,557,771,046) of RMB 1.00 each 95,558 95,558 25,513,438,600 listed H shares (2019: 25,513,438,600) of RMB 1.00 each 25,513 25,513 121,071 121,071

COMMITMENTS AND CONTINGENT LI_2

COMMITMENTS AND CONTINGENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2020
COMMITMENTS AND CONTINGENT LIABILITIES
Schedule of capital commitments	December 31, 2019 2020 RMB RMB Authorized and contracted for (i) 138,088 171,335 Authorized but not contracted for 63,967 33,942 202,055 205,277 Note: (i)
Schedule of estimated future annual payments of exploration and production licenses	December 31, 2019 2020 RMB RMB Within one year 302 390 Between one and two years 69 99 Between two and three years 34 66 Between three and four years 30 63 Between four and five years 29 56 Thereafter 845 824 1,309 1,498
Schedule of contingent liabilities	December 31, 2019 2020 RMB RMB Joint ventures 7,100 6,390 Associates (ii) 10,140 8,450 17,240 14,840 Note: (ii) The Group provided a guarantee in respect to standby credit facilities granted to Zhongtian Synergetic Energy by banks amount to RMB 17,050. As of December 31, 2019 and 2020, the amount withdrawn by Zhongtian Synergetic Energy and guaranteed by the Group was RMB 10,140 and RMB 8,450.

BUSINESS COMBINATION (Tables)

BUSINESS COMBINATION (Tables)	12 Months Ended
	Dec. 31, 2020
BUSINESS COMBINATION
Schedule of restatement of financial condition and the results of operation previously reported by the Group	The financial condition as of December 31, 2019 and the results of operation for the year ended December 31, 2019 previously reported by the Group have been restated, as set out below: The Group, as Baling Branch Elimination and The Group, previously reported of SAMC Adjustment* as restated RMB million RMB million RMB million RMB million Summarised consolidated statement of income for the year ended December 31, 2019: Sales of goods and other operating revenues 2,966,193 16,906 (23,300) 2,959,799 Net income attributable to owners of the Company 57,465 50 (22) 57,493 Net income attributable to non-controlling interests 14,568 — 22 14,590 Basic earnings per share (RMB) 0.48 0.0004 — 0.48 Diluted earnings per share (RMB) 0.48 0.0004 — 0.48 Summarised consolidated balance sheet as of December 31, 2019: Current assets 445,856 2,097 (643) 447,310 Total assets 1,755,071 5,858 (643) 1,760,286 Current liabilities 576,374 4,247 (643) 579,978 Total liabilities 879,236 4,389 (643) 882,982 Total equity attributable to owners of the Company 738,150 1,448 (652) 738,946 Non-controlling interests 137,685 21 652 138,358 Summarised consolidated statement of cash flows for the year ended December 31, 2019: Net cash generated from operating activities 153,420 199 — 153,619 Net cash used in investing activities (120,463) (588) — (121,051) Net cash (used in)/generated from financing activities (84,713) 509 — (84,204) Net (decrease)/increase in cash and cash equivalents (51,756) 120 — (51,636)

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2020
RELATED PARTY TRANSACTIONS
Schedule of related party transactions	Years ended December 31, Note 2018 2019 2020 RMB RMB RMB Sales of goods (i) 260,197 285,853 233,283 Purchases (ii) 177,726 189,914 158,963 Transportation and storage (iii) 7,318 8,206 8,848 Exploration and development services (iv) 23,489 33,310 31,444 Production related services (v) 28,648 38,827 32,106 Ancillary and social services (vi) 6,616 3,098 3,099 Operating lease charges for land (vii) 7,765 — — Operating lease charges for buildings (vii) 521 — — Other operating lease charges (vii) 869 — — Agency commission income (viii) 113 116 160 Interest income (ix) 848 1,066 704 Interest expense (x) 1,110 1,334 919 Net deposits withdrawn from/(placed with) related parties (ix) 6,623 5,230 (17,585) Net funds obtained from/(repaid to) related parties (xi) 31,684 3,438 (31,144) Notes: (i) Sales of goods represent the sale of crude oil, intermediate petrochemical products, petroleum products and ancillary materials. (ii) Purchases represent the purchase of materials and utility supplies directly related to the Group’s operations such as the procurement of raw and ancillary materials and related services, supply of water, electricity and gas. (iii) Transportation and storage represent the cost for the use of railway, road and marine transportation services, pipelines, loading, unloading and storage facilities. (iv) Exploration and development services comprise direct costs incurred in the exploration and development such as geophysical, drilling, well testing and well measurement services. (v) Production related services represent ancillary services rendered in relation to the Group’s operations such as equipment repair and general maintenance, insurance premium, technical research, communications, firefighting, security, product quality testing and analysis, information technology, design and engineering, construction of oilfield ground facilities, refineries and chemical plants, manufacture of replacement parts and machinery, installation, project management, environmental protection and management services. (vi) Ancillary and social services represent expenditures for social welfare and support services such as educational facilities, media communication services, sanitation, accommodation, canteens, and property maintenance. (vii) Operating lease charges represent the rental incurred for operating leases in respect of land, buildings and equipment leased from Sinopec Group Company and fellow subsidiaries, associates and joint ventures. No lease charges had incurred for the years ended December 31, 2019 and 2020 because of the adoption of IFRS 16 Leases. (viii) Agency commission income represents commission earned for acting as an agent in respect of sales of products and purchase of materials for certain entities owned by Sinopec Group Company. (ix) Interest income represents interest received from deposits placed with Sinopec Finance and Sinopec Century Bright Capital Investment Limited, finance companies controlled by Sinopec Group Company. The applicable interest rate is determined in accordance with the prevailing saving deposit rate. The balance of deposits as of December 31, 2019 and 2020 were RMB 35,832 and RMB 53,417, respectively. (x) Interest expense represents interest charges on the loans obtained from Sinopec Group Company and fellow subsidiaries. (xi) The Group obtained loans, discounted bills and others from Sinopec Group Company and fellow subsidiaries.
Schedule of amount due from/to related parties	December 31, 2019 2020 RMB RMB Trade accounts receivable 12,470 16,896 Financial assets at fair value through other comprehensive income 407 760 Prepaid expenses and other current assets 12,771 19,305 Long-term prepayments and other assets 734 6,435 Total 26,382 43,396 Trade accounts payable and bills payable 25,177 22,805 Contract liabilities 4,456 5,940 Other payables 18,793 12,116 Other long-term liabilities — 3,010 Short-term loans and current portion of long-term loans from Sinopec Group Company and fellow subsidiaries 43,289 5,264 Long-term loans excluding current portion from Sinopec Group Company and fellow subsidiaries 9,626 11,778 Lease liabilities (including to be paid within one year) 171,402 162,048 Total 272,743 222,961
Schedule of key management personnel emoluments	Years ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Short-term employee benefits 5,745 9,209 5,753 Retirement scheme contributions 351 536 342 6,096 9,745 6,095

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
	Dec. 31, 2020
SEGMENT REPORTING
Schedule of operating segments	Years ended December 31, 2018 2019 2020 RMB RMB RMB Sales of goods Exploration and production External sales 93,499 111,114 104,524 Inter-segment sales 95,954 89,315 57,513 189,453 200,429 162,037 Refining External sales 148,930 141,674 114,064 Inter-segment sales 1,109,088 1,077,018 825,812 1,258,018 1,218,692 939,876 Marketing and distribution External sales 1,408,989 1,393,557 1,062,447 Inter-segment sales 5,224 4,159 4,854 1,414,213 1,397,716 1,067,301 Chemicals External sales 461,123 428,830 322,121 Inter-segment sales 101,387 78,165 40,518 562,510 506,995 362,639 Corporate and others External sales 709,834 824,507 458,154 Inter-segment sales 650,271 654,337 430,073 1,360,105 1,478,844 888,227 Elimination of inter-segment sales (1,961,924) (1,902,994) (1,370,624) Sales of goods 2,822,375 2,899,682 2,049,456 Other operating revenues Exploration and production 10,738 10,283 5,718 Refining 5,389 5,464 4,634 Marketing and distribution 32,424 33,247 34,905 Chemicals 9,628 9,273 9,215 Corporate and others 1,523 1,850 2,056 Other operating revenues 59,702 60,117 56,528 Sales of goods and other operating revenues 2,882,077 2,959,799 2,105,984 Years ended December 31, 2018 2019 2020 RMB RMB RMB Result Operating (loss)/income By segment - Exploration and production (10,107) 9,284 (16,476) - Refining 54,827 30,632 (5,555) - Marketing and distribution 23,464 29,107 20,828 - Chemicals 27,307 17,327 10,372 - Corporate and others (9,293) 64 (393) - Elimination (3,634) (40) 4,417 Total segment operating income 82,564 86,374 13,193 Share of profit/(loss) from associates and joint ventures - Exploration and production 2,598 3,167 2,117 - Refining 109 (640) (2,516) - Marketing and distribution 3,155 3,309 2,200 - Chemicals 6,298 4,611 1,723 - Corporate and others 1,814 2,330 3,188 Aggregate share of profits from associates and joint ventures 13,974 12,777 6,712 Investment (loss)/ income - Exploration and production (3) (19) 13,118 - Refining 315 59 14,941 - Marketing and distribution 43 73 8,980 - Chemicals 596 578 (61) - Corporate and others 920 228 766 Aggregate investment income 1,871 919 37,744 Net finance costs 930 (10,048) (9,506) Earnings before income tax 99,339 90,022 48,143 December 31, 2018 2019 2020 RMB RMB RMB Assets Segment assets - Exploration and production 321,686 410,950 354,024 - Refining 271,356 321,080 270,431 - Marketing and distribution 317,641 399,242 373,430 - Chemicals 161,940 180,974 186,033 - Corporate and others 152,799 131,686 118,458 Total segment assets 1,225,422 1,443,932 1,302,376 Interest in associates and joint ventures 145,721 152,204 188,342 Financial assets at fair value through other comprehensive income 1,450 1,521 1,525 Deferred tax assets 21,694 17,616 25,054 Cash and cash equivalents, time deposits with financial institutions 167,020 128,052 188,057 Other unallocated assets 36,094 16,961 28,451 Total assets 1,597,401 1,760,286 1,733,805 Liabilities Segment liabilities - Exploration and production 94,170 167,933 163,588 - Refining 103,809 122,264 136,869 - Marketing and distribution 159,536 226,531 234,309 - Chemicals 38,924 58,066 49,497 - Corporate and others 144,216 137,881 119,215 Total segment liabilities 540,655 712,675 703,478 Short-term debts 31,462 40,521 23,769 Income tax payable 6,701 3,267 6,586 Long-term debts 51,065 49,208 72,037 Loans from Sinopec Group Company and fellow subsidiaries 74,181 52,915 17,042 Deferred tax liabilities 5,948 6,809 8,124 Other unallocated liabilities 29,391 17,587 19,911 Total liabilities 739,403 882,982 850,947
Schedule of capital expenditure of operating segments	Years ended December 31, 2018 2019 2020 RMB RMB RMB Capital expenditure Exploration and production 42,155 61,739 56,416 Refining 27,908 31,372 24,722 Marketing and distribution 21,429 29,566 25,403 Chemicals 19,578 22,438 26,202 Corporate and others 6,906 1,979 2,312 117,976 147,094 135,055 Depreciation, depletion and amortization Exploration and production 60,331 50,732 46,273 Refining 18,541 19,676 20,048 Marketing and distribution 16,296 21,572 23,196 Chemicals 13,379 14,326 14,376 Corporate and others 1,797 2,866 3,072 110,344 109,172 106,965 Impairment losses on long-lived assets Exploration and production 4,274 3 8,495 Refining 353 245 1,923 Marketing and distribution 264 80 536 Chemicals 1,379 17 3,606 Corporate and others 16 — — 6,286 345 14,560
Schedule of geographical information of operating segments	Years ended December 31, 2018 2019 2020 RMB RMB RMB External sales Mainland China 2,110,478 2,124,684 1,721,955 Singapore 395,129 505,672 215,846 Others 376,470 329,443 168,183 2,882,077 2,959,799 2,105,984 December31, 2018 2019 2020 RMB RMB RMB Non-current assets Mainland China 993,411 1,239,437 1,211,441 Others 50,892 52,705 36,782 1,044,303 1,292,142 1,248,223

PRINCIPAL SUBSIDIARIES (Tables)

PRINCIPAL SUBSIDIARIES (Tables)	12 Months Ended
	Dec. 31, 2020
PRINCIPAL SUBSIDIARIES
Schedule of principal subsidiaries	Interests held Particulars Interests by non- of issued held by the controlling Name of Company capital Company % interests % Principal activities Sinopec Great Wall Energy & Chemical Company Limited RMB 22,761 100.00 — Coal chemical industry investment management, production and sale of coal chemical products Sinopec Yangzi Petrochemical Company Limited RMB 15,651 100.00 — Manufacturing of intermediate petrochemical products and petroleum products Sinopec Overseas Investment Holding Limited ("SOIH") USD 1,662 100.00 — Investment holding of overseas business Sinopec International Petroleum Exploration and Production Limited ("SIPL") RMB 8,250 100.00 — Investment in exploration, production and sale of petroleum and natural gas Sinopec Yizheng Chemical Fibre Limited Liability Company RMB 4,000 100.00 — Production and sale of polyester chips and polyester fibres Sinopec Lubricant Company Limited RMB 3,374 100.00 — Production and sale of refined petroleum products, lubricant base oil, and petrochemical materials China International United Petroleum and Chemical Company Limited RMB 5,000 100.00 — Trading of crude oil and petrochemical products Sinopec Qingdao Petrochemical Company Limited RMB 1,595 100.00 — Manufacturing of intermediate petrochemical products and petroleum products Sinopec Catalyst Company Limited RMB 1,500 100.00 — Production and sale of catalyst products China Petrochemical International Company Limited RMB 1,400 100.00 — Trading of petrochemical products Sinopec Chemical Sales Company Limited RMB 1,000 100.00 — Marketing and distribution of petrochemical products Sinopec Beihai Refining and Chemical Limited Liability Company RMB 5,294 98.98 1.02 Import and processing of crude oil, production, storage and sale of petroleum products and petrochemical products ZhongKe (Guangdong) Refinery & Petrochemical Company Limited RMB 6,397 90.30 9.70 Crude oil processing and petroleum products manufacturing Sinopec Qingdao Refining and Chemical Company Limited RMB 5,000 85.00 15.00 Manufacturing of intermediate petrochemical products and petroleum products Sinopec Hainan Refining and Chemical Company Limited RMB 9,606 25.00 Manufacturing of intermediate petrochemical products and petroleum products Marketing Company RMB 28,403 29.58 Marketing and distribution of refined petroleum products Shanghai SECCO RMB 7,801 32.40 Production and sale of petrochemical products Sinopec Kantons Holdings Limited ("Sinopec Kantons") HKD 248 39.67 Provision of crude oil jetty services and natural gas pipeline transmission services Sinopec-SK (Wuhan) Petrochemical Company Limited ("Sinopec-SK") RMB 7,193 41.00 Production, sale, research and development of petrochemical products, ethylene and downstream byproducts Gaoqiao Petrochemical Company Limited RMB 10,000 45.00 Manufacturing of intermediate petrochemical products and petroleum products Baling Petrochemical (i) RMB 3,000 45.00 Crude oil processing and petroleum products manufacturing Sinopec Shanghai Petrochemical Company Limited ("Shanghai Petrochemical") RMB 10,824 49.56 Manufacturing of synthetic fibres, resin and plastics, intermediate petrochemical products and petroleum products Fujian Petrochemical Company Limited ("Fujian Petrochemical") (ii) RMB 10,492 50.00 Manufacturing of plastics, intermediate petrochemical products and petroleum products Notes: (i) See Note 35. (ii) The Group consolidated the financial statements of the entity because it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.
Schedule of summarized consolidated balance sheet	Shanghai Marketing Company SIPL Petrochemical Fujian Petrochemical Sinopec Kantons Shanghai SECCO Sinopec-SK December 31, December 31, December 31, December 31, December 31, December 31, December 31, 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB Current assets 129,266 172,352 19,151 22,620 22,309 17,305 1,788 1,582 1,284 4,373 11,858 10,431 5,337 3,639 Current liabilities (192,106) (201,678) (456) (475) (15,479) (15,232) (804) (458) (2,961) (924) (3,196) (2,783) (15,037) (6,377) Net current (liabilities)/ assets (62,840) (29,326) 18,695 22,145 6,830 2,073 984 1,124 (1,677) 3,449 8,662 7,648 (9,700) (2,738) Non-current assets 340,356 323,571 13,234 8,951 23,185 27,314 11,558 12,568 12,777 9,106 11,473 12,177 21,567 22,187 Non-current liabilities (58,732) (59,554) (16,952) (18,270) (21) (52) (688) (693) (158) (170) (1,627) (1,553) (7) (8,509) Net non-current assets/(liabilities) 281,624 264,017 (3,718) (9,319) 23,164 27,262 10,870 11,875 12,619 8,936 9,846 10,624 21,560 13,678 Net assets 218,784 234,691 14,977 12,826 29,994 29,335 11,854 12,999 10,942 12,385 18,508 18,272 11,860 10,940 Attributable to owners of the Company 148,256 159,205 6,308 5,876 14,998 14,727 5,927 6,499 6,583 7,454 12,511 12,352 6,997 6,455 Attributable to non-controlling interests 70,528 75,486 8,669 6,950 14,996 14,608 5,927 6,500 4,359 4,931 5,997 5,920 4,863 4,485
Schedule of summarized consolidated statement of comprehensive income	Marketing Company SIPL Shanghai Petrochemical Fujian Petrochemical Sinopec Kantons Shanghai SECCO Sinopec-SK Year ended December 31, 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB Operating revenues 1,443,698 1,427,705 1,099,680 5,037 3,282 2,017 107,689 100,270 74,624 5,261 5,535 4,871 1,398 1,274 1,064 26,320 28,341 21,626 17,134 31,016 28,702 Net income/(loss) for the year 22,046 22,992 22,415 3,272 2,831 1,160 5,336 2,227 656 1,576 477 243 1,065 1,131 2,047 3,099 3,137 2,132 1,879 701 (920) Total comprehensive income/(loss) 22,589 23,362 21,149 4,536 2,693 (720) 5,336 2,235 645 1,576 477 243 1,067 1,140 1,814 3,099 3,137 2,132 1,879 701 (920) Comprehensive income/(loss) attributable to non-controlling interests 7,794 8,289 7,205 2,737 1,651 (287) 2,645 1,113 325 788 238 121 399 433 707 1,004 1,016 691 658 245 (377) Dividends paid to non-controlling interests 3,964 4,830 2,766 — 10,926 316 1,616 1,344 649 600 650 150 104 159 175 1,191 822 767 — — —
Schedule of summarized statement of cash flows	Marketing Company SIPL Shanghai Petrochemical Fujian Petrochemical Sinopec Kantons Shanghai SECCO Sinopec-SK Year ended December 31, 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB Net cash generated from /(used in) operating activities 24,825 40,260 54,139 3,467 2,128 281 6,659 5,057 1,680 38 622 (244) 738 716 586 3,766 4,601 3,119 3,308 5,532 (363) Net cash generated from/ (used in) investing activities 8,339 (25,923) (40,010) 4,096 678 (2,659) (1,928) (4,623) (3,888) (215) (472) (649) 648 397 3,846 (480) (91) (4,335) (3,099) (4,987) (2,340) Net cash (used in)/ generated from financing activities (32,084) (21,535) (12,402) (5,419) (116) 1,683 (3,507) (1,737) 1,682 43 (163) 882 (1,551) (1,208) (1,250) (3,676) (2,050) (2,879) 525 250 2,176 Net increase/(decrease) in cash and cash equivalents 1,080 (7,198) 1,727 2,144 2,690 (695) 1,224 (1,303) (526) (134) (13) (11) (165) (95) 3,182 (390) 2,460 (4,095) 734 795 (527) Cash and cash equivalents as of January 1 12,921 14,142 6,901 3,605 5,993 8,833 7,504 8,742 7,450 226 92 79 343 198 117 7,205 6,817 9,278 64 798 1,593 Effect of foreign currency exchange rate changes 141 (43) 14 244 150 (439) 14 11 (8) — — - 20 14 (117) 2 1 (2) — — - Cash and cash equivalents as of December 31 14,142 6,901 8,642 5,993 8,833 7,699 8,742 7,450 6,916 92 79 68 198 117 3,182 6,817 9,278 5,181 798 1,593 1,066

