China Petroleum & Chemical (SNPMF) 20-F 28 Apr 22 2021 FY Annual report (foreign) Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Class of Shares
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	1-15138
Entity Registrant Name	CHINA PETROLEUM & CHEMICAL CORPORATION
Entity Incorporation, State or Country Code	F4
Entity Address, Address Line One	22 Chaoyangmen North Street
Entity Address, Address Line Two	Chaoyang District
Entity Address, City or Town	Beijing
Entity Address, Postal Zip Code	100728
Entity Address, Country	CN
Amendment Flag	false
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
ICFR Auditor Attestation Flag	true
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001123658
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Document Accounting Standard	International Financial Reporting Standards
Auditor Name	KPMG Huazhen LLP	PricewaterhouseCoopers Zhong Tian LLP
Auditor Firm ID	1186	1424
Auditor Location	Beijing, China	Shanghai, the People’s Republic of China
Business Contact [Member]
Class of Shares
Contact Personnel Name	Mr. Huang Wensheng
Entity Address, Address Line One	22 Chaoyangmen North Street
Entity Address, City or Town	Beijing
Entity Address, Postal Zip Code	100728
City Area Code	86 (10)
Local Phone Number	5996 0028
Contact Personnel Fax Number	5996 0386
Entity Address, Country	CN
American Depositary Shares
Class of Shares
Title of 12(b) Security	American Depositary Shares, each representing 100 H Shares of par value RMB1.00 per share
Trading Symbol	SNP
Security Exchange Name	NYSE
H shares
Class of Shares
Title of 12(b) Security	H Shares of par value RMB1.00 per share*
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, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues
Revenue from primary business	¥ 2,679,500	¥ 2,048,654	¥ 2,899,382
Other operating revenues	61,384	56,070	58,486
Sales of goods and other operating revenues	2,740,884	2,104,724	2,957,868
Operating expenses
Purchased crude oil, products and operating supplies and expenses	(2,076,665)	(1,589,821)	(2,367,533)
Selling, general and administrative expenses	(54,978)	(53,668)	(54,390)
Depreciation, depletion and amortization	(115,680)	(107,461)	(109,643)
Exploration expenses, including dry holes	(12,382)	(9,716)	(10,510)
Personnel expenses	(103,492)	(87,525)	(83,054)
Taxes other than income tax	(259,032)	(235,018)	(244,602)
Impairment losses on trade and other receivables	(2,311)	(2,066)	(1,264)
Other operating income /(expenses), net	(21,716)	(5,780)	(356)
Total operating expenses	(2,646,256)	(2,091,055)	(2,871,352)
Operating income	94,628	13,669	86,516
Finance costs
Interest expense	(15,018)	(15,198)	(17,091)
Interest income	5,732	4,803	7,210
Foreign currency exchange (losses)/ gains, net	276	885	(170)
Net finance costs	(9,010)	(9,510)	(10,051)
Investment income	298	37,744	919
Share of profits less losses from associates and joint ventures	23,253	6,712	12,777
Earnings before income tax	109,169	48,615	90,161
Income tax expense	(23,318)	(6,344)	(18,054)
Net income	85,851	42,271	72,107
Attributable to:
Owners of the Company	71,975	33,443	57,517
Non-controlling interests	13,876	8,828	14,590
Net income	¥ 85,851	¥ 42,271	¥ 72,107
Earnings per share:
Basic	¥ 0.59	¥ 0.276	¥ 0.4751
Diluted	¥ 0.59	¥ 0.276	¥ 0.4751

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Net income	¥ 85,851	¥ 42,271	¥ 72,107
Items that may not be reclassified subsequently to profit or loss
Equity investments at fair value through other comprehensive income	(4)	(22)	(31)
Total items that may not be reclassified subsequently to profit or loss	(4)	(22)	(31)
Items that may be reclassified subsequently to profit or loss
Cost of hedging reserve	(220)	162
Share of other comprehensive loss of associates and joint ventures	441	(2,441)	(810)
Cash flow hedges	19,018	7,073	4,941
Foreign currency translation differences	(1,728)	(4,457)	1,480
Total items that may be reclassified subsequently to profit or loss	17,511	337	5,611
Total other comprehensive income	17,507	315	5,580
Total comprehensive income	103,358	42,586	77,687
Attributable to:
Owners of the Company	89,549	34,837	62,932
Non-controlling interests	13,809	7,749	14,755
Total comprehensive income	¥ 103,358	¥ 42,586	¥ 77,687