FINANCIAL RISK MANAGEMENT AND_2

FINANCIAL RISK MANAGEMENT AND FAIR VALUES (Tables)	12 Months Ended
	Dec. 31, 2020
FINANCIAL RISK MANAGEMENT AND FAIR VALUES
Schedule of liquidity risk	December 31, 2019 Total More than More than contractual Within 1 1 year but 2 years but Carrying undiscounted year or on less than 2 less than 5 More than amount cash flow demand years years 5 years RMB RMB RMB RMB RMB RMB Short-term debts 40,521 42,240 42,240 — — — Long-term debts 49,208 62,955 952 6,271 25,189 30,543 Loans from Sinopec Group Company and fellow subsidiaries 52,915 54,508 43,623 985 7,088 2,812 Lease liabilities 192,872 Derivative financial liabilities 2,729 2,729 2,729 — — — Trade accounts payable and bills payable 200,023 200,023 200,023 — — — Other payables 81,861 81,861 81,861 — — — 620,129 December 31, 2020 Total More than More than contractual Within 1 1 year but 2 years but Carrying undiscounted year or on less than 2 less than 5 More than amount cash flow demand years years 5 years RMB RMB RMB RMB RMB RMB Short-term debts 23,769 25,280 25,280 — — — Long-term debts 72,037 80,562 1,339 11,753 60,414 7,056 Loans from Sinopec Group Company and fellow subsidiaries 17,042 17,978 5,512 929 10,109 1,428 Lease liabilities 187,598 329,083 15,957 15,456 43,513 254,157 Derivative financial liabilities 4,826 4,826 4,826 — — — Trade accounts payable and bills payable 161,656 161,656 161,656 — — — Other payables 93,623 93,623 93,623 — — — 560,551 713,008 308,193 28,138 114,036 262,641
Schedule of currency risk	December 31, 2019 2020 Gross exposure arising from loans and lease liabilities USD 22 SGD 4 —
Schedule of analysis of currency risk	December 31, 2019 2020 RMB RMB USD 5 SGD 1 —
Schedule of fair values of financial instruments	December 31, 2019 Level 1 Level 2 Level 3 Total RMB RMB RMB RMB Assets Financial assets at fair value through profit or loss: - Structured deposits — — 3,318 3,318 - Equity investments, listed and at quoted market price 1 — — 1 Derivative financial assets: - Derivative financial assets 128 709 — 837 Financial assets at fair value through other comprehensive income: - Equity investments 90 — 1,431 1,521 -Trade accounts receivable and bills receivable — — 8,661 8,661 219 709 13,410 14,338 Liabilities Derivative financial liabilities: - Derivative financial liabilities 1,209 1,520 — 2,729 1,209 1,520 — 2,729 December 31, 2020 Level 1 Level 2 Level 3 Total RMB RMB RMB RMB Assets Financial assets at fair value through profit or loss: - Equity investments, listed and at quoted market price 1 — — 1 Derivative financial assets: - Derivative financial assets 9,628 2,900 — 12,528 Financial assets at fair value through other comprehensive income: - Equity investments 149 — 1,376 1,525 -Trade accounts receivable and bills receivable — — 8,735 8,735 9,778 2,900 10,111 22,789 Liabilities Derivative financial liabilities: - Derivative financial liabilities 2,471 2,355 — 4,826 2,471 2,355 — 4,826 December 31, 2019 2020 RMB RMB Carrying amount 63,998 76,674 Fair value 62,646 74,282

RESERVES (Tables)

RESERVES (Tables)	12 Months Ended
	Dec. 31, 2020
RESERVES
Schedule of reserves movement of the company	2019 2020 RMB RMB Capital reserve (Note (a)) Balance as of January 1 26,788 29,730 Distribution to SAMC in the Acquisition of Baling Branch of SAMC (Note 35) — (972) Transaction with non-controlling interests 2,933 (138) Others 9 812 Balance as of December 31 29,730 29,432 Share premium (Note (b)) Balance as of January 1 55,850 55,850 Balance as of December 31 55,850 55,850 Statutory surplus reserve (Note (c)) Balance as of January 1 86,678 90,423 Appropriation 3,745 1,857 Balance as of December 31 90,423 92,280 Discretionary surplus reserve Balance as of January 1 117,000 117,000 Balance as of December 31 117,000 117,000 Other reserves Balance as of January 1 (4,477) 1,941 Other comprehensive income 5,415 1,406 Amounts transferred to initial carrying amount of hedged items 1,038 (47) Others (35) 200 Balance as of December 31 1,941 3,500 Retained earnings (Note (d)) Balance as of January 1 315,167 322,931 Net income attributable to owners of the Company 57,493 33,096 Final dividend inspect of the previous year, approved and paid during the year (Note (e)) (31,479) (23,004) Interim dividend (Note (f)) (14,529) (8,475) Appropriation (3,745) (1,857) Others (330) Balance as of December 31 322,931 322,361 617,875 Notes: (a) The capital reserve represents (i) the difference between the total amount of the par value of shares issued and the amount of the net assets transferred from Sinopec Group Company in connection with the Reorganization (Note 1), and (ii) the difference between the considerations paid over or received the amount of the net assets of entities and related operations acquired from or sold to Sinopec Group Company and non-controlling interests. (b) The application of the share premium account is governed by Sections 167 and 168 of the PRC Company Law. (c) During the years ended December 31, 2018, 2019 and 2020, the Company transferred RMB 3,996, RMB 3,745 and RMB 1,857 respectively, being 10% of the net income determined in accordance with the accounting policies complying with CASs. (d) Pursuant to a resolution passed at the director’s meeting on March 26, 2021, final dividends in respect of the year ended December 31, 2020 of RMB 0.13 per share totaling RMB 15,739 were proposed for shareholders’ approval at the Annual General Meeting. Final cash dividend for the year ended December 31, 2020 proposed after the balance sheet date has not been recognized as a liability at the balance sheet date. (e) Pursuant to the shareholders’ approval at the Annual General Meeting on May 19, 2020, a final dividend of RMB 0.19 per share totaling RMB 23,004 according to total shares as of June 9, 2020 was approved. All dividends have been paid in the year ended December 31, 2020. (f) Pursuant to the shareholders’ approval at the General Meeting on September 28, 2020, the interim dividends for the year ending December 31, 2020 of RMB 0.07 per share totaling RMB 8,475 were approved. Dividends were paid on October 23, 2020.

PRINCIPAL ACTIVITIES, ORGANIZ_3

PRINCIPAL ACTIVITIES, ORGANIZATION AND BASIS OF PREPARATION (Details) - ¥ / shares shares in Billions	Jul. 25, 2000	Feb. 25, 2000
PRINCIPAL ACTIVITIES, ORGANIZATION AND BASIS OF PREPARATION
Number of shares issued		68.8
Par value per share	¥ 1	¥ 1

PRINCIPAL ACTIVITIES, ORGANIZ_4

PRINCIPAL ACTIVITIES, ORGANIZATION AND BASIS OF PREPARATION - IMPACT OF ADOPTION (Details) - IFRS 16	Dec. 31, 2018
Maximum
Disclosure of initial application of standards or interpretations [line items]
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16	4.90%
Minimum
Disclosure of initial application of standards or interpretations [line items]
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16	4.35%

PRINCIPAL ACTIVITIES, ORGANIZ_5

PRINCIPAL ACTIVITIES, ORGANIZATION AND BASIS OF PREPARATION - MEASUREMENT OF LEASE LIABILITIES (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of initial application of standards or interpretations [line items]
Of which are: Current lease liabilities	¥ 15,292	¥ 15,198
Of which are: Non-current lease liabilities	172,306	177,674
Total lease liabilities	¥ 187,598	¥ 192,872
IFRS 16
Disclosure of initial application of standards or interpretations [line items]
Operating lease commitments disclosed as at 31 December 2018			¥ 352,794
Discounted using the lessee's incremental borrowing rate of at the date of initial application			200,867
(Less): short-term leases and low-value leases recognised on a straight-line basis as expense			(2,303)
Of which are: Current lease liabilities			13,894
Of which are: Non-current lease liabilities			184,670
Total lease liabilities			¥ 198,564

PRINCIPAL ACTIVITIES, ORGANIZ_6

PRINCIPAL ACTIVITIES, ORGANIZATION AND BASIS OF PREPARATION - MEASUREMENT OF RIGHT - OF - USE ASSETS (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets	¥ 266,368	¥ 267,937	¥ 271,969
Land
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets	235,581	239,451	244,588
Others
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets	¥ 30,787	28,486	27,381
IFRS 16
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets		267,860	271,976
IFRS 16 | Land
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets		239,374	244,595
IFRS 16 | Others
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets		¥ 28,486	¥ 27,381

PRINCIPAL ACTIVITIES, ORGANIZ_7

PRINCIPAL ACTIVITIES, ORGANIZATION AND BASIS OF PREPARATION - ADJUSTMENTS RECOGNIZED IN THE BALANCE SHEET ON 1 JANUARY 2019 (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of initial application of standards or interpretations [line items]
Right-of-use assets	¥ 266,368	¥ 267,937	¥ 271,969
Prepaid expenses and other current assets	58,592	57,924
Long-term prepayments and other assets	74,489	65,437
Lease liabilities	¥ 187,598	¥ 192,872
Increase (decrease) due to application of IFRS 16
Disclosure of initial application of standards or interpretations [line items]
Right-of-use assets			271,969
Lease prepayments			(64,514)
Prepaid expenses and other current assets			(766)
Long-term prepayments and other assets			(8,125)
Lease liabilities			¥ 198,564

PRINCIPAL ACTIVITIES, ORGANIZ_8

PRINCIPAL ACTIVITIES, ORGANIZATION AND BASIS OF PREPARATION - IMPACT ON SEGMENT DISCLOSURE (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of initial application of standards or interpretations [line items]
Assets	¥ 1,733,805	¥ 1,760,286	¥ 1,597,401
Liabilities	¥ 850,947	882,982	¥ 739,403
Increase (decrease) due to application of IFRS 16
Disclosure of initial application of standards or interpretations [line items]
Assets		267,860
Liabilities		192,872
Exploration and production | Increase (decrease) due to application of IFRS 16
Disclosure of initial application of standards or interpretations [line items]
Assets		79,263
Liabilities		78,041
Refining | Increase (decrease) due to application of IFRS 16
Disclosure of initial application of standards or interpretations [line items]
Assets		32,839
Liabilities		26,094
Marketing and distribution | Increase (decrease) due to application of IFRS 16
Disclosure of initial application of standards or interpretations [line items]
Assets		120,983
Liabilities		62,237
Chemicals | Increase (decrease) due to application of IFRS 16
Disclosure of initial application of standards or interpretations [line items]
Assets		19,124
Liabilities		12,252
Corporate and others | Increase (decrease) due to application of IFRS 16
Disclosure of initial application of standards or interpretations [line items]
Assets		15,651
Liabilities		¥ 14,248

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES - PROPERTY, PLANT AND EQUIPMENT (Details)	12 Months Ended
	Dec. 31, 2020
Buildings
Disclosure of detailed information about property, plant and equipment [line items]
Estimated residuals rate	3.00%
Equipment, machinery and others
Disclosure of detailed information about property, plant and equipment [line items]
Estimated residuals rate	3.00%
Minimum | Buildings
Disclosure of detailed information about property, plant and equipment [line items]
Estimated usage period	12 years
Minimum | Equipment, machinery and others
Disclosure of detailed information about property, plant and equipment [line items]
Estimated usage period	4 years
Maximum | Buildings
Disclosure of detailed information about property, plant and equipment [line items]
Estimated usage period	50 years
Maximum | Equipment, machinery and others
Disclosure of detailed information about property, plant and equipment [line items]
Estimated usage period	30 years

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES - FINANCIAL ASSETS (Details)	12 Months Ended
	Dec. 31, 2020
SIGNIFICANT ACCOUNTING POLICIES
Credit losses period measured	12 months

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES - RESEARCH AND DEVELOPMENT EXPENSE (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SIGNIFICANT ACCOUNTING POLICIES
Research and development expense	¥ 10,086	¥ 9,450	¥ 7,996

SALES OF GOODS (Details)

SALES OF GOODS (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of Sales of Goods [Line Items]
Sales of goods and other operating revenues	¥ 2,049,456	¥ 2,899,682	¥ 2,822,375
Gasoline
Disclosure of Sales of Goods [Line Items]
Sales of goods and other operating revenues	557,605	699,202	711,236
Diesel
Disclosure of Sales of Goods [Line Items]
Sales of goods and other operating revenues	422,569	615,342	594,008
Crude Oil
Disclosure of Sales of Goods [Line Items]
Sales of goods and other operating revenues	351,707	549,720	512,955
Basic chemical feedstock
Disclosure of Sales of Goods [Line Items]
Sales of goods and other operating revenues	155,687	215,773	252,158
Synthetic resin
Disclosure of Sales of Goods [Line Items]
Sales of goods and other operating revenues	122,313	125,658	125,977
Kerosene
Disclosure of Sales of Goods [Line Items]
Sales of goods and other operating revenues	72,385	191,636	168,823
Natural gas
Disclosure of Sales of Goods [Line Items]
Sales of goods and other operating revenues	48,121	53,839	43,205
Synthetic fiber monomers and polymers
Disclosure of Sales of Goods [Line Items]
Sales of goods and other operating revenues	41,640	80,100	77,572
Others
Disclosure of Sales of Goods [Line Items]
Sales of goods and other operating revenues	¥ 277,429	¥ 368,412	¥ 336,441

OTHER OPERATING REVENUES (Detai

OTHER OPERATING REVENUES (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
OTHER OPERATING REVENUES
Sale of materials and others	¥ 55,441	¥ 58,886	¥ 58,623
Rental income	1,087	1,231	1,079
Other operating revenues	¥ 56,528	¥ 60,117	¥ 59,702

SELLING, GENERAL AND ADMINIST_3

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Operating lease charges	¥ 2,685	¥ 1,858	¥ 12,301
Auditor's remuneration:
Audit services	73	70	94
Others	8	6	9
Impairment losses:
Trade accounts receivable	2,105	1,283	6
Other receivables	¥ (25)	¥ (2)	¥ 8

PERSONNEL EXPENSES (Details)

PERSONNEL EXPENSES (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
PERSONNEL EXPENSES
Salaries, wages and other benefits	¥ 77,202	¥ 70,921	¥ 69,786
Contributions to retirement schemes (Note 37)	8,804	11,822	9,181
Personnel expenses	¥ 86,006	¥ 82,743	¥ 78,967

TAXES OTHER THAN INCOME TAX (De

TAXES OTHER THAN INCOME TAX (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
TAXES OTHER THAN INCOME TAX
Consumption tax (i)	¥ 197,542	¥ 204,388	¥ 203,653
City construction tax (ii)	15,699	16,387	18,406
Education surcharge	11,670	12,111	13,308
Resources tax	4,572	5,883	6,021
Others	5,464	5,748	7,199
Taxes other than income tax	¥ 234,947	¥ 244,517	¥ 248,587

TAXES OTHER THAN INCOME TAX - C

TAXES OTHER THAN INCOME TAX - CONSUMPTION TAX (Details)	Jan. 13, 2015¥ / T
Gasoline
Disclosure of Petroleum reserves [line items]
Tax rate of products	2,109.76
Diesel
Disclosure of Petroleum reserves [line items]
Tax rate of products	1,411.20
Naphtha
Disclosure of Petroleum reserves [line items]
Tax rate of products	2,105.20
Solvent oil
Disclosure of Petroleum reserves [line items]
Tax rate of products	1,948.64
Lubricant oil
Disclosure of Petroleum reserves [line items]
Tax rate of products	1,711.52
Fuel oil
Disclosure of Petroleum reserves [line items]
Tax rate of products	1,218
Jet fuel oil
Disclosure of Petroleum reserves [line items]
Tax rate of products	1,495.20

OTHER OPERATING EXPENSE, NET (D

OTHER OPERATING EXPENSE, NET (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
OTHER OPERATING EXPENSE, NET
Government grant (i)	¥ 8,775	¥ 6,933	¥ 7,677
Ineffective portion of change in fair value of cash flow hedges	3,052	(222)	(1,978)
Net realized and unrealized gain/(loss) on derivative financial instruments not qualified as hedging	(1,252)	(4,384)	191
Impairment losses on long-lived assets (ii)	(14,560)	(345)	(6,286)
(Loss)/gain on disposal of property, plant, equipment and other	398	(1,829)	(1,501)
Fines, penalties and compensations	(43)	(173)	(278)
Donations	(301)	(210)	(181)
Others	(1,781)	(116)	(2,901)
Other operating expenses, total	¥ (5,712)	¥ (346)	¥ (5,257)

OTHER OPERATING EXPENSE, NET -

OTHER OPERATING EXPENSE, NET - IMPAIRMENT LOSSES ON LONG-LIVED ASSETS (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
OTHER OPERATING EXPENSE, NET
Impairment losses recognized on long-lived assets	¥ 14,560	¥ 345	¥ 6,286
Exploration and production
OTHER OPERATING EXPENSE, NET
Impairment losses recognized on long-lived assets	¥ 8,495	¥ 3	¥ 4,274
Pre-tax discount rate	10.47%	10.47%	10.47%
Estimated decrease rate of oil price	5.00%
Estimated increase rate of operating cost	5.00%
Estimated increase discount rate	5.00%
Exploration and production | Property, plant and equipment
OTHER OPERATING EXPENSE, NET
Impairment losses recognized on long-lived assets	¥ 8,435		¥ 4,274
Impairment loss due to estimated decrease rate of oil price	4,548
Impairment loss due to estimated increase rate of operating cost	2,836
Impairment loss due to estimated increase discount rate	287
Exploration and production | Construction in progress
OTHER OPERATING EXPENSE, NET
Impairment losses recognized on long-lived assets	60
Exploration and production | Prepayments
OTHER OPERATING EXPENSE, NET
Impairment losses recognized on long-lived assets		¥ 3
Chemicals
OTHER OPERATING EXPENSE, NET
Impairment losses recognized on long-lived assets	3,606	17	1,379
Chemicals | Entrusted loan
OTHER OPERATING EXPENSE, NET
Impairment losses on entrusted loan			97
Impairment losses on entrusted loan written back		16
Chemicals | Property, plant and equipment
OTHER OPERATING EXPENSE, NET
Impairment losses recognized on long-lived assets	2,611	4	1,257
Chemicals | Construction in progress
OTHER OPERATING EXPENSE, NET
Impairment losses recognized on long-lived assets	744	29	25
Chemicals | Investment in associates and joint ventures
OTHER OPERATING EXPENSE, NET
Impairment losses recognized on long-lived assets	251
Refining
OTHER OPERATING EXPENSE, NET
Impairment losses recognized on long-lived assets	1,923	245	353
Refining | Property, plant and equipment
OTHER OPERATING EXPENSE, NET
Impairment losses recognized on long-lived assets	226	140	353
Refining | Investment in joint ventures
OTHER OPERATING EXPENSE, NET
Impairment losses recognized on long-lived assets	1,697
Refining | Construction in progress
OTHER OPERATING EXPENSE, NET
Impairment losses recognized on long-lived assets		105
Marketing and distribution
OTHER OPERATING EXPENSE, NET
Impairment losses recognized on long-lived assets	536	80	264
Marketing and distribution | Property, plant and equipment
OTHER OPERATING EXPENSE, NET
Impairment losses recognized on long-lived assets	442	52	254
Marketing and distribution | Construction in progress
OTHER OPERATING EXPENSE, NET
Impairment losses recognized on long-lived assets	40	1	3
Marketing and distribution | Prepayments
OTHER OPERATING EXPENSE, NET
Impairment losses recognized on long-lived assets		¥ 27
Marketing and distribution | Investment in associates and joint ventures
OTHER OPERATING EXPENSE, NET
Impairment losses recognized on long-lived assets	7		7
Marketing and distribution | Intangible assets
OTHER OPERATING EXPENSE, NET
Impairment losses recognized on long-lived assets	¥ 47
Corporate and others
OTHER OPERATING EXPENSE, NET
Impairment losses recognized on long-lived assets			16
Corporate and others | Property, plant and equipment
OTHER OPERATING EXPENSE, NET
Impairment losses recognized on long-lived assets			¥ 16

INTEREST EXPENSE (Details)

INTEREST EXPENSE (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Interest expense [line items]
Interest expense incurred	¥ 6,513	¥ 7,039	¥ 6,457
Less: Interest expense capitalized	(2,011)	(1,015)	(499)
Interest expense, gross amount	4,502	6,024	5,958
Interest expense on lease liabilities	9,349	9,646
Accretion expenses (Note 32)	1,343	1,418	1,438
Interest expense	¥ 15,194	¥ 17,088	¥ 7,396
Maximum
Interest expense [line items]
Interest rates per annum at which borrowing costs were capitalized for construction in progress	4.66%	4.66%	4.66%
Minimum
Interest expense [line items]
Interest rates per annum at which borrowing costs were capitalized for construction in progress	2.60%	2.92%	2.37%

INVESTMENT INCOME (Details)

INVESTMENT INCOME (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
INVESTMENT INCOME
Investment income from disposal of business and long-term equity investments	¥ 37,525	¥ 185	¥ 397
Dividend income from holding of other equity instrument investments	156	492	515
Others	63	242	959
Total investment income	37,744	¥ 919	¥ 1,871
Net gain from disposal of long-term equity investments	¥ 37,731

INVESTMENT INCOME - Main assets

INVESTMENT INCOME - Main assets and liabilities of disposed target business (Details) ¥ in Millions	Sep. 30, 2020CNY (¥)
INVESTMENT INCOME
Inventories	¥ 8,191
Property, plant and equipment, net	83,510
Construction in progress	19,843
Interest in associates	26,412
Long-term debts and Loans from Sinopec Group Company and fellow subsidiaries	(41,800)
Other financial statement items	(9,035)
Net Assets	¥ 87,121

INCOME TAX EXPENSE (Details)

INCOME TAX EXPENSE (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current tax
Provision for the year	¥ 14,209	¥ 15,021	¥ 27,241
Adjustment of prior years	(117)	(467)	(719)
Deferred taxation (Note 25)	(7,873)	3,385	(6,244)
Actual income tax expense	¥ 6,219	¥ 17,939	¥ 20,278

INCOME TAX EXPENSE - RECONCILIA

INCOME TAX EXPENSE - RECONCILIATION BETWEEN ACTUAL INCOME TAX EXPENSE AND THE EXPECTED INCOME TAX EXPENSE (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation between actual income tax expense and the expected income tax expense at applicable statutory tax rates
Earnings before income tax	¥ 48,143	¥ 90,022	¥ 99,339
Expected PRC income tax expense at a statutory tax rate of 25%	12,036	22,506	24,835
Tax effect of non-deductible expenses	3,274	2,321	2,359
Tax effect of non-taxable income (i)	(8,330)	(4,458)	(5,033)
Tax effect of preferential tax rate (ii)	(1,011)	(2,003)	(1,259)
Effect of income taxes at foreign operations	(730)	(312)	77
Tax effect of utilization of previously unrecognized tax losses and temporary differences	(65)	(335)	(779)
Tax effect of tax losses not recognized	1,087	498	609
Write-down of deferred tax assets	75	189	188
Adjustment of prior years	(117)	(467)	(719)
Actual income tax expense	¥ 6,219	¥ 17,939	¥ 20,278
Preferential income tax rate applicable to western regions	15.00%
PRC
Reconciliation between actual income tax expense and the expected income tax expense at applicable statutory tax rates
Statutory income tax rate	25.00%	25.00%	25.00%
Preferential income tax rate applicable to western regions	15.00%

OTHER COMPREHENSIVE INCOME (Det

OTHER COMPREHENSIVE INCOME (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flow hedges:
Effective portion of changes in fair value of hedging instruments recognized during the year, before tax	¥ 9,207	¥ 5,258	¥ (12,500)
Effective portion of changes in fair value of hedging instruments recognized during the year, tax effect	(2,295)	(974)	2,159
Effective portion of changes in fair value of hedging instruments recognized during the year, net of tax	6,912	4,284	(10,341)
Reclassification adjustments for amounts transferred to the consolidated statement of income, before tax	198	853	730
Reclassification adjustments for amounts transferred to the consolidated statement of income, tax effect	(37)	(196)	(130)
Reclassification adjustments for amounts transferred to the consolidated statement of income, net of tax	161	657	600
Net movement during the year recognised in other comprehensive income, before tax	9,405	6,111	(11,770)
Net movement during the year recognised in other comprehensive income, tax effect	(2,332)	(1,170)	2,029
Net movement during the year recognised in other comprehensive income, net of tax	7,073	4,941	(9,741)
Cash flow hedge reserve	8,176	1,102
Cash flow hedge reserve attributable to owners	7,805	1,037
Changes in the fair value of instruments at fair value through other comprehensive income, before tax	(6)	(39)	(41)
Changes in the fair value of instruments at fair value through other comprehensive income, tax effect	(4)	8	(12)
Changes in the fair value of instruments at fair value through other comprehensive income, after tax	(10)	(31)	(53)
Transfer of loss on disposal of equity investments at fair value through other comprehensive income to retained earnings, before tax	(12)	0	0
Transfer of loss on disposal of equity investments at fair value through other comprehensive income to retained earnings, tax effect	0	0	0
Transfer of loss on disposal of equity investments at fair value through other comprehensive income to retained earnings, net of tax	(12)	0	0
Net movement during the year recognised in other comprehensive income, before tax	(18)	(39)	(41)
Net movement during the year recognised in other comprehensive income, tax effect	(4)	8	(12)
Net movement during the year recognised in other comprehensive income, net of tax	(22)	(31)	(53)
Fair value hedges, before tax	162	0	0
Fair value hedges, tax effect	0	0	0
Fair value hedges, net of tax	162	0	0
Share of other comprehensive loss of associates and joint ventures, before tax	(2,441)	(810)	(240)
Share of other comprehensive loss of associates and joint ventures, tax effect	0	0	11
Share of other comprehensive loss of associates and joint ventures, net of tax	(2,441)	(810)	(229)
Foreign currency translation differences, before tax	(4,457)	1,480	3,399
Foreign currency translation differences, tax effect	0	0	0
Foreign currency translation differences, net of tax	(4,457)	1,480	3,399
Other comprehensive income, before tax	2,651	6,742	(8,652)
Other comprehensive income, tax effect	(2,336)	(1,162)	2,028
Total other comprehensive (loss)/income	¥ 315	¥ 5,580	¥ (6,624)

BASIC AND DILUTED EARNINGS PE_3

BASIC AND DILUTED EARNINGS PER SHARE - PROFIT ATTRIBUTABLE TO ORDINARY SHAREHOLDERS OF THE COMPANY (DILUTED) (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
BASIC AND DILUTED EARNINGS PER SHARE
Net income attributable to ordinary owners of the Company	¥ 33,096	¥ 57,493	¥ 61,708
Net income attributable to ordinary owners of the Company (diluted)	¥ 33,096	¥ 57,493	¥ 61,708

BASIC AND DILUTED EARNINGS PE_4

BASIC AND DILUTED EARNINGS PER SHARE - WEIGHTED AVERAGE NUMBER OF SHARES (DILUTED) (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
BASIC AND DILUTED EARNINGS PER SHARE
Weighted average number of shares at December 31	121,071,209,646	121,071,209,646	121,071,209,646
Weighted average number of shares (diluted) as of December 31	121,071,209,646	121,071,209,646	121,071,209,646

TRADE ACCOUNTS RECEIVABLE (Deta

TRADE ACCOUNTS RECEIVABLE (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2020	Dec. 31, 2019
Disclosure of trade accounts receivable [line items]
Trade accounts receivable, gross amount	¥ 39,447	¥ 56,223
Less: Impairment loss for bad and doubtful debts	(3,860)	(1,848)
Trade accounts receivable, net	35,587	54,375
Sinopec Group Company and fellow subsidiaries
Disclosure of trade accounts receivable [line items]
Trade accounts receivable, gross amount	12,120	6,062
Associates and joint ventures
Disclosure of trade accounts receivable [line items]
Trade accounts receivable, gross amount	4,791	6,426
Third parties
Disclosure of trade accounts receivable [line items]
Trade accounts receivable, gross amount	¥ 22,536	¥ 43,735

TRADE ACCOUNTS RECEIVABLE - AGE

TRADE ACCOUNTS RECEIVABLE - AGEING ANALYSIS OF TRADE ACCOUNTS AND BILLS RECEIVABLES (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2020	Dec. 31, 2019
Disclosure of financial assets that are either past due or impaired [line items]
Trade accounts receivable and bills receivable	¥ 35,587	¥ 54,375
Within one year
Disclosure of financial assets that are either past due or impaired [line items]
Trade accounts receivable and bills receivable	34,509	54,027
Between one and two years
Disclosure of financial assets that are either past due or impaired [line items]
Trade accounts receivable and bills receivable	931	190
Between two and three years
Disclosure of financial assets that are either past due or impaired [line items]
Trade accounts receivable and bills receivable	64	64
Over three years
Disclosure of financial assets that are either past due or impaired [line items]
Trade accounts receivable and bills receivable	¥ 83	¥ 94

TRADE ACCOUNTS RECEIVABLE - IMP

TRADE ACCOUNTS RECEIVABLE - IMPAIRMENT LOSSES FOR BAD AND DOUBTFUL DEBTS (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of financial assets that are either past due or impaired [line items]
Balance at beginning of year	¥ 1,848
Balance at end of year	3,860	¥ 1,848
Financial assets neither past due nor impaired
Disclosure of financial assets that are either past due or impaired [line items]
Balance at beginning of year	1,848	606	¥ 612
Provision for the year	2,173	1,566	83
Written back for the year	(68)	(283)	(77)
Written off for the year	(23)	(41)	(19)
Others	(70)		7
Balance at end of year	¥ 3,860	¥ 1,848	¥ 606

INVENTORIES (Details)

INVENTORIES (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
INVENTORIES
Crude oil and other raw materials	¥ 60,155	¥ 89,908
Work in progress	13,053	12,687
Finished goods	78,415	91,554
Spare parts and consumables	3,372	2,578
Inventories, book value	154,995	196,727
Less: Allowance for diminution in value of inventories	(3,100)	(2,585)	¥ (6,389)	¥ (1,165)
Inventories	¥ 151,895	¥ 194,142

INVENTORIES - ALLOWANCE FOR DIM

INVENTORIES - ALLOWANCE FOR DIMINUTION IN VALUE OF INVENTORIES (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
INVENTORIES
Balance at beginning of year	¥ 2,585	¥ 6,389	¥ 1,165
Allowance for the year	11,689	1,616	5,538
Reversal of allowance on disposal	(328)	(199)	(114)
Written off	(10,795)	(5,233)	(217)
Others	(51)	12	17
Balance at end of year	3,100	2,585	6,389
Costs of inventories recognized as an expense	¥ 1,659,355	¥ 2,441,380	¥ 2,353,646

PREPAID EXPENSES AND OTHER CU_3

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2020	Dec. 31, 2019
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Receivables	¥ 34,974	¥ 25,669
Advances to suppliers	4,862	5,063
Value-added input tax to be deducted	18,625	25,313
Prepaid income tax	131	1,879
Prepaid expenses and other current assets	¥ 58,592	¥ 57,924

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	¥ 625,692	¥ 620,998
Balance at end of year	589,247	625,692	¥ 620,998
Provision of obligations for dismantlement of oil and gas properties, current	1,563	1,408	1,567
Cost
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	1,874,580	1,793,358
Additions	7,100	5,560
Transferred from construction in progress	141,157	92,323
Invest into the joint ventures and associated companies	(115)	(311)
Reclassification to other long-term assets	1,090	1,477
Disposals	(138,328)	(15,653)
Exchange adjustments	(3,173)	780
Balance at end of year	1,880,131	1,874,580	1,793,358
Accumulated depreciation / amortisation
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	(1,248,888)	(1,172,360)
Invest into the joint ventures and associated companies	54	(216)
Reclassification to other long-term assets	169	91
Exchange adjustments	2,890	(728)
Depreciation for the year	(85,062)	(88,335)
Impairment losses for the year	(11,714)	(196)
Written back on disposals	51,667	12,424
Balance at end of year	(1,290,884)	(1,248,888)	(1,172,360)
Plants and buildings
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	70,375	67,704
Balance at end of year	74,148	70,375	67,704
Plants and buildings | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	130,234	123,946
Additions	390	159
Transferred from construction in progress	10,848	6,261
Reclassifications	1,443	1,051
Invest into the joint ventures and associated companies		(8)
Reclassification to other long-term assets	38	748
Disposals	(6,291)	(469)
Exchange adjustments	(141)	42
Balance at end of year	136,445	130,234	123,946
Plants and buildings | Accumulated depreciation / amortisation
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	(59,859)	(56,242)
Reclassifications	(393)	(292)
Reclassification to other long-term assets	8	(3)
Exchange adjustments	49	(21)
Depreciation for the year	(4,628)	(4,144)
Impairment losses for the year	(683)	(11)
Written back on disposals	3,209	854
Balance at end of year	(62,297)	(59,859)	(56,242)
Oil and gas properties
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	140,360	145,436
Balance at end of year	136,872	140,360	145,436
Oil and gas properties | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	727,552	695,724
Additions	1,563	1,408
Transferred from construction in progress	32,214	31,378
Reclassifications	(125)	(76)
Disposals	(806)	(1,549)
Exchange adjustments	(2,806)	667
Balance at end of year	757,592	727,552	695,724
Oil and gas properties | Accumulated depreciation / amortisation
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	(587,192)	(550,288)
Reclassifications	98	46
Exchange adjustments	2,703	(667)
Depreciation for the year	(32,054)	(36,289)
Impairment losses for the year	(4,739)
Written back on disposals	464	6
Balance at end of year	(620,720)	(587,192)	(550,288)
Equipment, machinery and others
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	414,957	407,858
Balance at end of year	378,227	414,957	407,858
Equipment, machinery and others | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	1,016,794	973,688
Additions	5,147	3,993
Transferred from construction in progress	98,095	54,684
Reclassifications	(1,318)	(975)
Invest into the joint ventures and associated companies	(115)	(303)
Reclassification to other long-term assets	1,052	729
Disposals	(131,231)	(13,635)
Exchange adjustments	(226)	71
Balance at end of year	986,094	1,016,794	973,688
Equipment, machinery and others | Accumulated depreciation / amortisation
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	(601,837)	(565,830)
Reclassifications	295	246
Invest into the joint ventures and associated companies	54	(216)
Reclassification to other long-term assets	161	94
Exchange adjustments	138	(40)
Depreciation for the year	(48,380)	(47,902)
Impairment losses for the year	(6,292)	(185)
Written back on disposals	47,994	11,564
Balance at end of year	¥ (607,867)	¥ (601,837)	¥ (565,830)

CONSTRUCTION IN PROGRESS (Detai

CONSTRUCTION IN PROGRESS (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	¥ 625,692	¥ 620,998
Dry hole costs written off	5,928	5,831	¥ 6,921
Balance at end of year	589,247	625,692	620,998
Construction in progress
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	173,872	137,449
Additions	130,283	144,751
Dry hole costs written off	(5,928)	(5,831)
Transferred to property, plant and equipment	(141,157)	(92,323)
Reclassification to other long-term assets	(11,464)	(10,086)
Impairment losses for the year	(844)	(135)
Disposals and others	(19,944)	46
Exchange adjustments	(53)	1
Balance at end of year	¥ 124,765	¥ 173,872	¥ 137,449

CONSTRUCTION IN PROGRESS - NET

CONSTRUCTION IN PROGRESS - NET CHANGES IN CAPITALIZED COST OF EXPLORATORY WELLS IN THE E AND P SEGMENT (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of net changes in capitalized cost of exploratory wells in exploration and production segment [line items]
Balance at beginning of year	¥ 8,961	¥ 7,296
Dry hole costs written off	5,928	5,831	¥ 6,921
Balance at end of year	11,129	8,961	7,296
Exploration and production
Disclosure of net changes in capitalized cost of exploratory wells in exploration and production segment [line items]
Balance at beginning of year	8,961	7,296	9,737
Additions, net of amount that were capitalized and subsequently expensed in the same year, pending the determination of proved reserves	10,779	8,528	7,172
Transferred to oil and gas properties based on the determination of proved reserves	(3,687)	(2,822)	(2,387)
Dry hole costs written off	(4,924)	(4,041)	(7,226)
Balance at end of year	¥ 11,129	¥ 8,961	¥ 7,296