CONSOLIDATED STATEMENT OF FINAN

CONSOLIDATED STATEMENT OF FINANCIAL POSITION - CNY (¥) ¥ in Millions	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	¥ 108,590	¥ 87,559
Time deposits with financial institutions	113,399	100,498
Financial assets at fair value through profit or loss		1
Derivative financial assets	18,371	12,528
Trade accounts receivable	34,861	35,439
Financial assets at fair value through other comprehensive income	5,939	8,735
Inventories	207,433	152,191
Prepaid expenses and other current assets	69,431	58,709
Total current assets	558,024	455,660
Non-current assets
Property, plant and equipment, net	598,925	593,615
Construction in progress	155,939	125,525
Right-of-use assets	268,408	266,012
Goodwill	8,594	8,620
Interest in associates	148,729	136,163
Interest in joint ventures	60,450	52,179
Financial assets at fair value through other comprehensive income	767	1,525
Deferred tax assets	19,389	25,054
Long-term prepayments and other assets	70,030	74,543
Total non-current assets	1,331,231	1,283,236
Total assets	1,889,255	1,738,896
Current liabilities
Short-term debts	35,252	23,769
Loans from Sinopec Group Company and fellow subsidiaries	2,873	5,264
Lease liabilities	15,173	15,293
Derivative financial liabilities	3,223	4,826
Trade accounts payable and bills payable	215,640	161,908
Contract liabilities	124,622	126,241
Other payables	239,688	179,108
Income tax payable	4,809	6,586
Total current liabilities	641,280	522,995
Non-current liabilities
Long-term debts	78,300	72,037
Loans from Sinopec Group Company and fellow subsidiaries	13,690	11,778
Lease liabilities	170,233	171,740
Deferred tax liabilities	7,910	8,124
Provisions	43,525	45,552
Other long-term liabilities	19,243	18,968
Total non-current liabilities	332,901	328,199
Total liabilities	974,181	851,194
Equity
Share capital	121,071	121,071
Reserves	653,111	625,254
Total equity attributable to owners of the Company	774,182	746,325
Non-controlling interests	140,892	141,377
Total equity	915,074	887,702
Total liabilities and equity	¥ 1,889,255	¥ 1,738,896

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
Balance at January 1, 2019	¥ 121,071	¥ 31,517	¥ 55,850	¥ 86,678	¥ 117,000	¥ (4,477)	¥ 315,167	¥ 722,806	¥ 139,922	¥ 862,728
Balance at beginning 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
Adjustment for business combination of entities under common control (Note 35)		4,729						4,729	1	4,730
Net income							57,517	57,517	14,590	72,107
Other comprehensive income (Note 12)						5,415		5,415	165	5,580
Total comprehensive income for the year						5,415	57,517	62,932	14,755	77,687
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		53				(35)		18	54	72
Balance at end of year at Dec. 31, 2019	121,071	34,503	55,850	90,423	117,000	1,941	322,931	743,719	138,359	882,078
Net income							33,443	33,443	8,828	42,271
Other comprehensive income (Note 12)						1,406	(12)	1,394	(1,079)	315
Total comprehensive income for the year						1,406	33,431	34,837	7,749	42,586
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		870				200	(665)	405	(2,363)	(1,958)
Balance at end of year at Dec. 31, 2020	121,071	34,263	55,850	92,280	117,000	3,500	322,361	746,325	141,377	887,702
Net income							71,975	71,975	13,876	85,851
Other comprehensive income (Note 12)						17,574		17,574	(67)	17,507
Total comprehensive income for the year						17,574	71,975	89,549	13,809	103,358
Amounts transferred to initial carrying amount of hedged items						(19,302)		(19,302)	(648)	(19,950)
Contributions by and distributions to owners:
Final dividend							(15,739)	(15,739)		(15,739)
Interim dividend							(19,371)	(19,371)		(19,371)
Appropriation (Note 43(c))				3,944			(3,944)
Distributions to non-controlling interests									(8,982)	(8,982)
Contributions to subsidiaries from non-controlling interests									1,973	1,973
Total contributions by and distributions to owners		(6,124)		3,944			(39,054)	(41,234)	(7,009)	(48,243)
Transaction with non-controlling interests		(1,396)						(1,396)	(6,796)	(8,192)
Total transactions with owners		(7,520)		3,944			(39,054)	(42,630)	(13,805)	(56,435)
Distribution to sellers in the business combination of entities under common control (Note 35)		(6,124)						(6,124)		(6,124)
Others		319				723	(802)	240	159	399
Balance at end of year at Dec. 31, 2021	¥ 121,071	¥ 27,062	¥ 55,850	¥ 96,224	¥ 117,000	¥ 2,495	¥ 354,480	¥ 774,182	¥ 140,892	¥ 915,074

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENT OF CASH FLOWS
Net cash generated from operating activities	¥ 225,174	¥ 168,520	¥ 154,380
Investing activities
Capital expenditure	(127,965)	(118,321)	(130,328)
Exploratory wells expenditure	(16,956)	(13,315)	(11,497)
Purchase of investments	(4,935)	(6,040)	(3,483)
Payment for financial assets at fair value through profit or loss	(8,150)	(6,700)	(12,851)
Proceeds from settlement of financial assets at fair value through profit or loss	8,248	10,000	35,292
Payment for acquisition of subsidiary, net of cash acquired	(1,106)	(340)	(1,031)
Proceeds from disposal of investments	6,769	51,520	704
Proceeds from disposal of property, plant, equipment and other non-current assets	1,478	2,656	717
Increase in time deposits with maturities over three months	(50,844)	(84,689)	(103,231)
Decrease in time deposits with maturities over three months	34,298	54,950	90,710
Interest received	3,372	2,305	7,094
Investment and dividend income received	10,134	11,510	10,272
(Payments of) / proceeds from other investing activities	459	(6,186)	(3,682)
Net cash used in investing activities	(145,198)	(102,650)	(121,314)
Financing activities
Proceeds from bank and other loans	356,459	558,680	602,576
Repayments of bank and other loans	(338,232)	(540,015)	(614,215)
Contributions to subsidiaries from non-controlling interests	1,001	4,219	3,919
Dividends paid by the Company	(35,110)	(31,479)	(46,008)
Distributions by subsidiaries to non-controlling interests	(8,068)	(4,821)	(7,858)
Interest paid	(5,849)	(7,512)	(6,253)
Payments made to acquire non-controlling interests	(8,198)	(1,121)	(8)
Repayments of lease liabilities	(19,412)	(15,327)	(16,859)
Proceeds from other financing activities	133	700	338
Repayments of other financing activities	(666)	(834)	(334)
Net cash used in financing activities	(57,942)	(37,510)	(84,702)
Net increase/(decrease) in cash and cash equivalents	22,034	28,360	(51,636)
Cash and cash equivalents as at January 1	87,559	60,438	111,927
Effect of foreign currency exchange rate changes	(1,003)	(1,239)	147
Cash and cash equivalents as at December 31	108,590	87,559	60,438
Operating activities
Earnings before income tax	109,169	48,615	90,161
Adjustment for:
Depreciation, depletion and amortization	115,680	107,461	109,643
Dry hole costs written off	7,702	5,928	5,831
Income from associates and joint ventures	(23,253)	(6,712)	(12,777)
Investment income	(298)	(37,744)	(919)
Interest income	(5,732)	(4,803)	(7,210)
Interest expense	15,018	15,198	17,091
Loss/(gain) on foreign currency exchange rate changes and derivative financial instruments	(3,723)	2,003	3,624
Loss/(gain) on disposal of property, plant, equipment and other non-current assets, net	3,062	(398)	1,829
Impairment losses on assets	13,165	26,087	1,790
Impairment losses on trade and other receivables	2,311	2,066	1,264
Cash flows from (used in) operations before changes in working capital	233,101	157,701	210,327
Net changes from:
Accounts receivable and other current assets	(8,177)	(17,610)	(11,803)
Inventories	(58,372)	22,407	(10,019)
Accounts payable and other current liabilities	82,408	15,169	(14,487)
Net charges from operating activities	248,960	177,667	174,018
Income tax paid	(23,786)	(9,147)	(19,638)
Net cash generated from operating activities	¥ 225,174	¥ 168,520	¥ 154,380