CONSTRUCTION IN PROGRESS - AGIN

CONSTRUCTION IN PROGRESS - AGING OF CAPITALIZED EXPLORATORY WELL COSTS BASED ON THE DRILLING COMPLETION DATE (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of aging of capitalized exploratory well costs based on drilling completion date [line items]
Capitalised exploratory well costs	¥ 11,129	¥ 8,961	¥ 7,296
Geological and geophysical costs	3,166	4,024	3,511
Within one year
Disclosure of aging of capitalized exploratory well costs based on drilling completion date [line items]
Capitalised exploratory well costs	10,586	7,794	3,467
Over one year
Disclosure of aging of capitalized exploratory well costs based on drilling completion date [line items]
Capitalised exploratory well costs	¥ 543	¥ 1,167	¥ 3,829

RIGHT-OF-USE ASSETS (Details)

RIGHT-OF-USE ASSETS (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	¥ 267,937	¥ 271,969
Balance at the end	266,368	267,937
Cost
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	282,754	271,976
Additions	24,205	16,292
Decreases	(12,547)	(5,514)
Balance at the end	294,412	282,754
Accumulated depreciation / amortisation
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	(14,817)	0
Additions	(15,601)	(14,974)
Decreases	2,374	157
Balance at the end	(28,044)	(14,817)
Less: Accumulated impairment losses
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	0	0
Additions	0	0
Decreases	0	0
Balance at the end	0	0
Land
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	239,451	244,588
Balance at the end	235,581	239,451
Land | Cost
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	248,566	244,595
Additions	13,983	8,737
Decreases	(9,405)	(4,766)
Balance at the end	253,144	248,566
Land | Accumulated depreciation / amortisation
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	(9,115)	0
Additions	(9,247)	(9,246)
Decreases	799	131
Balance at the end	(17,563)	(9,115)
Land | Less: Accumulated impairment losses
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	0	0
Additions	0	0
Decreases	0	0
Balance at the end	0	0
Others
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	28,486	27,381
Balance at the end	30,787	28,486
Others | Cost
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	34,188	27,381
Additions	10,222	7,555
Decreases	(3,142)	(748)
Balance at the end	41,268	34,188
Others | Accumulated depreciation / amortisation
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	(5,702)	0
Additions	(6,354)	(5,728)
Decreases	1,575	26
Balance at the end	(10,481)	(5,702)
Others | Less: Accumulated impairment losses
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	0	0
Additions	0	0
Decreases	0	0
Balance at the end	0	0
IFRS 16
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	267,860	271,976
Balance at the end		267,860
IFRS 16 | Land
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	239,374	244,595
Balance at the end		239,374
IFRS 16 | Others
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	¥ 28,486	27,381
Balance at the end		¥ 28,486

GOODWILL - IMPAIRMENT TESTS FOR

GOODWILL - IMPAIRMENT TESTS FOR CASH-GENERATING UNITS CONTAINING GOODWILL (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2020	Dec. 31, 2019
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill	¥ 8,620	¥ 8,697
Cost
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill	16,481	16,558
Less: Accumulated impairment losses
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill	¥ (7,861)	¥ (7,861)

GOODWILL - GOODWILL ALLOCATED T

GOODWILL - GOODWILL ALLOCATED TO CASH-GENERATING UNITS (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2020	Dec. 31, 2019
Disclosure of information for cash-generating units [line items]
Goodwill	¥ 8,620	¥ 8,697
Sinopec Zhenhai Refining and Chemical Branch
Disclosure of information for cash-generating units [line items]
Goodwill	4,043	4,043
Shanghai SECCO
Disclosure of information for cash-generating units [line items]
Goodwill	2,541	2,541
Sinopec Beijing Yanshan Petrochemical Branch
Disclosure of information for cash-generating units [line items]
Goodwill	1,004	1,004
Other units without individually significant goodwill
Disclosure of information for cash-generating units [line items]
Goodwill	¥ 1,032	¥ 1,109

GOODWILL - RECOVERABLE AMOUNTS

GOODWILL - RECOVERABLE AMOUNTS OF CASH-GENERATING UNITS - NARRATIVE (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
GOODWILL
Explanation of period over which management has projected cash flows	one-year
Maximum
GOODWILL
Pre-tax discount rates applied to cash flow projections	13.40%	11.90%
Minimum
GOODWILL
Pre-tax discount rates applied to cash flow projections	11.40%	11.00%

INTEREST IN ASSOCIATES - PRINCI

INTEREST IN ASSOCIATES - PRINCIPAL ASSOCIATES (Details) ₽ in Millions, ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020RUB (₽)	Dec. 31, 2020USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)
Disclosure of associates [line items]
Particulars of issued and paid up capital			¥ 121,071	¥ 121,071
Sinopec Sichuan to East China Gas Pipeline Co., Ltd. ("Pipeline Ltd") [member]
Disclosure of associates [line items]
Particulars of issued and paid up capital			¥ 500,000
Percentage of equity held by the Company	9.42%
Percentage of equity held by Company's subsidiaries	4.58%	4.58%	4.58%
Sinopec Finance Company Limited ("Sinopec Finance") [member]
Disclosure of associates [line items]
Particulars of issued and paid up capital			¥ 18,000
Percentage of equity held by the Company	49.00%
SIBUR
Disclosure of associates [line items]
Particulars of issued and paid up capital | ₽	₽ 21,784
Percentage of equity held by Company's subsidiaries	10.00%	10.00%	10.00%
Zhongtian Synergetic Energy Company Limited ("Zhongtian Synergetic Energy") [member]
Disclosure of associates [line items]
Particulars of issued and paid up capital			¥ 17,516
Percentage of equity held by Company's subsidiaries	38.75%	38.75%	38.75%
Caspian Investments Resources Ltd. ("CIR") [member]
Disclosure of associates [line items]
Particulars of issued and paid up capital | $		$ 10,002
Percentage of equity held by Company's subsidiaries	50.00%	50.00%	50.00%

INTEREST IN ASSOCIATES - SUMMAR

INTEREST IN ASSOCIATES - SUMMARIZED FINANCIAL INFORMATION (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2020	Dec. 31, 2019
INTEREST IN ASSOCIATES
Current assets	¥ 455,395	¥ 447,310
Non-current assets	1,278,410	1,312,976
Current liabilities	(522,190)	(579,978)
Non-current liabilities	(328,757)	(303,004)
Net assets attributable to owners of the Company	741,494	738,946
Net assets attributable to non-controlling interests	141,364	138,358
Sinopec Sichuan to East China Gas Pipeline Co., Ltd. ("Pipeline Ltd") [member]
INTEREST IN ASSOCIATES
Current assets	74,012
Non-current assets	655,982
Current liabilities	(55,562)
Non-current liabilities	(104,150)
Net assets	570,282
Net assets attributable to owners of the Company	505,336
Net assets attributable to non-controlling interests	64,946
Share of net assets from associates	70,747
Carrying Amounts	70,747
Sinopec Finance Company Limited ("Sinopec Finance") [member]
INTEREST IN ASSOCIATES
Current assets	175,139	180,383
Non-current assets	53,008	18,926
Current liabilities	(197,872)	(170,621)
Non-current liabilities	(514)	(582)
Net assets	29,761	28,106
Net assets attributable to owners of the Company	29,761	28,106
Share of net assets from associates	14,583	13,772
Carrying Amounts	14,583	13,772
SIBUR
INTEREST IN ASSOCIATES
Current assets	30,678	31,634
Non-current assets	147,140	182,646
Current liabilities	(31,157)	(31,295)
Non-current liabilities	(58,941)	(71,289)
Net assets	87,720	111,696
Net assets attributable to owners of the Company	87,280	111,250
Net assets attributable to non-controlling interests	440	446
Share of net assets from associates	8,728	11,125
Carrying Amounts	8,728	11,125
Zhongtian Synergetic Energy Company Limited ("Zhongtian Synergetic Energy") [member]
INTEREST IN ASSOCIATES
Current assets	3,721	4,219
Non-current assets	53,124	56,424
Current liabilities	(8,315)	(13,887)
Non-current liabilities	(28,422)	(26,227)
Net assets	20,108	20,529
Net assets attributable to owners of the Company	20,108	20,529
Share of net assets from associates	7,792	7,955
Carrying Amounts	7,792	7,955
Caspian Investments Resources Ltd. ("CIR") [member]
INTEREST IN ASSOCIATES
Current assets	2,402	7,612
Non-current assets	903	971
Current liabilities	(699)	(936)
Non-current liabilities	(286)	(166)
Net assets	2,320	7,481
Net assets attributable to owners of the Company	2,320	7,481
Share of net assets from associates	1,160	3,741
Carrying Amounts	¥ 1,160	¥ 3,741

INTEREST IN ASSOCIATES - SUMM_2

INTEREST IN ASSOCIATES - SUMMARIZED STATEMENT OF COMPREHENSIVE INCOME (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of associates [line items]
Operating revenues	¥ 2,105,984	¥ 2,959,799	¥ 2,882,077
Net income/(loss) for the year	41,924	72,083	79,061
Other comprehensive income/(loss)	315	5,580	(6,624)
Total comprehensive income/(loss) for the year	42,239	77,663	72,437
Sinopec Sichuan to East China Gas Pipeline Co., Ltd. ("Pipeline Ltd") [member]
Disclosure of associates [line items]
Operating revenues	22,766
Net income/(loss) for the year	6,444
Total comprehensive income/(loss) for the year	6,444
Share of net income/(loss) from associates	709
Carrying Amounts	70,747
Sinopec Finance Company Limited ("Sinopec Finance") [member]
Disclosure of associates [line items]
Operating revenues	4,742	4,966	4,536
Net income/(loss) for the year	2,027	2,234	1,868
Other comprehensive income/(loss)	(372)	411	(157)
Total comprehensive income/(loss) for the year	1,655	2,645	1,711
Dividends declared by associates			490
Share of net income/(loss) from associates	993	1,095	915
Share of other comprehensive (loss)/income from associates (iv)	(182)	201	(77)
Carrying Amounts	14,583	13,772
SIBUR
Disclosure of associates [line items]
Operating revenues	49,793	56,706	59,927
Net income/(loss) for the year	(1,936)	6,513	10,400
Other comprehensive income/(loss)	(19,180)	(1,435)	6,410
Total comprehensive income/(loss) for the year	(21,116)	5,078	16,810
Dividends declared by associates	285	468	271
Share of net income/(loss) from associates	(194)	651	1,040
Share of other comprehensive (loss)/income from associates (iv)	(1,918)	(144)	641
Carrying Amounts	8,728	11,125
Zhongtian Synergetic Energy Company Limited ("Zhongtian Synergetic Energy") [member]
Disclosure of associates [line items]
Operating revenues	11,707	13,329	12,235
Net income/(loss) for the year	551	1,994	1,142
Total comprehensive income/(loss) for the year	551	1,994	1,142
Dividends declared by associates	284	219
Share of net income/(loss) from associates	214	773	443
Carrying Amounts	7,792	7,955
Caspian Investments Resources Ltd. ("CIR") [member]
Disclosure of associates [line items]
Operating revenues	1,252	2,334	2,856
Net income/(loss) for the year	181	424	583
Other comprehensive income/(loss)	(308)	151	116
Total comprehensive income/(loss) for the year	(127)	575	699
Dividends declared by associates	2,517
Share of net income/(loss) from associates	91	212	292
Share of other comprehensive (loss)/income from associates (iv)	(154)	76	58
Carrying Amounts	1,160	3,741
Aggregated individually immaterial associates
Disclosure of associates [line items]
Share of net income/(loss) from associates	4,264	5,661	4,561
Share of other comprehensive (loss)/income from associates (iv)	817	(155)	¥ (844)
Carrying Amounts	¥ 33,153	¥ 59,144

INTEREST IN JOINT VENTURES - PR

INTEREST IN JOINT VENTURES - PRINCIPAL JOINT VENTURES (Details) ¥ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)
Disclosure of joint ventures [line items]
Particulars of issued and paid up capital		¥ 121,071,000	¥ 121,071,000
Fujian Refining & Petrochemical Company Limited ("FREP") [member]
Disclosure of joint ventures [line items]
Particulars of issued and paid up capital		¥ 14,758,000
Percentage of equity held by Company's subsidiaries	50.00%	50.00%
BASF-YPC Company Limited ("BASF-YPC") [member]
Disclosure of joint ventures [line items]
Particulars of issued and paid up capital		¥ 12,704,000
Percentage of ownership interests	30.00%
Percentage of equity held by Company's subsidiaries	10.00%	10.00%
Taihu Limited ("Taihu") [member]
Disclosure of joint ventures [line items]
Particulars of issued and paid up capital | $	$ 25,000
Percentage of equity held by Company's subsidiaries	49.00%	49.00%
Yanbu Aramco Sinopec Refining Company Ltd. ("YASREF") [member]
Disclosure of joint ventures [line items]
Particulars of issued and paid up capital | $	$ 1,560
Percentage of equity held by Company's subsidiaries	37.50%	37.50%
Sinopec SABIC Tianjin
Disclosure of joint ventures [line items]
Particulars of issued and paid up capital		¥ 10,520,000
Percentage of equity held by Company's subsidiaries	50.00%	50.00%

INTEREST IN JOINT VENTURES - SU

INTEREST IN JOINT VENTURES - SUMMARIZED FINANCIAL INFORMATION (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	¥ 87,559	¥ 60,438	¥ 111,927	¥ 113,389
Total current assets	455,395	447,310
Non-current assets	1,278,410	1,312,976
Current liabilities
Total current liabilities	(522,190)	(579,978)
Non-current liabilities
Other non-current liabilities	(18,960)	(16,524)
Total non-current liabilities	(328,757)	(303,004)
Net assets attributable to owners of the Company	741,494	738,946
Net assets attributable to non-controlling interests	141,364	138,358
Fujian Refining & Petrochemical Company Limited ("FREP") [member]
Current assets
Cash and cash equivalents	7,448	5,603
Other current assets	7,492	11,977
Total current assets	14,940	17,580
Non-current assets	15,237	17,267
Current liabilities
Current financial liabilities	(1,203)	(1,280)
Other current liabilities	(5,147)	(7,090)
Total current liabilities	(6,350)	(8,370)
Non-current liabilities
Non-current financial liabilities	(8,761)	(11,185)
Other non-current liabilities	(235)	(290)
Total non-current liabilities	(8,996)	(11,475)
Net assets	14,831	15,002
Net assets attributable to owners of the Company	14,831	15,002
Share of net assets from joint ventures	7,416	7,501
Carrying Amounts	7,416	7,501
BASF-YPC Company Limited ("BASF-YPC") [member]
Current assets
Cash and cash equivalents	1,838	1,154
Other current assets	4,777	4,937
Total current assets	6,615	6,091
Non-current assets	9,993	10,498
Current liabilities
Current financial liabilities	(456)	(237)
Other current liabilities	(2,190)	(1,808)
Total current liabilities	(2,646)	(2,045)
Non-current liabilities
Other non-current liabilities	(42)	(35)
Total non-current liabilities	(42)	(35)
Net assets	13,920	14,509
Net assets attributable to owners of the Company	13,920	14,509
Share of net assets from joint ventures	5,568	5,804
Carrying Amounts	5,568	5,804
Taihu Limited ("Taihu") [member]
Current assets
Cash and cash equivalents	1,280	4,485
Other current assets	1,223	2,336
Total current assets	2,503	6,821
Non-current assets	12,531	10,453
Current liabilities
Current financial liabilities	(38)	(57)
Other current liabilities	(1,043)	(1,815)
Total current liabilities	(1,081)	(1,872)
Non-current liabilities
Non-current financial liabilities	(85)	(125)
Other non-current liabilities	(2,017)	(1,984)
Total non-current liabilities	(2,102)	(2,109)
Net assets	11,851	13,293
Net assets attributable to owners of the Company	11,439	12,829
Net assets attributable to non-controlling interests	412	464
Share of net assets from joint ventures	5,605	6,286
Carrying Amounts	5,605	6,286
Yanbu Aramco Sinopec Refining Company Ltd. ("YASREF") [member]
Current assets
Cash and cash equivalents	1,408	733
Other current assets	7,516	11,311
Total current assets	8,924	12,044
Non-current assets	45,413	50,548
Current liabilities
Current financial liabilities	(9,520)	(7,445)
Other current liabilities	(8,644)	(12,504)
Total current liabilities	(18,164)	(19,949)
Non-current liabilities
Non-current financial liabilities	(29,650)	(29,445)
Other non-current liabilities	(2,008)	(1,963)
Total non-current liabilities	(31,658)	(31,408)
Net assets	4,515	11,235
Net assets attributable to owners of the Company	4,515	11,235
Share of net assets from joint ventures		4,213
Carrying Amounts		4,213
Sinopec SABIC Tianjin
Current assets
Cash and cash equivalents	5,259	3,242
Other current assets	2,665	4,501
Total current assets	7,924	7,743
Non-current assets	18,258	14,878
Current liabilities
Current financial liabilities	(998)	(500)
Other current liabilities	(3,052)	(2,896)
Total current liabilities	(4,050)	(3,396)
Non-current liabilities
Non-current financial liabilities	(6,773)	(4,592)
Other non-current liabilities	(378)	(368)
Total non-current liabilities	(7,151)	(4,960)
Net assets	14,981	14,265
Net assets attributable to owners of the Company	14,981	14,265
Share of net assets from joint ventures	7,491	7,133
Carrying Amounts	¥ 7,491	¥ 7,133

INTEREST IN JOINT VENTURES - _2

INTEREST IN JOINT VENTURES - SUMMARIZED STATEMENT OF COMPREHENSIVE INCOME (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of joint ventures [line items]
Operating revenues	¥ 2,105,984	¥ 2,959,799	¥ 2,882,077
Depreciation, depletion and amortization	(106,965)	(109,172)	(110,344)
Interest income	4,803	7,210	7,730
Interest expense	(15,194)	(17,088)	(7,396)
Earning/(loss) before income tax	48,143	90,022	99,339
Tax expense	(6,219)	(17,939)	(20,278)
Net income/(loss) for the year	41,924	72,083	79,061
Other comprehensive income/(loss)	315	5,580	(6,624)
Total comprehensive income/(loss) for the year	42,239	77,663	72,437
Fujian Refining & Petrochemical Company Limited ("FREP") [member]
Disclosure of joint ventures [line items]
Operating revenues	38,691	57,047	52,469
Depreciation, depletion and amortization	(2,222)	(2,541)	(2,250)
Interest income	118	124	157
Interest expense	(535)	(597)	(647)
Earning/(loss) before income tax	520	964	3,920
Tax expense	(87)	(197)	(935)
Net income/(loss) for the year	433	767	2,985
Total comprehensive income/(loss) for the year	433	767	2,985
Dividends declared by joint ventures	300	1,400	1,200
Share of net income/(loss) from joint ventures	217	384	1,493
Carrying Amounts	7,416	7,501
BASF-YPC Company Limited ("BASF-YPC") [member]
Disclosure of joint ventures [line items]
Operating revenues	15,701	19,590	21,574
Depreciation, depletion and amortization	(1,244)	(1,474)	(1,521)
Interest income	27	32	41
Interest expense	(16)	(26)	(43)
Earning/(loss) before income tax	1,518	2,314	3,625
Tax expense	(379)	(579)	(897)
Net income/(loss) for the year	1,139	1,735	2,728
Total comprehensive income/(loss) for the year	1,139	1,735	2,728
Dividends declared by joint ventures	691	1,224	1,226
Share of net income/(loss) from joint ventures	456	694	1,091
Carrying Amounts	5,568	5,804
Taihu Limited ("Taihu") [member]
Disclosure of joint ventures [line items]
Operating revenues	9,528	15,222	14,944
Depreciation, depletion and amortization	(541)	(629)	(664)
Interest income	291	94	141
Interest expense	(20)	(265)	(151)
Earning/(loss) before income tax	2,304	3,320	3,493
Tax expense	(378)	(708)	(729)
Net income/(loss) for the year	1,926	2,612	2,764
Other comprehensive income/(loss)	(3,368)	(1,105)	921
Total comprehensive income/(loss) for the year	(1,442)	1,507	3,685
Share of net income/(loss) from joint ventures	911	1,235	1,307
Share of other comprehensive income/(loss) from joint ventures	(1,593)	(522)	435
Carrying Amounts	5,605	6,286
Yanbu Aramco Sinopec Refining Company Ltd. ("YASREF") [member]
Disclosure of joint ventures [line items]
Operating revenues	37,337	75,940	77,561
Depreciation, depletion and amortization	(3,140)	(3,048)	(2,823)
Interest income	17	58	101
Interest expense	(1,136)	(1,470)	(1,382)
Earning/(loss) before income tax	(7,193)	(1,292)	(1,569)
Tax expense	1,057	(8)	(249)
Net income/(loss) for the year	(6,136)	(1,300)	(1,818)
Other comprehensive income/(loss)	(584)	(261)	1,059
Total comprehensive income/(loss) for the year	(6,720)	(1,561)	(759)
Share of net income/(loss) from joint ventures	(2,301)	(488)	(682)
Share of other comprehensive income/(loss) from joint ventures	(219)	(98)	397
Carrying Amounts		4,213
Sinopec SABIC Tianjin
Disclosure of joint ventures [line items]
Operating revenues	14,881	20,541	23,501
Depreciation, depletion and amortization	(1,085)	(1,094)	(1,104)
Interest income	183	171	169
Interest expense	(131)	(134)	(167)
Earning/(loss) before income tax	954	2,178	3,916
Tax expense	(236)	(533)	(993)
Net income/(loss) for the year	718	1,645	2,923
Total comprehensive income/(loss) for the year	718	1,645	2,923
Dividends declared by joint ventures		1,750
Share of net income/(loss) from joint ventures	359	823	1,462
Carrying Amounts	7,491	7,133
Aggregated individually immaterial joint ventures
Disclosure of joint ventures [line items]
Share of net income/(loss) from joint ventures	993	1,737	2,052
Share of other comprehensive income/(loss) from joint ventures	808	(168)	¥ (839)
Carrying Amounts	¥ 26,099	¥ 25,530

FINANCIAL ASSETS AT FAIR VALU_3

FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2020	Dec. 31, 2019
Non-current assets
Non-current financial assets at fair value through other comprehensive income	¥ 1,525	¥ 1,521
Current assets
Total financial assets at fair value through other comprehensive income	10,260	10,182
Unlisted equity instruments
Non-current assets
Non-current financial assets at fair value through other comprehensive income	1,376	1,431
Listed equity instruments
Non-current assets
Non-current financial assets at fair value through other comprehensive income	149	90
Trade accounts receivable and bills receivable (i)
Current assets
Current financial assets at fair value through other comprehensive income	¥ 8,735	¥ 8,661

DEFERRED TAX ASSETS AND LIABI_3

DEFERRED TAX ASSETS AND LIABILITIES (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2020	Dec. 31, 2019
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	¥ 35,969	¥ 24,905
Deferred tax liabilities	(19,039)	(14,098)
Receivables and inventories
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	2,411	2,546
Payables
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	1,286	1,142
Cash flow hedges
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	1,790	116
Deferred tax liabilities	(4,420)	(384)
Property, plant and equipment
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	15,793	16,463
Deferred tax liabilities	(13,415)	(12,317)
Tax losses carried forward
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	13,322	3,594
Financial assets at fair value through other comprehensive income
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	127	131
Deferred tax liabilities	(11)	(7)
Intangible assets
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	869	595
Deferred tax liabilities	(517)	(508)
Others
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	371	318
Deferred tax liabilities	¥ (676)	¥ (882)

DEFERRED TAX ASSETS AND LIABI_4

DEFERRED TAX ASSETS AND LIABILITIES - Consolidated elimination amount (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2020	Dec. 31, 2019
DEFERRED TAX ASSETS AND LIABILITIES
Deferred tax assets	¥ 10,915	¥ 7,289
Deferred tax liabilities	¥ 10,915	¥ 7,289

DEFERRED TAX ASSETS AND LIABI_5

DEFERRED TAX ASSETS AND LIABILITIES - Amounts after the consolidated elimination adjustments (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2020	Dec. 31, 2019
DEFERRED TAX ASSETS AND LIABILITIES
Deferred tax assets	¥ 25,054	¥ 17,616
Deferred tax liabilities	¥ 8,124	¥ 6,809

DEFERRED TAX ASSETS AND LIABI_6

DEFERRED TAX ASSETS AND LIABILITIES - UNRECOGNIZED DEFERRED TAX OF CERTAIN SUBSIDIARIES - NARRATIVE (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deductible tax losses carried forward	¥ 17,718	¥ 16,605
Write-down of deferred tax assets	75	189	¥ 188
Write-down of deferred tax assets related to expiration of tax loss	4,349	¥ 1,992
Within one year
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deductible tax losses carried forward	3,089
Between one and two years
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deductible tax losses carried forward	5,938
Between two and three years
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deductible tax losses carried forward	2,356
Between three and four years
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deductible tax losses carried forward	1,986
Later than four years
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deductible tax losses carried forward	¥ 4,349

DEFERRED TAX ASSETS AND LIABI_7

DEFERRED TAX ASSETS AND LIABILITIES - MOVEMENTS IN DEFERRED TAX ASSETS AND LIABILITIES (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Balance at beginning of year	¥ 10,807	¥ 15,746	¥ 8,665
Recognized in consolidated statement of income	7,873	(3,385)	6,244
Recognized in other comprehensive income	(2,265)	(1,237)	1,905
Others	519	(67)	(37)
Transferred from reserve	(4)	(250)	(1,031)
Balance at end of year	16,930	10,807	15,746
Receivables and inventories
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Balance at beginning of year	2,546	2,563	381
Recognized in consolidated statement of income	(122)	(17)	2,176
Recognized in other comprehensive income	(12)		3
Others	(1)		3
Balance at end of year	2,411	2,546	2,563
Payables
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Balance at beginning of year	1,142	1,808	1,925
Recognized in consolidated statement of income	144	(667)	(117)
Others		1
Balance at end of year	1,286	1,142	1,808
Cash flow hedges
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Balance at beginning of year	(268)	1,104	115
Recognized in consolidated statement of income	(42)	73	(10)
Recognized in other comprehensive income	(2,316)	(1,195)	2,029
Others			1
Transferred from reserve	(4)	(250)	(1,031)
Balance at end of year	(2,630)	(268)	1,104
Property, plant and equipment
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Balance at beginning of year	4,146	6,761	4,222
Recognized in consolidated statement of income	(2,244)	(2,575)	2,650
Recognized in other comprehensive income	127	(39)	(130)
Others	349	(1)	19
Balance at end of year	2,378	4,146	6,761
Tax losses carried forward
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Balance at beginning of year	3,594	3,709	2,325
Recognized in consolidated statement of income	9,960	(151)	1,414
Recognized in other comprehensive income	(84)	38	6
Others	(148)	(2)	(36)
Balance at end of year	13,322	3,594	3,709
Available-for-sale financial assets
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Balance at beginning of year			117
Others			(117)
Financial assets at fair value through other comprehensive income
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Balance at beginning of year	124	116
Recognized in consolidated statement of income	(4)
Recognized in other comprehensive income	(4)	8	(1)
Others			117
Balance at end of year	116	124	116
Intangible assets
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Balance at beginning of year	87	(61)	(336)
Recognized in consolidated statement of income	19	148	273
Others	246		2
Balance at end of year	352	87	(61)
Others
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Balance at beginning of year	(564)	(254)	(84)
Recognized in consolidated statement of income	162	(196)	(142)
Recognized in other comprehensive income	24	(49)	(2)
Others	73	(65)	(26)
Balance at end of year	¥ (305)	¥ (564)	¥ (254)

LONG-TERM PREPAYMENTS AND OTH_3

LONG-TERM PREPAYMENTS AND OTHER ASSETS (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about long-term prepayments and other assets [line items]
Operating rights of service stations	¥ 31,856	¥ 34,013
Others (i)	33,971	25,936
Balance as of end of year	74,489	65,437
Third parties
Disclosure of detailed information about long-term prepayments and other assets [line items]
Prepayments for construction projects to third parties	5,861	3,926
Sinopec Group Company and fellow subsidiaries
Disclosure of detailed information about long-term prepayments and other assets [line items]
Long-term receivables from and prepayment to Sinopec Group Company and fellow subsidiaries	¥ 2,801	¥ 1,562

LONG-TERM PREPAYMENTS AND OTH_4

LONG-TERM PREPAYMENTS AND OTHER ASSETS - MOVEMENT OF OPERATING RIGHTS OF SERVICE STATIONS (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about operating rights of service stations [line items]
Balance as of beginning of year	¥ 34,013
Balance as of end of year	31,856	¥ 34,013
Cost
Disclosure of detailed information about operating rights of service stations [line items]
Balance as of beginning of year	53,549	52,216
Additions	493	1,494
Decreases	(475)	(161)
Balance as of end of year	53,567	53,549
Accumulated depreciation / amortisation
Disclosure of detailed information about operating rights of service stations [line items]
Balance as of beginning of year	(19,536)	(17,282)
Additions	(2,365)	(2,357)
Decreases	190	103
Balance as of end of year	¥ (21,711)	¥ (19,536)

SHORT-TERM AND LONG-TERM DEBT_3

SHORT-TERM AND LONG-TERM DEBTS AND LOANS FROM SINOPEC GROUP COMPANY AND FELLOW SUBSIDIARIES - Short-term debts (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about short-term debts and loans [line items]
Short-term debts	¥ 23,769	¥ 40,521
Loans from Sinopec Group Company and fellow subsidiaries	5,264	43,289
Total short-term debts	¥ 29,033	¥ 83,810
Weighted interest rates on short-term loans	2.53%	3.11%
Third parties
Disclosure of detailed information about short-term debts and loans [line items]
Short-term bank loans	¥ 16,111	¥ 25,709
Short-term other loans	3	22
Current portion of long-term bank loans	4,637	1,790
Current portion of long-term corporate bonds		13,000
Current portion of long-term debts	4,637	14,790
Corporate bonds (i)	3,018
Sinopec Group Company and fellow subsidiaries
Disclosure of detailed information about short-term debts and loans [line items]
Current portion of long-term debts	622	37,824
Loans from Sinopec Group Company and fellow subsidiaries	5,264	43,289
Total short-term debts	4,642	5,465
RMB denominated | Third parties
Disclosure of detailed information about short-term debts and loans [line items]
Short-term bank loans	16,111	25,619
Short-term other loans	3	22
Current portion of long-term bank loans	4,613	1,765
Current portion of long-term corporate bonds		13,000
Corporate bonds (i)	3,018
RMB denominated | Sinopec Group Company and fellow subsidiaries
Disclosure of detailed information about short-term debts and loans [line items]
Current portion of long-term debts	622	37,824
Total short-term debts	1,141	2,709
USD | Third parties
Disclosure of detailed information about short-term debts and loans [line items]
Short-term bank loans		90
Current portion of long-term bank loans	24	25
USD | Sinopec Group Company and fellow subsidiaries
Disclosure of detailed information about short-term debts and loans [line items]
Total short-term debts	3,298	2,236
HKD | Sinopec Group Company and fellow subsidiaries
Disclosure of detailed information about short-term debts and loans [line items]
Total short-term debts	31	495
EUR | Sinopec Group Company and fellow subsidiaries
Disclosure of detailed information about short-term debts and loans [line items]
Total short-term debts	¥ 172	¥ 25

SHORT-TERM AND LONG-TERM DEBT_4

SHORT-TERM AND LONG-TERM DEBTS AND LOANS FROM SINOPEC GROUP COMPANY AND FELLOW SUBSIDIARIES - Long-term debts (Details) - CNY (¥)	Aug. 20, 2020	May 27, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about long-term debts and loans [line items]
Long-term debts				¥ 72,037,000,000	¥ 49,208,000,000
Loans from Sinopec Group Company and fellow subsidiaries				11,778,000,000	9,626,000,000
Total long-term debts				83,815,000,000	58,834,000,000
Third parties
Disclosure of detailed information about long-term debts and loans [line items]
Long-term bank loans				38,318,000,000	31,841,000,000
Corporate bonds (ii)				38,356,000,000	32,157,000,000
Long-term debts				76,674,000,000	63,998,000,000
Less: Current portion				(4,637,000,000)	(14,790,000,000)
Sinopec Group Company and fellow subsidiaries
Disclosure of detailed information about long-term debts and loans [line items]
Less: Current portion				(622,000,000)	(37,824,000,000)
Super & Short-term Commercial Paper | Third parties
Disclosure of detailed information about long-term debts and loans [line items]
Par value	¥ 100
Term of the debt	169 days
Total amount issued	¥ 3,000,000,000
Interest rate percentage	1.70%
Corporate bond, one | Third parties
Disclosure of detailed information about long-term debts and loans [line items]
Par value			¥ 100,000,000
Term of the debt			3 years
Total amount issued			¥ 10,000,000,000
Interest rate percentage			2.70%
Corporate bond, two | Third parties
Disclosure of detailed information about long-term debts and loans [line items]
Par value		¥ 100,000,000
Term of the debt		3 years
Total amount issued		¥ 10,000,000,000
Interest rate percentage		2.20%
RMB denominated | Third parties
Disclosure of detailed information about long-term debts and loans [line items]
Long-term bank loans				38,226,000,000	31,714,000,000
Corporate bonds (ii)				¥ 26,977,000,000	20,000,000,000
RMB denominated | Third parties | Maximum
Disclosure of detailed information about long-term debts and loans [line items]
Weighted interest rates on long-term loans				5.23%
Fixed interest rates on long-term loans				4.90%
RMB denominated | Third parties | Minimum
Disclosure of detailed information about long-term debts and loans [line items]
Weighted interest rates on long-term loans				1.08%
Fixed interest rates on long-term loans				2.20%
RMB denominated | Sinopec Group Company and fellow subsidiaries
Disclosure of detailed information about long-term debts and loans [line items]
Less: Current portion				¥ (622,000,000)	(37,824,000,000)
Loans from Sinopec Group Company and fellow subsidiaries				11,013,000,000	47,450,000,000
USD | Third parties
Disclosure of detailed information about long-term debts and loans [line items]
Long-term bank loans				92,000,000	127,000,000
Corporate bonds (ii)				¥ 11,379,000,000	¥ 12,157,000,000
USD | Third parties | Maximum
Disclosure of detailed information about long-term debts and loans [line items]
Weighted interest rates on long-term loans				1.55%
Fixed interest rates on long-term loans				4.25%
USD | Third parties | Minimum
Disclosure of detailed information about long-term debts and loans [line items]
Fixed interest rates on long-term loans				3.13%
USD | Sinopec Group Company and fellow subsidiaries
Disclosure of detailed information about long-term debts and loans [line items]
Loans from Sinopec Group Company and fellow subsidiaries				¥ 1,387,000,000
USD | Sinopec Group Company and fellow subsidiaries | Maximum
Disclosure of detailed information about long-term debts and loans [line items]
Weighted interest rates on long-term loans				1.60%

LEASE LIABILITIES (Details)

LEASE LIABILITIES (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2020	Dec. 31, 2019
LEASE LIABILITIES
Current lease liabilities	¥ 15,292	¥ 15,198
Non-current lease liabilities	172,306	177,674
Total lease liabilities	¥ 187,598	¥ 192,872

TRADE ACCOUNTS AND BILLS PAYA_3

TRADE ACCOUNTS AND BILLS PAYABLE (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2020	Dec. 31, 2019
Disclosure of trade accounts and bills payable [line items]
Trade accounts payable	¥ 151,262	¥ 188,189
Bills payable	10,394	11,834
Trade accounts payable and bills payable measured at amortized cost	161,656	200,023
Sinopec Group Company and fellow subsidiaries
Disclosure of trade accounts and bills payable [line items]
Trade accounts payable	11,384	11,251
Associates and joint ventures
Disclosure of trade accounts and bills payable [line items]
Trade accounts payable	7,742	10,108
Third parties
Disclosure of trade accounts and bills payable [line items]
Trade accounts payable	¥ 132,136	¥ 166,830

CONTRACT LIABILITIES (Details)

CONTRACT LIABILITIES (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Maximum
IFRS Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Period of performance obligations are satisfied and revenue is recognised	1 year	1 year

OTHER PAYABLES (Details)

OTHER PAYABLES (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2020	Dec. 31, 2019
OTHER PAYABLES
Salaries and welfare payable	¥ 7,081	¥ 4,807
Interest payable	667	612
Payables for constructions	41,724	50,824
Other payables	58,908	25,618
Financial liabilities carried at amortized costs	108,380	81,861
Taxes other than income tax	70,257	66,257
Other payables, total	¥ 178,637	¥ 148,118

PROVISIONS (Details)

PROVISIONS (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
PROVISIONS
Balance at beginning of the year	¥ 42,438	¥ 42,007	¥ 39,407
Provision for the year	1,563	1,408	1,567
Accretion expenses	1,343	1,418	1,438
Decrease for the year	(1,490)	(2,439)	(598)
Exchange adjustments	(141)	44	193
Balance at end of the year	¥ 43,713	¥ 42,438	¥ 42,007

SHARE CAPITAL - REGISTERED, ISS

SHARE CAPITAL - REGISTERED, ISSUED AND FULLY PAID (Details) - CNY (¥) ¥ / shares in Units, ¥ in Millions	Dec. 31, 2020	Dec. 31, 2019	Oct. 31, 2000	Jul. 25, 2000	Feb. 25, 2000
Disclosure of classes of share capital [line items]
Par value per share				¥ 1	¥ 1
Particulars of issued and paid up capital	¥ 121,071	¥ 121,071
A shares
Disclosure of classes of share capital [line items]
Number of shares registered, issued and fully paid	95,557,771,046	95,557,771,046
Par value per share	¥ 1	¥ 1
Particulars of issued and paid up capital	¥ 95,558	¥ 95,558
H shares
Disclosure of classes of share capital [line items]
Number of shares registered, issued and fully paid	25,513,438,600	25,513,438,600
Par value per share	¥ 1	¥ 1	¥ 1
Particulars of issued and paid up capital	¥ 25,513	¥ 25,513