PRINCIPAL ACTIVITIES, ORGANIZAT

PRINCIPAL ACTIVITIES, ORGANIZATION AND BASIS OF PREPARATION	12 Months Ended
	Dec. 31, 2021
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 incorporated in the People’s Republic of China (the “PRC”) that, through its subsidiaries (hereinafter collectively referred to as the “Group”), engages in oil and gas and chemical operations. 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 on 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 April 27, 2022. 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 The IASB has issued the following amendments to IFRSs that are first effective for the current accounting period of the Group: ● Amendment to IFRS 16, COVID-19-related rent concessions ● Amendment to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16, interest rate benchmark reform – phase 2 None of these developments have had a material effect on how the Group’s results and financial position for the current or prior periods have been prepared or presented. The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period. (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, 2021 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. 1 PRINCIPAL ACTIVITIES, ORGANIZATION AND BASIS OF PREPARATION (Continued) Basis of preparation (Continued) 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, 2021
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. When assessing whether the Group has power, only substantive rights (held by the Group and other parties) are considered. 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 date of statement of financial position, 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 statement of financial position 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 income statement 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 income statement. 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)). 2 SIGNIFICANT ACCOUNTING POLICIES (Continued) (a) Basis of consolidation (Continued) In the Company’s statement of financial position, 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 and separate 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 income statement, 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’s share of losses exceeds its interest in the associate or the joint venture, the Group’s interest is reduced to nil and recognition of further losses is discontinued except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the investee. For this purpose, the Group’s interest is the carrying amount of the investment under the equity method, together with any other long-term interests that in substance form part of the Group’s net investment in the associate or the joint venture, after applying the expected credit losses (“ECLs”) model to such other long-term interests where applicable. 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. 2 SIGNIFICANT ACCOUNTING POLICIES (Continued) (a) Basis of consolidation (Continued) The consolidated income statement 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 beginning of the earliest period presented 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 date of the statement of financial position. Exchange differences, other than those capitalized as construction in progress, are recognized as income or expense in the “finance costs” section of the consolidated income statement. The results of foreign operations are translated into Renminbi at the applicable rates quoted by the PBOC prevailing on the transaction dates. The statement of financial position items, including goodwill arising on consolidation of foreign operations are translated into Renminbi at the closing foreign exchange rates at the date of the statement of financial position. 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 income statement 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 loss allowances for ECLs (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. 2 SIGNIFICANT ACCOUNTING POLICIES (Continued) (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 income statement 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 income statement 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 ​ 3% ​ Equipment, machinery and others 4 to 30 years ​ 3% ​ ​ 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. 2 SIGNIFICANT ACCOUNTING POLICIES (Continued) (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. 2 SIGNIFICANT ACCOUNTING POLICIES (Continued) (j) Financial assets (Continued) 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 ECLs on a financial asset that is measured at amortized cost and a debt instrument that is measured at FVOCI. The Group measures and recognizes ECLs, considering reasonable and supportable information about the relevant past events, current conditions and forecasts of future economic conditions. The Group measures the ECLs of financial instruments on different stages at each the date of the statement of financial position. 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 ECLs. 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 ECLs. 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 ECLs. For financial instruments that have low credit risk at the date of the statement of financial position, 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 ECLs. 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 ECLs. 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 amount accumulated in the fair value reserve is transferred to retained earnings. It is not recycled through profit or loss. While on derecognition of other financial assets, this difference is recognized in profit or loss. (iv) Financial guarantees are contracts that require the issuer (i.e. the guarantor) to make specified payments to reimburse the beneficiary of the guarantee (the “holder”) for a loss the holder incurs because a specified debtor fails to make payment when due in accordance with the terms of a debt instrument. 2 SIGNIFICANT ACCOUNTING POLICIES (Continued) (j) Financial assets (Continued) Financial guarantees issued are initially recognized at fair value, which is determined by reference to fees charged in an arm’s length transaction for similar services, when such information is obtainable, or to interest rate differentials, by comparing the actual rates charged by lenders when the guarantee is made available with the estimated rates that lenders would have charged, had the guarantees not been available, where reliable estimates of such information can be made. Where consideration is received or receivable for the issuance of the guarantee, the consideration is recognized in accordance with the Group’s policies applicable to that category of asset. Where no such consideration is received or receivable, an immediate expense is recognized in profit or loss. Subsequent to initial recognition, the amount initially recognized as deferred income is amortized in profit or loss over the term of the guarantee as income from financial guarantees issued. The Group monitors the risk that the specified debtor will default on the contract and recognizes a provision when ECLs on the financial guarantees are determined to be higher than the carrying amount in respect of the guarantees (i.e. the amount initially recognized, less accumulated amortization). (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 date of the statement of financial position, 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. 2 SIGNIFICANT ACCOUNTING POLICIES (Continued) (m) Derivative financial instruments and hedge accounting (Continued) 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. 2 SIGNIFICANT ACCOUNTING POLICIES (Continued) (m) Derivative financial instruments and hedge accounting (Continued) 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. Fair value hedges A fair value hedge is a hedge of the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment, or a portion of such an asset, liability or firm commitment. The gain or loss from remeasuring the hedging inst