SHARE CAPITAL - REGISTERED, I_2

SHARE CAPITAL - REGISTERED, ISSUED AND FULLY PAID - NARRATIVE (Details)

Jun. 30, 2013itemshares

Feb. 14, 2013HKD ($)$ / shares

Jul. 31, 2001¥ / sharesshares

Oct. 31, 2000$ / shares¥ / sharesshares

Oct. 31, 2000$ / shares¥ / sharesshares

Dec. 31, 2020¥ / shares

Dec. 31, 2019¥ / shares

Dec. 31, 2015¥ / sharesshares

Dec. 31, 2014¥ / sharesshares

Dec. 31, 2013¥ / sharesshares

Feb. 14, 2013¥ / sharesshares

Dec. 31, 2012¥ / sharesshares

Dec. 31, 2011¥ / sharesshares

Dec. 31, 2010item¥ / sharesshares

Jul. 25, 2000¥ / sharesshares

Feb. 25, 2000¥ / sharesshares

Disclosure of classes of share capital [line items]

Number of shares issued

68,800,000,000

Par value per share | ¥ / shares

¥ 1

¥ 1

Conversion from retained earnings and share premium

Disclosure of classes of share capital [line items]

Number of shares converted from retained earnings pursuant to shareholders' approval

2

Number of share premium transfer to share capital

1

Number of existing share | item

10

Outside PRC

Disclosure of classes of share capital [line items]

Par value per share | ¥ / shares

¥ 1

A shares

Disclosure of classes of share capital [line items]

Par value per share | ¥ / shares

¥ 1

¥ 1

A shares | Global initial public offering

Disclosure of classes of share capital [line items]

Number of shares issued

2,800,000,000

Par value per share | ¥ / shares

¥ 1

Share price | ¥ / shares

¥ 4.22

A shares | Exercise of warrants

Disclosure of classes of share capital [line items]

Par value per share | ¥ / shares

¥ 1

A shares | Exercise of warrants | Bonds with Warrants

Disclosure of classes of share capital [line items]

Number of shares issued

88,774

Number of warrants entitled to bonds with warrants | item

188,292

A shares | Conversion of convertible instruments | 2011 Convertible Bonds

Disclosure of classes of share capital [line items]

Number of shares issued

2,790,814,006

1,715,081,853

114,076

117,724,450

34,662

Par value per share | ¥ / shares

¥ 1

¥ 1

¥ 1

¥ 1

¥ 1

A shares | Conversion from retained earnings and share premium

Disclosure of classes of share capital [line items]

Number of shares issued

21,011,962,225

H shares (including American Depositary Shares) | Outside PRC | Global initial public offering

Disclosure of classes of share capital [line items]

Number of shares issued

15,102,439,000

15,102,439,000

H shares

Disclosure of classes of share capital [line items]

Par value per share | ¥ / shares

¥ 1

¥ 1

¥ 1

¥ 1

H shares | The Placing

Disclosure of classes of share capital [line items]

Number of shares issued

2,845,234,000

Par value per share | ¥ / shares

¥ 1

Share price | $ / shares

$ 8.45

Aggregate gross proceeds from Placing | $

$ 24,042,227,300

Aggregate net proceeds from Placing | $

$ 23,970,100,618

H shares | Conversion from retained earnings and share premium

Disclosure of classes of share capital [line items]

Number of shares issued

5,887,716,600

H shares | Outside PRC | Global initial public offering

Disclosure of classes of share capital [line items]

Number of shares issued

12,521,864,000

12,521,864,000

Share price | $ / shares

¥ 1.59

H shares | Outside PRC | Global initial public offering | Sinopec Group Company

Disclosure of classes of share capital [line items]

Number of shares issued

1,678,049,000

1,678,049,000

Par value per share | ¥ / shares

¥ 1

¥ 1

American Depositary Shares | Global initial public offering

Disclosure of classes of share capital [line items]

Number of H shares each American Depositary Share represents

100

100

American Depositary Shares | Outside PRC | Global initial public offering

Disclosure of classes of share capital [line items]

Number of shares issued

25,805,750

25,805,750

Share price | $ / shares

¥ 20.645

Maximum

Disclosure of classes of share capital [line items]

Number of shares authorised

88,300,000,000

Maximum | Outside PRC

Disclosure of classes of share capital [line items]

Number of shares issued

19,500,000,000

Maximum | Outside PRC | Sinopec Group Company

Disclosure of classes of share capital [line items]

Number of shares issued

3,500,000,000

SHARE CAPITAL - CAPITAL MANAGEM

SHARE CAPITAL - CAPITAL MANAGEMENT - NARRATIVE (Details)	Dec. 31, 2020	Dec. 31, 2019
SHARE CAPITAL
Debt-to-capital ratio	10.20%	7.40%
Liability-to-asset ratio	49.10%	50.20%

COMMITMENTS AND CONTINGENT LI_3

COMMITMENTS AND CONTINGENT LIABILITIES - CAPITAL COMMITMENTS (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2020	Dec. 31, 2019
Capital commitments [abstract]
Authorized and contracted for (i)	¥ 171,335	¥ 138,088
Authorized but not contracted for	33,942	63,967
Total capital commitments	205,277	202,055
Investment commitments	¥ 13,172	¥ 6,100

COMMITMENTS AND CONTINGENT LI_4

COMMITMENTS AND CONTINGENT LIABILITIES - EXPLORATION AND PRODUCTION LICENSES (Details) ¥ in Millions	12 Months Ended
	Dec. 31, 2020CNY (¥)item	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Licences
Disclosure of exploration and production licenses [line items]
Payments incurred of exploration licenses fee and production right usage fees | ¥	¥ 231	¥ 179	¥ 231
Exploration licenses
Disclosure of exploration and production licenses [line items]
Frequency of renewal | item	2
Term of renewal	2 years
Maximum | Exploration licenses
Disclosure of exploration and production licenses [line items]
Term of licenses	7 years
Number of days prior to expiration of original term	30 days
Maximum | Production licenses
Disclosure of exploration and production licenses [line items]
Number of days prior to expiration of original term	30 days
Maximum | Production licenses | Licenses with special dispensation
Disclosure of exploration and production licenses [line items]
Term of licenses	80 years
Maximum | Production licenses | Licenses without special dispensation
Disclosure of exploration and production licenses [line items]
Term of licenses	30 years

COMMITMENTS AND CONTINGENT LI_5

COMMITMENTS AND CONTINGENT LIABILITIES - ESTIMATED FUTURE ANNUAL PAYMENTS (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of estimated future annual payments [line items]
Estimated future annual payments	¥ 1,498	¥ 1,309
Within one year
Disclosure of estimated future annual payments [line items]
Estimated future annual payments	390	302
Between one and two years
Disclosure of estimated future annual payments [line items]
Estimated future annual payments	99	69
Between two and three years
Disclosure of estimated future annual payments [line items]
Estimated future annual payments	66	34
Between three and four years
Disclosure of estimated future annual payments [line items]
Estimated future annual payments	63	30
Between four and five years
Disclosure of estimated future annual payments [line items]
Estimated future annual payments	56	29
Thereafter
Disclosure of estimated future annual payments [line items]
Estimated future annual payments	¥ 824	¥ 845

COMMITMENTS AND CONTINGENT LI_6

COMMITMENTS AND CONTINGENT LIABILITIES - CONTINGENT LIABILITIES (Details) - CNY (¥)	Dec. 31, 2020	Dec. 31, 2019
Disclosure of contingent liabilities in business combination [line items]
Guarantees	¥ 14,840,000,000	¥ 17,240,000,000
Liability accrued for a loss under guarantee	0	0
Joint ventures
Disclosure of contingent liabilities in business combination [line items]
Guarantees	6,390,000,000	7,100,000,000
Associates
Disclosure of contingent liabilities in business combination [line items]
Guarantees	8,450,000,000	10,140,000,000
Zhongtian Synergetic Energy
Disclosure of contingent liabilities in business combination [line items]
Guarantees	8,450,000,000	¥ 10,140,000,000
Guarantee in respect to standby credit facilities granted by banks	¥ 17,050,000,000

COMMITMENTS AND CONTINGENT LI_7

COMMITMENTS AND CONTINGENT LIABILITIES - ENVIRONMENTAL CONTINGENCIES - NARRATIVES (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
COMMITMENTS AND CONTINGENT LIABILITIES
Pollutant discharge fees	¥ 11,362	¥ 9,271	¥ 7,940

BUSINESS COMBINATION (Details)

BUSINESS COMBINATION (Details) - CNY (¥) ¥ / shares in Units, ¥ in Millions	2 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Nov. 11, 2020
Summarised consolidated statement of income
Sales of goods and other operating revenues		¥ 2,105,984	¥ 2,959,799	¥ 2,882,077
Net income attributable to owners of the Company		33,096	57,493	61,708
Net income attributable to non-controlling interests		¥ 8,828	¥ 14,590	¥ 17,353
Basic earnings per share (RMB)		¥ 0.27	¥ 0.48	¥ 0.51
Diluted earnings per share (RMB)		¥ 0.27	¥ 0.48	¥ 0.51
Summarised consolidated balance sheet
Current assets	¥ 455,395	¥ 455,395	¥ 447,310
Total assets	1,733,805	1,733,805	1,760,286	¥ 1,597,401
Current liabilities	522,190	522,190	579,978
Total liabilities	850,947	850,947	882,982	739,403
Total equity attributable to owners of the Company	741,494	741,494	738,946
Non-controlling interests	¥ 141,364	141,364	138,358
Summarised consolidated statement of cash flows
Net cash generated from operating activities		167,518	153,619	175,937
Net cash used in investing activities		(102,203)	(121,051)	(66,648)
Net cash (used in)/generated from financing activities		(36,955)	(84,204)	(111,269)
Net (decrease)/increase in cash and cash equivalents		¥ 28,360	(51,636)	¥ (1,980)
Baling Petrochemical Co. Ltd.
Disclosure of detailed information about business combination [line items]
Percentage of voting rights held	55.00%
Summarised consolidated statement of cash flows
Non-controlling interest, ownership percentage		45.00%
Previously reported
Summarised consolidated statement of income
Sales of goods and other operating revenues			2,966,193
Net income attributable to owners of the Company			57,465
Net income attributable to non-controlling interests			¥ 14,568
Basic earnings per share (RMB)			¥ 0.48
Diluted earnings per share (RMB)			¥ 0.48
Summarised consolidated balance sheet
Current assets			¥ 445,856
Total assets			1,755,071
Current liabilities			576,374
Total liabilities			879,236
Total equity attributable to owners of the Company			738,150
Non-controlling interests			137,685
Summarised consolidated statement of cash flows
Net cash generated from operating activities			153,420
Net cash used in investing activities			(120,463)
Net cash (used in)/generated from financing activities			(84,713)
Net (decrease)/increase in cash and cash equivalents			(51,756)
Elimination and Adjustment
Summarised consolidated statement of income
Sales of goods and other operating revenues			(23,300)
Net income attributable to owners of the Company			(22)
Net income attributable to non-controlling interests			22
Summarised consolidated balance sheet
Current assets			(643)
Total assets			(643)
Current liabilities			(643)
Total liabilities			(643)
Total equity attributable to owners of the Company			(652)
Non-controlling interests			652
Baling Branch of SAMC
Summarised consolidated statement of income
Sales of goods and other operating revenues			16,906
Net income attributable to owners of the Company			¥ 50
Basic earnings per share (RMB)			¥ 0.0004
Diluted earnings per share (RMB)			¥ 0.0004
Summarised consolidated balance sheet
Current assets			¥ 2,097
Total assets			5,858
Current liabilities			4,247
Total liabilities			4,389
Total equity attributable to owners of the Company			1,448
Non-controlling interests			21
Summarised consolidated statement of cash flows
Net cash generated from operating activities			199
Net cash used in investing activities			(588)
Net cash (used in)/generated from financing activities			509
Net (decrease)/increase in cash and cash equivalents			¥ 120
Baling Branch of SAMC
Summarised consolidated statement of cash flows
Non-controlling interests recognized					¥ 972

RELATED PARTY TRANSACTIONS - TR

RELATED PARTY TRANSACTIONS - TRANSACTIONS WITH SINOPEC GROUP COMPANY AND FELLOW SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of transactions between related parties [line items]
Interest income	¥ 4,803	¥ 7,210	¥ 7,730
Interest expense	15,194	17,088	7,396
Interest expense on lease liabilities	9,349	9,646
Guarantees	14,840	17,240
Sinopec Group Company and fellow subsidiaries, associates and joint ventures
Disclosure of transactions between related parties [line items]
Sales of goods	233,283	285,853	260,197
Purchases	158,963	189,914	177,726
Transportation and storage	8,848	8,206	7,318
Exploration and development services	31,444	33,310	23,489
Production related services	32,106	38,827	28,648
Ancillary and social services	3,099	3,098	6,616
Operating lease charges for land			7,765
Operating lease charges for buildings			521
Other operating lease charges			869
Agency commission income	160	116	113
Interest income	704	1,066	848
Interest expense	919	1,334	1,110
Net deposits withdrawn from/(placed with) related parties	(17,585)	5,230	6,623
Net funds obtained from/(repaid to) related parties	(31,144)	3,438	31,684
Interest expense on lease liabilities	8,160	8,518
Rental paid for land	11,090	11,333	7,636
Rental paid for buildings	571	518	653
Rental paid for others	330	468	¥ 836
Guarantees	0	0
Finance companies
Disclosure of transactions between related parties [line items]
Deposits placed with related parties	¥ 53,417	¥ 35,832

RELATED PARTY TRANSACTIONS - _2

RELATED PARTY TRANSACTIONS - TRANSACTIONS WITH SINOPEC GROUP COMPANY AND FELLOW SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES - NARRATIVE (Details) - Y	Jan. 01, 2000	Dec. 31, 2000
Land
Disclosure of transactions between related parties [line items]
Every number of years to renegotiate the rental amount for land	3
Buildings
Disclosure of transactions between related parties [line items]
Lease term	20 years
Minimum | Mutual Provision Agreement
Disclosure of transactions between related parties [line items]
Terms to terminate agreements		6 months
Minimum | Land
Disclosure of transactions between related parties [line items]
Lease term	40 years
Maximum | Mutual Provision Agreement
Disclosure of transactions between related parties [line items]
Percentage of profit margin of services		6.00%
Maximum | Land
Disclosure of transactions between related parties [line items]
Lease term	50 years

RELATED PARTY TRANSACTIONS - _3

RELATED PARTY TRANSACTIONS - TRANSACTIONS WITH SINOPEC GROUP COMPANY AND FELLOW SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES - AMOUNTS DUE FROM/TO RELATED PARTIES - NARRATIVE (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2020	Dec. 31, 2019
Disclosure of transactions between related parties [line items]
Trade accounts receivable	¥ 35,587	¥ 54,375
Financial assets at fair value through other comprehensive income	10,260	10,182
Prepaid expenses and other current assets	58,592	57,924
Long-term prepayments and other assets	74,489	65,437
Contract liabilities	126,160	126,833
Other payables	178,637	148,118
Other long-term liabilities	18,960	16,524
Long-term loans excluding current portion from Sinopec Group Company and fellow subsidiaries	11,778	9,626
Lease liabilities (including to be paid within one year)	187,598	192,872
Sinopec Group Company and fellow subsidiaries, associates and joint ventures
Disclosure of transactions between related parties [line items]
Trade accounts receivable	16,896	12,470
Financial assets at fair value through other comprehensive income	760	407
Prepaid expenses and other current assets	19,305	12,771
Long-term prepayments and other assets	6,435	734
Total	43,396	26,382
Trade accounts payable and bills payable	22,805	25,177
Contract liabilities	5,940	4,456
Other payables	12,116	18,793
Other long-term liabilities	3,010
Short-term loans and current portion of long-term loans from Sinopec Group Company and fellow subsidiaries	5,264	43,289
Long-term loans excluding current portion from Sinopec Group Company and fellow subsidiaries	11,778	9,626
Lease liabilities (including to be paid within one year)	162,048	171,402
Total	¥ 222,961	¥ 272,743

RELATED PARTY TRANSACTIONS - _4

RELATED PARTY TRANSACTIONS - TRANSACTIONS WITH SINOPEC GROUP COMPANY AND FELLOW SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES - KEY MANAGEMENT PERSONNEL EMOLUMENTS (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
RELATED PARTY TRANSACTIONS
Short-term employee benefits	¥ 5,753	¥ 9,209	¥ 5,745
Retirement scheme contributions	342	536	351
Total	¥ 6,095	¥ 9,745	¥ 6,096

EMPLOYEE BENEFITS PLAN (Details

EMPLOYEE BENEFITS PLAN (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of contribution retirement plan [line items]
Contributions	¥ 8,804	¥ 11,822	¥ 9,181
Maximum
Disclosure of contribution retirement plan [line items]
Percentage of salaries, bonuses and certain allowances	16.00%
Supplementary retirement plan rate	8.00%
Minimum
Disclosure of contribution retirement plan [line items]
Percentage of salaries, bonuses and certain allowances	13.00%

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) ¥ in Millions	12 Months Ended
	Dec. 31, 2020CNY (¥)segment	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Disclosure of operating segments [line items]
Number of reportable segments | segment	5
Sales of goods and other operating revenues	¥ 2,049,456	¥ 2,899,682	¥ 2,822,375
Other operating revenues	56,528	60,117	59,702
Operating revenues	2,105,984	2,959,799	2,882,077
Total segment operating income	13,193	86,374	82,564
Aggregate share of profits from associates and joint ventures	6,712	12,777	13,974
Aggregate investment income	37,744	919	1,871
Net finance costs	(9,506)	(10,048)	930
Earnings before income tax	48,143	90,022	99,339
Deferred tax assets	25,054	17,616
Total assets	1,733,805	1,760,286	1,597,401
Income tax payable	6,586	3,267
Long-term debts	72,037	49,208
Loans from Sinopec Group Company and fellow subsidiaries	17,042	52,915
Deferred tax liabilities	8,124	6,809
Total liabilities	850,947	882,982	739,403
Capital expenditure	135,055	147,094	117,976
Depreciation, depletion and amortization	106,965	109,172	110,344
Impairment losses on long-lived assets	14,560	345	6,286
Non-current assets	1,248,223	1,292,142	1,044,303
Mainland China
Disclosure of operating segments [line items]
Operating revenues	1,721,955	2,124,684	2,110,478
Non-current assets	1,211,441	1,239,437	993,411
Singapore
Disclosure of operating segments [line items]
Operating revenues	215,846	505,672	395,129
Others
Disclosure of operating segments [line items]
Operating revenues	168,183	329,443	376,470
Non-current assets	36,782	52,705	50,892
Operating segment
Disclosure of operating segments [line items]
Total assets	1,302,376	1,443,932	1,225,422
Total liabilities	703,478	712,675	540,655
Elimination of inter-segment amounts
Disclosure of operating segments [line items]
Sales of goods and other operating revenues	(1,370,624)	(1,902,994)	(1,961,924)
Total segment operating income	4,417	(40)	(3,634)
Unallocated amounts
Disclosure of operating segments [line items]
Interest in associates and joint ventures	188,342	152,204	145,721
Financial assets at fair value through other comprehensive income	1,525	1,521	1,450
Deferred tax assets	25,054	17,616	21,694
Cash and cash equivalents, time deposits with financial institutions	188,057	128,052	167,020
Other assets	28,451	16,961	36,094
Short-term debts	23,769	40,521	31,462
Income tax payable	6,586	3,267	6,701
Long-term debts	72,037	49,208	51,065
Loans from Sinopec Group Company and fellow subsidiaries	17,042	52,915	74,181
Deferred tax liabilities	8,124	6,809	5,948
Other liabilities	19,911	17,587	29,391
Exploration and production
Disclosure of operating segments [line items]
Sales of goods and other operating revenues	104,524	111,114	93,499
Other operating revenues	5,718	10,283	10,738
Aggregate share of profits from associates and joint ventures	2,117	3,167	2,598
Aggregate investment income	13,118	(19)	(3)
Capital expenditure	56,416	61,739	42,155
Depreciation, depletion and amortization	46,273	50,732	60,331
Impairment losses on long-lived assets	8,495	3	4,274
Exploration and production | Operating segment
Disclosure of operating segments [line items]
Sales of goods and other operating revenues	162,037	200,429	189,453
Total segment operating income	(16,476)	9,284	(10,107)
Total assets	354,024	410,950	321,686
Total liabilities	163,588	167,933	94,170
Exploration and production | Elimination of inter-segment amounts
Disclosure of operating segments [line items]
Sales of goods and other operating revenues	57,513	89,315	95,954
Refining
Disclosure of operating segments [line items]
Sales of goods and other operating revenues	114,064	141,674	148,930
Other operating revenues	4,634	5,464	5,389
Aggregate share of profits from associates and joint ventures	(2,516)	(640)	109
Aggregate investment income	14,941	59	315
Capital expenditure	24,722	31,372	27,908
Depreciation, depletion and amortization	20,048	19,676	18,541
Impairment losses on long-lived assets	1,923	245	353
Refining | Operating segment
Disclosure of operating segments [line items]
Sales of goods and other operating revenues	939,876	1,218,692	1,258,018
Total segment operating income	(5,555)	30,632	54,827
Total assets	270,431	321,080	271,356
Total liabilities	136,869	122,264	103,809
Refining | Elimination of inter-segment amounts
Disclosure of operating segments [line items]
Sales of goods and other operating revenues	(825,812)	(1,077,018)	(1,109,088)
Marketing and distribution
Disclosure of operating segments [line items]
Sales of goods and other operating revenues	1,062,447	1,393,557	1,408,989
Other operating revenues	34,905	33,247	32,424
Aggregate share of profits from associates and joint ventures	2,200	3,309	3,155
Aggregate investment income	8,980	73	43
Capital expenditure	25,403	29,566	21,429
Depreciation, depletion and amortization	23,196	21,572	16,296
Impairment losses on long-lived assets	536	80	264
Marketing and distribution | Operating segment
Disclosure of operating segments [line items]
Sales of goods and other operating revenues	1,067,301	1,397,716	1,414,213
Total segment operating income	20,828	29,107	23,464
Total assets	373,430	399,242	317,641
Total liabilities	234,309	226,531	159,536
Marketing and distribution | Elimination of inter-segment amounts
Disclosure of operating segments [line items]
Sales of goods and other operating revenues	(4,854)	(4,159)	(5,224)
Chemicals
Disclosure of operating segments [line items]
Sales of goods and other operating revenues	322,121	428,830	461,123
Other operating revenues	9,215	9,273	9,628
Aggregate share of profits from associates and joint ventures	1,723	4,611	6,298
Aggregate investment income	(61)	578	596
Capital expenditure	26,202	22,438	19,578
Depreciation, depletion and amortization	14,376	14,326	13,379
Impairment losses on long-lived assets	3,606	17	1,379
Chemicals | Operating segment
Disclosure of operating segments [line items]
Sales of goods and other operating revenues	362,639	506,995	562,510
Total segment operating income	10,372	17,327	27,307
Total assets	186,033	180,974	161,940
Total liabilities	49,497	58,066	38,924
Chemicals | Elimination of inter-segment amounts
Disclosure of operating segments [line items]
Sales of goods and other operating revenues	(40,518)	(78,165)	(101,387)
Corporate and others
Disclosure of operating segments [line items]
Sales of goods and other operating revenues	458,154	824,507	709,834
Other operating revenues	2,056	1,850	1,523
Aggregate share of profits from associates and joint ventures	3,188	2,330	1,814
Aggregate investment income	766	228	920
Capital expenditure	2,312	1,979	6,906
Depreciation, depletion and amortization	3,072	2,866	1,797
Impairment losses on long-lived assets			16
Corporate and others | Operating segment
Disclosure of operating segments [line items]
Sales of goods and other operating revenues	888,227	1,478,844	1,360,105
Total segment operating income	(393)	64	(9,293)
Total assets	118,458	131,686	152,799
Total liabilities	119,215	137,881	144,216
Corporate and others | Elimination of inter-segment amounts
Disclosure of operating segments [line items]
Sales of goods and other operating revenues	¥ (430,073)	¥ (654,337)	¥ (650,271)

PRINCIPAL SUBSIDIARIES (Details

PRINCIPAL SUBSIDIARIES (Details) ¥ in Millions, $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020HKD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)
Disclosure of subsidiaries [line items]
Particulars of issued and paid up capital			¥ 121,071	¥ 121,071
Sinopec Great Wall Energy & Chemical Company Limited
Disclosure of subsidiaries [line items]
Particulars of issued and paid up capital			22,761
Interests held by the Company	100.00%
Principal activities	Coal chemical industry investment management, production and sale of coal chemical products
Sinopec Yangzi Petrochemical Company Limited
Disclosure of subsidiaries [line items]
Particulars of issued and paid up capital			15,651
Interests held by the Company	100.00%
Principal activities	Manufacturing of intermediate petrochemical products and petroleum products
Sinopec Overseas Investment Holding Limited ("SOIH")
Disclosure of subsidiaries [line items]
Particulars of issued and paid up capital | $		$ 1,662
Interests held by the Company	100.00%
Principal activities	Investment holding of overseas business
Sinopec International Petroleum Exploration and Production Limited ("SIPL")
Disclosure of subsidiaries [line items]
Particulars of issued and paid up capital			8,250
Interests held by the Company	100.00%
Principal activities	Investment in exploration, production and sale of petroleum and natural gas
Sinopec Yizheng Chemical Fibre Limited Liability Company
Disclosure of subsidiaries [line items]
Particulars of issued and paid up capital			4,000
Interests held by the Company	100.00%
Principal activities	Production and sale of polyester chips and polyester fibres
Sinopec Lubricant Company Limited
Disclosure of subsidiaries [line items]
Particulars of issued and paid up capital			3,374
Interests held by the Company	100.00%
Principal activities	Production and sale of refined petroleum products, lubricant base oil, and petrochemical materials
China International United Petroleum and Chemical Company Limited
Disclosure of subsidiaries [line items]
Particulars of issued and paid up capital			5,000
Interests held by the Company	100.00%
Principal activities	Trading of crude oil and petrochemical products
Sinopec Qingdao Petrochemical Company Limited
Disclosure of subsidiaries [line items]
Particulars of issued and paid up capital			1,595
Interests held by the Company	100.00%
Principal activities	Manufacturing of intermediate petrochemical products and petroleum products
Sinopec Catalyst Company Limited
Disclosure of subsidiaries [line items]
Particulars of issued and paid up capital			1,500
Interests held by the Company	100.00%
Principal activities	Production and sale of catalyst products
China Petrochemical International Company Limited
Disclosure of subsidiaries [line items]
Particulars of issued and paid up capital			1,400
Interests held by the Company	100.00%
Principal activities	Trading of petrochemical products
Sinopec Chemical Sales Company Limited
Disclosure of subsidiaries [line items]
Particulars of issued and paid up capital			1,000
Interests held by the Company	100.00%
Principal activities	Marketing and distribution of petrochemical products
Sinopec Beihai Refining and Chemical Limited Liability Company
Disclosure of subsidiaries [line items]
Particulars of issued and paid up capital			5,294
Interests held by the Company	98.98%
Interests held by non-controlling interests	1.02%
Principal activities	Import and processing of crude oil, production, storage and sale of petroleum products and petrochemical products
ZhongKe (Guangdong) Refinery & Petrochemical Company Limited
Disclosure of subsidiaries [line items]
Particulars of issued and paid up capital			6,397
Interests held by the Company	90.30%
Interests held by non-controlling interests	9.70%
Principal activities	Crude oil processing and petroleum products manufacturing
Sinopec Qingdao Refining and Chemical Company Limited
Disclosure of subsidiaries [line items]
Particulars of issued and paid up capital			5,000
Interests held by the Company	85.00%
Interests held by non-controlling interests	15.00%
Principal activities	Manufacturing of intermediate petrochemical products and petroleum products
Sinopec Hainan Refining and Chemical Company Limited
Disclosure of subsidiaries [line items]
Particulars of issued and paid up capital			9,606
Interests held by the Company	75.00%
Interests held by non-controlling interests	25.00%
Principal activities	Manufacturing of intermediate petrochemical products and petroleum products
Marketing Company
Disclosure of subsidiaries [line items]
Particulars of issued and paid up capital			28,403
Interests held by the Company	70.42%
Interests held by non-controlling interests	29.58%
Principal activities	Marketing and distribution of refined petroleum products
Shanghai SECCO
Disclosure of subsidiaries [line items]
Particulars of issued and paid up capital			7,801
Interests held by the Company	67.60%
Interests held by non-controlling interests	32.40%
Principal activities	Production and sale of petrochemical products
Sinopec Kantons
Disclosure of subsidiaries [line items]
Particulars of issued and paid up capital | $	$ 248
Interests held by the Company	60.33%
Interests held by non-controlling interests	39.67%
Principal activities	Provision of crude oil jetty services and natural gas pipeline transmission services
Sinopec-SK
Disclosure of subsidiaries [line items]
Particulars of issued and paid up capital			7,193
Interests held by the Company	59.00%
Interests held by non-controlling interests	41.00%
Principal activities	Production, sale, research and development of petrochemical products, ethylene and downstream byproducts
Gaoqiao Petrochemical Company Limited
Disclosure of subsidiaries [line items]
Particulars of issued and paid up capital			10,000
Interests held by the Company	55.00%
Interests held by non-controlling interests	45.00%
Principal activities	Manufacturing of intermediate petrochemical products and petroleum products
Baling Petrochemical Co. Ltd.
Disclosure of subsidiaries [line items]
Particulars of issued and paid up capital			3,000
Interests held by the Company	55.00%
Interests held by non-controlling interests	45.00%
Principal activities	Crude oil processing and petroleum products manufacturing
Shanghai Petrochemical
Disclosure of subsidiaries [line items]
Particulars of issued and paid up capital			10,824
Interests held by the Company	50.44%
Interests held by non-controlling interests	49.56%
Principal activities	Manufacturing of synthetic fibres, resin and plastics, intermediate petrochemical products and petroleum products
Fujian Petrochemical
Disclosure of subsidiaries [line items]
Particulars of issued and paid up capital			¥ 10,492
Interests held by the Company	50.00%
Interests held by non-controlling interests	50.00%
Principal activities	Manufacturing of plastics, intermediate petrochemical products and petroleum products

PRINCIPAL SUBSIDIARIES - SUMMAR

PRINCIPAL SUBSIDIARIES - SUMMARIZED CONSOLIDATED BALANCE SHEET (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2020	Dec. 31, 2019
Disclosure of summarized consolidated balance sheet [line items]
Current assets	¥ 455,395	¥ 447,310
Current liabilities	(522,190)	(579,978)
Non-current assets	1,278,410	1,312,976
Non-current liabilities	(328,757)	(303,004)
Net assets attributable to owners of the Company	741,494	738,946
Net assets attributable to non-controlling interests	141,364	138,358
Marketing Company
Disclosure of summarized consolidated balance sheet [line items]
Current assets	172,352	129,266
Current liabilities	(201,678)	(192,106)
Net current (liabilities)/assets	(29,326)	(62,840)
Non-current assets	323,571	340,356
Non-current liabilities	(59,554)	(58,732)
Net non-current assets/ (liabilities)	264,017	281,624
Net assets	234,691	218,784
Net assets attributable to owners of the Company	159,205	148,256
Net assets attributable to non-controlling interests	75,486	70,528
Sinopec International Petroleum Exploration and Production Limited ("SIPL")
Disclosure of summarized consolidated balance sheet [line items]
Current assets	22,620	19,151
Current liabilities	(475)	(456)
Net current (liabilities)/assets	22,145	18,695
Non-current assets	8,951	13,234
Non-current liabilities	(18,270)	(16,952)
Net non-current assets/ (liabilities)	(9,319)	(3,718)
Net assets	12,826	14,977
Net assets attributable to owners of the Company	5,876	6,308
Net assets attributable to non-controlling interests	6,950	8,669
Shanghai Petrochemical
Disclosure of summarized consolidated balance sheet [line items]
Current assets	17,305	22,309
Current liabilities	(15,232)	(15,479)
Net current (liabilities)/assets	2,073	6,830
Non-current assets	27,314	23,185
Non-current liabilities	(52)	(21)
Net non-current assets/ (liabilities)	27,262	23,164
Net assets	29,335	29,994
Net assets attributable to owners of the Company	14,727	14,998
Net assets attributable to non-controlling interests	14,608	14,996
Fujian Petrochemical
Disclosure of summarized consolidated balance sheet [line items]
Current assets	1,582	1,788
Current liabilities	(458)	(804)
Net current (liabilities)/assets	1,124	984
Non-current assets	12,568	11,558
Non-current liabilities	(693)	(688)
Net non-current assets/ (liabilities)	11,875	10,870
Net assets	12,999	11,854
Net assets attributable to owners of the Company	6,499	5,927
Net assets attributable to non-controlling interests	6,500	5,927
Sinopec Kantons
Disclosure of summarized consolidated balance sheet [line items]
Current assets	4,373	1,284
Current liabilities	(924)	(2,961)
Net current (liabilities)/assets	3,449	(1,677)
Non-current assets	9,106	12,777
Non-current liabilities	(170)	(158)
Net non-current assets/ (liabilities)	8,936	12,619
Net assets	12,385	10,942
Net assets attributable to owners of the Company	7,454	6,583
Net assets attributable to non-controlling interests	4,931	4,359
Shanghai SECCO
Disclosure of summarized consolidated balance sheet [line items]
Current assets	10,431	11,858
Current liabilities	(2,783)	(3,196)
Net current (liabilities)/assets	7,648	8,662
Non-current assets	12,177	11,473
Non-current liabilities	(1,553)	(1,627)
Net non-current assets/ (liabilities)	10,624	9,846
Net assets	18,272	18,508
Net assets attributable to owners of the Company	12,352	12,511
Net assets attributable to non-controlling interests	5,920	5,997
Sinopec-SK
Disclosure of summarized consolidated balance sheet [line items]
Current assets	3,639	5,337
Current liabilities	(6,377)	(15,037)
Net current (liabilities)/assets	(2,738)	(9,700)
Non-current assets	22,187	21,567
Non-current liabilities	(8,509)	(7)
Net non-current assets/ (liabilities)	13,678	21,560
Net assets	10,940	11,860
Net assets attributable to owners of the Company	6,455	6,997
Net assets attributable to non-controlling interests	¥ 4,485	¥ 4,863

PRINCIPAL SUBSIDIARIES - SUMM_2

PRINCIPAL SUBSIDIARIES - SUMMARIZED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of summarized consolidated statement of comprehensive income [line items]
Operating revenues	¥ 2,105,984	¥ 2,959,799	¥ 2,882,077
Net income/(loss) for the year	41,924	72,083	79,061
Total comprehensive income/(loss)	42,239	77,663	72,437
Comprehensive income/(loss) attributable to non-controlling interests	7,749	14,755	18,347
Marketing Company
Disclosure of summarized consolidated statement of comprehensive income [line items]
Operating revenues	1,099,680	1,427,705	1,443,698
Net income/(loss) for the year	22,415	22,992	22,046
Total comprehensive income/(loss)	21,149	23,362	22,589
Comprehensive income/(loss) attributable to non-controlling interests	7,205	8,289	7,794
Dividends paid to non-controlling interests	2,766	4,830	3,964
Sinopec International Petroleum Exploration and Production Limited ("SIPL")
Disclosure of summarized consolidated statement of comprehensive income [line items]
Operating revenues	2,017	3,282	5,037
Net income/(loss) for the year	1,160	2,831	3,272
Total comprehensive income/(loss)	(720)	2,693	4,536
Comprehensive income/(loss) attributable to non-controlling interests	(287)	1,651	2,737
Dividends paid to non-controlling interests	316	10,926
Shanghai Petrochemical
Disclosure of summarized consolidated statement of comprehensive income [line items]
Operating revenues	74,624	100,270	107,689
Net income/(loss) for the year	656	2,227	5,336
Total comprehensive income/(loss)	645	2,235	5,336
Comprehensive income/(loss) attributable to non-controlling interests	325	1,113	2,645
Dividends paid to non-controlling interests	649	1,344	1,616
Fujian Petrochemical
Disclosure of summarized consolidated statement of comprehensive income [line items]
Operating revenues	4,871	5,535	5,261
Net income/(loss) for the year	243	477	1,576
Total comprehensive income/(loss)	243	477	1,576
Comprehensive income/(loss) attributable to non-controlling interests	121	238	788
Dividends paid to non-controlling interests	150	650	600
Sinopec Kantons
Disclosure of summarized consolidated statement of comprehensive income [line items]
Operating revenues	1,064	1,274	1,398
Net income/(loss) for the year	2,047	1,131	1,065
Total comprehensive income/(loss)	1,814	1,140	1,067
Comprehensive income/(loss) attributable to non-controlling interests	707	433	399
Dividends paid to non-controlling interests	175	159	104
Shanghai SECCO
Disclosure of summarized consolidated statement of comprehensive income [line items]
Operating revenues	21,626	28,341	26,320
Net income/(loss) for the year	2,132	3,137	3,099
Total comprehensive income/(loss)	2,132	3,137	3,099
Comprehensive income/(loss) attributable to non-controlling interests	691	1,016	1,004
Dividends paid to non-controlling interests	767	822	1,191
Sinopec-SK
Disclosure of summarized consolidated statement of comprehensive income [line items]
Operating revenues	28,702	31,016	17,134
Net income/(loss) for the year	(920)	701	1,879
Total comprehensive income/(loss)	(920)	701	1,879
Comprehensive income/(loss) attributable to non-controlling interests	¥ (377)	¥ 245	¥ 658