REVENUE FROM PRIMARY BUSINESS

REVENUE FROM PRIMARY BUSINESS	12 Months Ended
	Dec. 31, 2021
REVENUE FROM PRIMARY BUSINESS
REVENUE FROM PRIMARY BUSINESS	3. REVENUE FROM PRIMARY BUSINESS ​ Revenue from primary business 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, ​ ​ 2019 ​ 2020 ​ 2021 ​ RMB RMB RMB ​ ​ ​ ​ ​ ​ ​ Gasoline 699,202 557,605 726,057 Diesel 615,342 422,566 542,260 Crude oil ​ 549,720 ​ 351,707 ​ 429,038 Basic chemical feedstock 215,563 155,397 242,532 Synthetic resin 125,739 122,368 149,208 Kerosene ​ 191,636 ​ 72,385 ​ 112,519 Natural gas 53,817 48,099 68,443 Synthetic fiber monomers and polymers 80,952 42,388 45,464 Others(i) 367,411 276,139 363,979 ​ 2,899,382 2,048,654 2,679,500 Notes: (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, 2021
OTHER OPERATING REVENUES
OTHER OPERATING REVENUES	4. OTHER OPERATING REVENUES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2019 2020 2021 ​ ​ RMB ​ RMB ​ RMB ​ ​ ​ ​ ​ ​ ​ Sale of materials and others 57,321 54,986 59,990 Rental income 1,165 1,084 1,394 ​ 58,486 56,070 61,384 ​

SELLING, GENERAL AND ADMINISTRA

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	12 Months Ended
	Dec. 31, 2021
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, ​ 2019 2020 2021 ​ ​ RMB ​ RMB ​ RMB ​ ​ ​ ​ ​ ​ ​ Variable lease payments, low-value and short-term lease payment 1,858 2,683 2,393 Auditor’s remuneration: ​ 　 ​ ​ ​ ​ ​ - Audit services ​ 70 ​ 73 ​ 59 - Others ​ 6 ​ 8 ​ 8 ​

PERSONNEL EXPENSES

PERSONNEL EXPENSES	12 Months Ended
	Dec. 31, 2021
PERSONNEL EXPENSES
PERSONNEL EXPENSES	6. PERSONNEL EXPENSES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2019 2020 2021 ​ ​ RMB ​ RMB ​ RMB ​ ​ ​ ​ ​ ​ ​ Salaries, wages and other benefits 71,029 78,542 91,560 Contributions to retirement schemes (Note 37) 12,025 8,983 11,932 ​ 83,054 87,525 103,492 ​

TAXES OTHER THAN INCOME TAX

TAXES OTHER THAN INCOME TAX	12 Months Ended
	Dec. 31, 2021
TAXES OTHER THAN INCOME TAX
TAXES OTHER THAN INCOME TAX	7. TAXES OTHER THAN INCOME TAX ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2019 2020 2021 ​ ​ RMB ​ RMB ​ RMB ​ ​ ​ ​ ​ ​ ​ Consumption tax (i) 204,388 197,542 213,894 City construction tax (ii) 16,398 15,710 18,044 Education surcharge 12,119 11,678 13,409 Resources tax 5,883 4,572 6,432 Others 5,814 5,516 7,253 ​ 244,602 235,018 259,032 Notes: (i) Consumption tax was levied based on sales quantities of taxable products, tax rate of products is presented as below: ​ ​ ​ ​ 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 and education surcharge is levied on an entity based on its paid amount of value-added tax and consumption tax.

OTHER OPERATING EXPENSE, NET

OTHER OPERATING EXPENSE, NET	12 Months Ended
	Dec. 31, 2021
OTHER OPERATING EXPENSE, NET
OTHER OPERATING EXPENSE, NET	8. OTHER OPERATING INCOME / (EXPENSES), NET ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2019 2020 2021 ​ ​ RMB ​ RMB ​ RMB ​ ​ ​ ​ ​ ​ ​ Government grants(i) 6,933 8,776 6,706 Ineffective portion of change in fair value of cash flow hedges (222) 3,052 694 Net realized and unrealized loss on derivative financial instruments not qualified as hedging (4,384) (1,252) (14,873) Impairment losses on long-lived assets (ii) (356) (14,629) (10,035) (Loss)/gain on disposal of property, plant, equipment and other (1,829) 398 (3,062) Fines, penalties and compensations (173) (43) (220) Donations (210) (301) (165) Others (115) (1,781) (761) ​ (356) (5,780) (21,716) Notes: (i) Government grants for the years ended December 31, 2019, 2020 and 2021 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 3 , RMB 8,495 and RMB 2,467 for the years ended December 31, 2019, 2020 and 2021, respectively. The impairment comprised RMB 3 , RMB 8,435 and RMB 2,467 on property, plant and equipment for the years ended December 31, 2019, 2020 and 2021, respectively, and RMB 60 on construction in progress for the year ended December 31, 2020. 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, 2019, 2020 and 2021, respectively. Further future downward revisions to the Group’s oil or nature gas 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 gas price, with all other variables held constant, would result in additional impairment loss on the Group’s properties, plant and equipment relating to oil and gas producing activities by approximately RMB 184 , RMB 4,548 and RMB 3,628 for the years ended December 31, 2019, 2020 and 2021, respectively. 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 180 , RMB 2,836 and RMB 2,400 for the year ended December 31, 2019, 2020 and 2021. 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 7 , RMB 287 and RMB 180 for the year ended December 31, 2019, 2020 and 2021. 8. OTHER OPERATING INCOME / (EXPENSES), NET (Continued) Impairment losses recognized for the chemicals segment were RMB 17, RMB 3,675 and RMB 5,332 for the years ended December 31, 2019, 2020 and 2021, respectively, and comprised of impairment losses of RMB 4, RMB 2,680 and RMB 5,184 on property, plant and equipment for the years ended December 31, 2019, 2020 and 2021, respectively, RMB 29, RMB 744 and RMB 62 on construction in progress for the years ended December 31, 2019, 2020 and 2021, RMB 16 on intangible assets for the years ended December 31, 2021, RMB 251, RMB 70 for investment on associates and joint ventures for the year ended December 31, 2020 and 2021, respectively, written back RMB 16 on entrusted loans for the year ended December 31, 2019. Impairment losses recognized for the refining segment were RMB 256, RMB 1,923 and RMB 860 for the years ended December 31, 2019, 2020 and 2021, respectively, and comprised of impairment losses of RMB 151, RMB 226 and RMB 860 on property, plant and equipment for the years ended December 31, 2019, 2020 and 2021, 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, 2019, 2020 and 2021. The primary factors resulting in the impairment losses were due to the suspension of operations of certain production facilities, and evidence that indicate the economic performance of certain production facilities was lower than the expectation. The carrying amounts of these facilities were written down to their recoverable amounts, which were determined based on the present values of expected future cash flows of the assets using a pre-tax discount rates ranging from 9.87% to 11.60% and 10.50% to 13.9% for the years ended December 31, 2020 and 2021. Impairment losses recognized on long-lived assets of the marketing and distribution segment were RMB 80, RMB 536 and RMB 1,211 for the years ended December 31, 2019, 2020 and 2021 respectively. The impairment comprised of impairment losses of RMB 52, RMB 442 and RMB 873 on property, plant and equipment for the years ended December 31, 2019, 2020 and 2021, respectively, impairment losses of RMB 47 and RMB 246 on intangible assets for the year ended December 31, 2020 and 2021, respectively, impairment losses of RMB 2 on right of use assets for the year ended December 31, 2021, impairment losses of RMB 7, RMB 8 on investments in associates and joint ventures for the years ended December 31, 2020 and 2021, respectively, impairment losses of RMB 1, RMB 40 and RMB 82 on construction in progress for the years ended December 31, 2019, 2020 and 2021, 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 165 for the year ended December 31, 2021. The impairment comprised of impairment loss of RMB 3 on property, plant and equipment and RMB 162 on investments in associates and joint ventures for the years ended December 31, 2021.