PRINCIPAL SUBSIDIARIES - SUMM_3

PRINCIPAL SUBSIDIARIES - SUMMARIZED CONSOLIDATED STATEMENT OF CASH FLOWS (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of summarized statement of cash flows [line items]
Net cash generated from operating activities	¥ 167,518	¥ 153,619	¥ 175,937
Net cash generated from (used in) investing activities	(102,203)	(121,051)	(66,648)
Net cash (used in)/generated from financing activities	(36,955)	(84,204)	(111,269)
Net (decrease)/increase in cash and cash equivalents	28,360	(51,636)	(1,980)
Balance at beginning of period	60,438	111,927	113,389
Effect of foreign currency exchange rate changes	(1,239)	147	518
Balance at end of period	87,559	60,438	111,927
Marketing Company
Disclosure of summarized statement of cash flows [line items]
Net cash generated from operating activities	54,139	40,260	24,825
Net cash generated from (used in) investing activities	(40,010)	(25,923)	8,339
Net cash (used in)/generated from financing activities	(12,402)	(21,535)	(32,084)
Net (decrease)/increase in cash and cash equivalents	1,727	(7,198)	1,080
Balance at beginning of period	6,901	14,142	12,921
Effect of foreign currency exchange rate changes	14	(43)	141
Balance at end of period	8,642	6,901	14,142
Sinopec International Petroleum Exploration and Production Limited ("SIPL")
Disclosure of summarized statement of cash flows [line items]
Net cash generated from operating activities	281	2,128	3,467
Net cash generated from (used in) investing activities	(2,659)	678	4,096
Net cash (used in)/generated from financing activities	1,683	(116)	(5,419)
Net (decrease)/increase in cash and cash equivalents	(695)	2,690	2,144
Balance at beginning of period	8,833	5,993	3,605
Effect of foreign currency exchange rate changes	(439)	150	244
Balance at end of period	7,699	8,833	5,993
Shanghai Petrochemical
Disclosure of summarized statement of cash flows [line items]
Net cash generated from operating activities	1,680	5,057	6,659
Net cash generated from (used in) investing activities	(3,888)	(4,623)	(1,928)
Net cash (used in)/generated from financing activities	1,682	(1,737)	(3,507)
Net (decrease)/increase in cash and cash equivalents	(526)	(1,303)	1,224
Balance at beginning of period	7,450	8,742	7,504
Effect of foreign currency exchange rate changes	(8)	11	14
Balance at end of period	6,916	7,450	8,742
Fujian Petrochemical
Disclosure of summarized statement of cash flows [line items]
Net cash generated from operating activities	(244)	622	38
Net cash generated from (used in) investing activities	(649)	(472)	(215)
Net cash (used in)/generated from financing activities	882	(163)	43
Net (decrease)/increase in cash and cash equivalents	(11)	(13)	(134)
Balance at beginning of period	79	92	226
Balance at end of period	68	79	92
Sinopec Kantons
Disclosure of summarized statement of cash flows [line items]
Net cash generated from operating activities	586	716	738
Net cash generated from (used in) investing activities	3,846	397	648
Net cash (used in)/generated from financing activities	(1,250)	(1,208)	(1,551)
Net (decrease)/increase in cash and cash equivalents	3,182	(95)	(165)
Balance at beginning of period	117	198	343
Effect of foreign currency exchange rate changes	(117)	14	20
Balance at end of period	3,182	117	198
Shanghai SECCO
Disclosure of summarized statement of cash flows [line items]
Net cash generated from operating activities	3,119	4,601	3,766
Net cash generated from (used in) investing activities	(4,335)	(91)	(480)
Net cash (used in)/generated from financing activities	(2,879)	(2,050)	(3,676)
Net (decrease)/increase in cash and cash equivalents	(4,095)	2,460	(390)
Balance at beginning of period	9,278	6,817	7,205
Effect of foreign currency exchange rate changes	(2)	1	2
Balance at end of period	5,181	9,278	6,817
Sinopec-SK
Disclosure of summarized statement of cash flows [line items]
Net cash generated from operating activities	(363)	5,532	3,308
Net cash generated from (used in) investing activities	(2,340)	(4,987)	(3,099)
Net cash (used in)/generated from financing activities	2,176	250	525
Net (decrease)/increase in cash and cash equivalents	(527)	795	734
Balance at beginning of period	1,593	798	64
Balance at end of period	¥ 1,066	¥ 1,593	¥ 798

FINANCIAL RISK MANAGEMENT AND_3

FINANCIAL RISK MANAGEMENT AND FAIR VALUES - CREDIT RISK (Details)	12 Months Ended
	Dec. 31, 2020customer
Disclosure of nature and extent of risks arising from financial instruments [line items]
Number of single customer accounted for greater than ten percent of total accounts receivable	0
Basis period of trade accounts receivables expected loss rates	36 months
Basis period of other receivables expected loss rates	12 months
Maximum
Disclosure of nature and extent of risks arising from financial instruments [line items]
Percentage of total accounts receivable	10.00%

FINANCIAL RISK MANAGEMENT AND_4

FINANCIAL RISK MANAGEMENT AND FAIR VALUES - LIQUIDITY RISK - Narrative (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2020	Dec. 31, 2019
FINANCIAL RISK MANAGEMENT AND FAIR VALUES
Borrowings on unsecured basis due to standby credit facilities	¥ 443,966	¥ 379,649
Weighted average interest rate per annum	2.85%	3.57%
Outstanding borrowings under PRC financial institutions	¥ 4,041	¥ 2,947

FINANCIAL RISK MANAGEMENT AND_5

FINANCIAL RISK MANAGEMENT AND FAIR VALUES - LIQUIDITY RISK (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2020	Dec. 31, 2019
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Short-term debts	¥ 23,769	¥ 40,521
Long-term debts	72,037	49,208
Loans from Sinopec Group Company and fellow subsidiaries	17,042	52,915
Lease liabilities	187,598	192,872
Derivative financial liabilities	4,826	2,729
Trade accounts payable and bills payable	161,656	200,023
Trade accounts payable and bills payable	93,623	81,861
Financial liabilities with contractual maturities	560,551	620,129
Short-term debts, undiscounted cash flows	25,280	42,240
Long-term debts, undiscounted cash flows	80,562	62,955
Loans from Sinopec Group Company and fellow subsidiaries, undiscounted cash flows	17,978	54,508
Lease liabilities, undiscounted cash flows	329,083	367,711
Derivative financial liabilities, undiscounted cash flows	4,826	2,729
Trade accounts payable and bills payable, undiscounted cash flow	161,656	200,023
Other payables, undiscounted cash flow	93,623	81,861
Total contractual undiscounted cash flows	713,008	812,027
Within one year
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Short-term debts, undiscounted cash flows	25,280	42,240
Long-term debts, undiscounted cash flows	1,339	952
Loans from Sinopec Group Company and fellow subsidiaries, undiscounted cash flows	5,512	43,623
Lease liabilities, undiscounted cash flows	15,957	16,488
Derivative financial liabilities, undiscounted cash flows	4,826	2,729
Trade accounts payable and bills payable, undiscounted cash flow	161,656	200,023
Other payables, undiscounted cash flow	93,623	81,861
Total contractual undiscounted cash flows	308,193	387,916
Between one and two years
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Long-term debts, undiscounted cash flows	11,753	6,271
Loans from Sinopec Group Company and fellow subsidiaries, undiscounted cash flows	929	985
Lease liabilities, undiscounted cash flows	15,456	15,676
Total contractual undiscounted cash flows	28,138	22,932
More than 2 years but less than 5 years
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Long-term debts, undiscounted cash flows	60,414	25,189
Loans from Sinopec Group Company and fellow subsidiaries, undiscounted cash flows	10,109	7,088
Lease liabilities, undiscounted cash flows	43,513	45,008
Total contractual undiscounted cash flows	114,036	77,285
Thereafter
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Long-term debts, undiscounted cash flows	7,056	30,543
Loans from Sinopec Group Company and fellow subsidiaries, undiscounted cash flows	1,428	2,812
Lease liabilities, undiscounted cash flows	254,157	290,539
Total contractual undiscounted cash flows	¥ 262,641	¥ 323,894

FINANCIAL RISK MANAGEMENT AND_6

FINANCIAL RISK MANAGEMENT AND FAIR VALUES - CURRENCY RISK (Details) ¥ in Millions, $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019SGD ($)	Dec. 31, 2019USD ($)
Disclosure of nature and extent of risks arising from financial instruments [line items]
Increase/decrease rate of RMB against foreign currencies	5.00%	5.00%
USD
Disclosure of nature and extent of risks arising from financial instruments [line items]
Gross exposure arising from loans | $			$ 22		$ 103
Increase(decrease) of net income due to rate of RMB against foreign currencies | ¥	¥ 5	¥ 27
SGD
Disclosure of nature and extent of risks arising from financial instruments [line items]
Gross exposure arising from loans | $				$ 4
Increase(decrease) of net income due to rate of RMB against foreign currencies | ¥		¥ 1

FINANCIAL RISK MANAGEMENT AND_7

FINANCIAL RISK MANAGEMENT AND FAIR VALUES - INTEREST RATE RISK (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
FINANCIAL RISK MANAGEMENT AND FAIR VALUES
Estimated increase/decrease of variable interest rate on basis points	¥ 100	¥ 100
Decrease/Increase in net income attributed to interest rate risk	¥ 245,000,000	¥ 352,000,000

FINANCIAL RISK MANAGEMENT AND_8

FINANCIAL RISK MANAGEMENT AND FAIR VALUES - COMMODITY RISK (Details) ¥ in Millions	12 Months Ended
	Dec. 31, 2020CNY (¥)$ / bbl	Dec. 31, 2019CNY (¥)$ / bbl
FINANCIAL RISK MANAGEMENT AND FAIR VALUES
Derivative financial assets	¥ 12,353	¥ 788
Derivative financial liabilities	¥ 4,808	¥ 2,728
Increase/decrease in basic price of derivative financial instruments | $ / bbl	10	10
Increase / Decrease In Net Income Attributed To Commodity Price Risk	¥ 3,592	¥ 3,134
Decrease/Increase in other reserves attributed to commodity price risk	¥ 10,379	¥ 4,289

FINANCIAL RISK MANAGEMENT AND_9

FINANCIAL RISK MANAGEMENT AND FAIR VALUES - FINANCIAL INSTRUMENTS CARRIED AT FAIR VALUE - ASSETS AND LIABILITIES (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of fair value measurement of assets [line items]
Assets	¥ 1,733,805	¥ 1,760,286	¥ 1,597,401
Liabilities	850,947	882,982	¥ 739,403
Financial assets at fair value
Disclosure of fair value measurement of assets [line items]
Assets	22,789	14,338
Financial liabilities at fair value
Disclosure of fair value measurement of assets [line items]
Liabilities	4,826	2,729
Level 1 of fair value hierarchy | Financial assets at fair value
Disclosure of fair value measurement of assets [line items]
Assets	9,778	219
Level 1 of fair value hierarchy | Financial liabilities at fair value
Disclosure of fair value measurement of assets [line items]
Liabilities	2,471	1,209
Level 2 of fair value hierarchy | Financial assets at fair value
Disclosure of fair value measurement of assets [line items]
Assets	2,900	709
Level 2 of fair value hierarchy | Financial liabilities at fair value
Disclosure of fair value measurement of assets [line items]
Liabilities	2,355	1,520
Level 3 of fair value hierarchy | Financial assets at fair value
Disclosure of fair value measurement of assets [line items]
Assets	10,111	13,410
Derivative financial instruments | Financial liabilities at fair value
Disclosure of fair value measurement of assets [line items]
Liabilities	4,826	2,729
Derivative financial instruments | Level 1 of fair value hierarchy | Financial liabilities at fair value
Disclosure of fair value measurement of assets [line items]
Liabilities	2,471	1,209
Derivative financial instruments | Level 2 of fair value hierarchy | Financial liabilities at fair value
Disclosure of fair value measurement of assets [line items]
Liabilities	2,355	1,520
Structured deposits | Financial assets at fair value through profit or loss
Disclosure of fair value measurement of assets [line items]
Assets		3,318
Structured deposits | Level 3 of fair value hierarchy | Financial assets at fair value through profit or loss
Disclosure of fair value measurement of assets [line items]
Assets		3,318
Equity investments | Financial assets at fair value through other comprehensive income
Disclosure of fair value measurement of assets [line items]
Assets	1,525	1,521
Equity investments | Financial assets at fair value through profit or loss
Disclosure of fair value measurement of assets [line items]
Assets	1	1
Equity investments | Level 1 of fair value hierarchy | Financial assets at fair value through other comprehensive income
Disclosure of fair value measurement of assets [line items]
Assets	149	90
Equity investments | Level 1 of fair value hierarchy | Financial assets at fair value through profit or loss
Disclosure of fair value measurement of assets [line items]
Assets	1	1
Equity investments | Level 3 of fair value hierarchy | Financial assets at fair value through other comprehensive income
Disclosure of fair value measurement of assets [line items]
Assets	1,376	1,431
Derivative financial instruments | Financial assets at fair value
Disclosure of fair value measurement of assets [line items]
Assets	12,528	837
Derivative financial instruments | Level 1 of fair value hierarchy | Financial assets at fair value
Disclosure of fair value measurement of assets [line items]
Assets	9,628	128
Derivative financial instruments | Level 2 of fair value hierarchy | Financial assets at fair value
Disclosure of fair value measurement of assets [line items]
Assets	2,900	709
Trade accounts receivable and bills receivable (i) | Financial assets at fair value through other comprehensive income
Disclosure of fair value measurement of assets [line items]
Assets	8,735	8,661
Trade accounts receivable and bills receivable (i) | Level 3 of fair value hierarchy | Financial assets at fair value through other comprehensive income
Disclosure of fair value measurement of assets [line items]
Assets	¥ 8,735	¥ 8,661

FINANCIAL RISK MANAGEMENT AN_10

FINANCIAL RISK MANAGEMENT AND FAIR VALUES - FINANCIAL INSTRUMENTS CARRIED OTHER THAN FAIR VALUE (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about fair values of financial instruments carried at other than fair value [line items]
Carrying amount	¥ 76,674	¥ 63,998
Fair value	¥ 74,282	¥ 62,646
Minimum
Disclosure of detailed information about fair values of financial instruments carried at other than fair value [line items]
Current market interest rates	0.77%	2.37%
Maximum
Disclosure of detailed information about fair values of financial instruments carried at other than fair value [line items]
Current market interest rates	4.65%	4.90%

RESERVES (Details)

RESERVES (Details) - CNY (¥) ¥ in Millions	Oct. 23, 2020	May 19, 2020	Sep. 17, 2019	May 09, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Balance at beginning of year					¥ 617,875
Profit attributable to ordinary shareholders of the Company					33,096	¥ 57,493	¥ 61,708
Final dividend inspect of the previous year, approved and paid during the year (Note (e))		¥ (23,004)		¥ (31,479)	(23,004)	(31,479)	(48,428)
Interim dividend (Note (f))	¥ (8,475)		¥ (14,529)		(8,475)	(14,529)	(19,371)
Transaction with non-controlling interests					(125)		(311)
Amounts transferred to initial carrying amount of hedged items					1	1,093	5,269
Other comprehensive income					315	5,580	(6,624)
Others					(1,681)	52	(691)
Balance at end of year					620,423	617,875
Capital reserve
Distribution to SAMC in the Acquisition of Baling Branch of SAMC (Note 35)					(972)
Transaction with non-controlling interests					(138)	2,933	(12)
Others					812	9	(431)
Share premium
Others					0
Statutory surplus reserve
Appropriation					1,857	3,745	3,996
Others					0
Discretionary surplus reserve
Others					0
Other reserves
Amounts transferred to initial carrying amount of hedged items					(47)	1,038	5,269
Other comprehensive income					1,406	5,415	(7,618)
Others					200	(35)	818
Retained earnings
Final dividend inspect of the previous year, approved and paid during the year (Note (e))					(23,004)	(31,479)	(48,428)
Interim dividend (Note (f))					(8,475)	(14,529)	(19,371)
Appropriation					(1,857)	(3,745)	(3,996)
Other comprehensive income					(12)
Others					(318)	24	(858)
The Company
Balance at beginning of year					617,875
Balance at end of year					620,423	617,875
The Company | Capital reserve
Balance at beginning of year					29,730
Balance as of January 1						29,730	26,788
Transaction with non-controlling interests					(138)	2,933
Others					812	9
Balance at end of year					29,432	29,730
The Company | Capital reserve | Baling Branch of SAMC
Distribution to SAMC in the Acquisition of Baling Branch of SAMC (Note 35)					(972)
The Company | Share premium
Balance at beginning of year					55,850	55,850
Balance at end of year					55,850	55,850	55,850
The Company | Statutory surplus reserve
Balance at beginning of year					90,423	86,678
Appropriation					1,857	3,745	3,996
Balance at end of year					92,280	90,423	86,678
The Company | Discretionary surplus reserve
Balance at beginning of year					117,000	117,000
Balance at end of year					117,000	117,000	117,000
The Company | Other reserves
Balance at beginning of year					1,941	(4,477)
Amounts transferred to initial carrying amount of hedged items					(47)	1,038
Other comprehensive income					1,406	5,415
Others					200	(35)
Balance at end of year					3,500	1,941	(4,477)
The Company | Retained earnings
Balance at beginning of year					322,931
Balance as of January 1						322,931	¥ 315,167
Profit attributable to ordinary shareholders of the Company					33,096	57,493
Final dividend inspect of the previous year, approved and paid during the year (Note (e))					(23,004)	(31,479)
Interim dividend (Note (f))					(8,475)	(14,529)
Appropriation					(1,857)	(3,745)
Others					(330)	24
Balance at end of year					¥ 322,361	¥ 322,931

RESERVES - NARRATIVE (Details)

RESERVES - NARRATIVE (Details) - CNY (¥) ¥ / shares in Units, ¥ in Millions	Oct. 23, 2020	May 19, 2020	Sep. 17, 2019	May 09, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stated rate of net income transferred to statutory surplus reserve					10.00%
Amount of retained earnings available for distribution					¥ 115,849	¥ 130,645
Final dividend per share in respect of the year proposed					¥ 0.13
Final dividend per share in respect of the year approved		¥ 0.19		¥ 0.26
Final dividend in respect of the year proposed					¥ 15,739
Final dividend in respect of the year approved		¥ 23,004		¥ 31,479	¥ 23,004	¥ 31,479	¥ 48,428
Interim dividend per share for the year					¥ 0.07	¥ 0.12
Interim dividend	¥ 8,475		¥ 14,529		¥ 8,475	¥ 14,529	19,371
Statutory surplus reserve
Stated rate of net income transferred to statutory surplus reserve					10.00%
Appropriation					¥ 1,857	3,745	3,996
Minimum
Stated rate of reserve to registered capital					25.00%
Maximum
Stated rate of reserve to registered capital					50.00%
The Company | Statutory surplus reserve
Appropriation					¥ 1,857	¥ 3,745	¥ 3,996