INTEREST EXPENSE

INTEREST EXPENSE	12 Months Ended
	Dec. 31, 2021
INTEREST EXPENSE
INTEREST EXPENSE	9. INTEREST EXPENSE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2019 2020 2021 ​ ​ RMB ​ RMB ​ RMB ​ ​ ​ ​ ​ ​ ​ Interest expense incurred 7,042 ​ 6,517 ​ 5,679 Less: Interest expense capitalized* (1,015) ​ (2,011) ​ (996) ​ 6,027 ​ 4,506 ​ 4,683 Interest expense on lease liabilities ​ 9,646 ​ 9,349 ​ 9,200 Accretion expenses (Note 32) 1,418 ​ 1,343 ​ 1,135 Interest expense 17,091 ​ 15,198 ​ 15,018 * Interest rates per annum at which borrowing costs were capitalized for construction in progress 2.92% to 4.66% ​ 2.60% to 4.66% ​ 1.84% to 4.35% ​

INVESTMENT INCOME

INVESTMENT INCOME	12 Months Ended
	Dec. 31, 2021
INVESTMENT INCOME
INVESTMENT INCOME	10. INVESTMENT INCOME ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2019 ​ 2020 ​ 2021 ​ RMB RMB RMB ​ ​ ​ ​ ​ ​ ​ Investment income from disposal of business and long-term equity investments (i) 185 37,525 82 Dividend income from holding of other equity instrument investments 492 156 34 Others 242 63 182 ​ 919 37,744 298 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 in 2020.

INCOME TAX EXPENSE

INCOME TAX EXPENSE	12 Months Ended
	Dec. 31, 2021
INCOME TAX EXPENSE
INCOME TAX EXPENSE	11. INCOME TAX EXPENSE Income tax expense in the consolidated income statement represents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2019 2020 2021 ​ ​ RMB ​ RMB ​ RMB ​ ​ ​ ​ ​ ​ ​ Current tax - Provision for the year 15,136 14,334 17,522 - Adjustment of prior years (467) (117) (462) Deferred taxation (Note 25) 3,385 (7,873) 6,258 ​ 18,054 6,344 23,318 ​ 11. INCOME TAX EXPENSE (Continued) Reconciliation between actual income tax expense and the expected income tax expense at applicable statutory tax rates is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2019 2020 2021 ​ ​ RMB ​ RMB ​ RMB Earnings before income tax 90,161 48,615 109,169 Expected PRC income tax expense at a statutory tax rate of 25% 22,540 12,154 27,292 Tax effect of non-deductible expenses ​ 2,402 ​ 3,281 ​ 5,948 Tax effect of non-taxable income ​ (4,458) ​ (8,330) ​ (8,096) Tax effect of preferential tax rate (i) (2,003) (1,011) (2,766) Effect of income taxes at foreign operations (312) ​ (730) ​ (222) Tax effect of utilization of previously unrecognized tax losses and temporary differences (335) (65) (701) Tax effect of tax losses not recognized 498 1,087 1,391 Write-down of deferred tax assets 189 75 934 Adjustment of prior years (467) (117) (462) Actual income tax expense 18,054 6,344 23,318 Note: (i) 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 2021. According to Announcement [2020] No. 23 of the Ministry of Finance (“ 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, 2021
OTHER COMPREHENSIVE INCOME
OTHER COMPREHENSIVE INCOME	12. OTHER COMPREHENSIVE INCOME ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2019 ​ 2020 ​ 2021 ​ ​ 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 5,258 (974) 4,284 9,207 (2,295) 6,912 15,659 (3,881) 11,778 Reclassification adjustments for amounts transferred to the consolidated income statement 853 (196) 657 198 (37) 161 8,858 (1,618) 7,240 Net movement during the year recognized in other comprehensive income (i) 6,111 (1,170) 4,941 9,405 (2,332) 7,073 24,517 (5,499) 19,018 Changes in the fair value of instruments at fair value through other comprehensive income (39) 8 (31) (6) (4) (10) (6) 2 (4) 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 ​ (39) ​ 8 ​ (31) ​ (18) ​ (4) ​ (22) ​ (6) ​ 2 ​ (4) Cost of hedging reserve — — — 162 — 162 (220) — (220) Share of other comprehensive (810) — (810) (2,441) — (2,441) 441 — 441 Foreign currency translation differences ​ 1,480 ​ — ​ 1,480 ​ (4,457) ​ — ​ (4,457) ​ (1,728) ​ — ​ (1,728) Other comprehensive income ​ 6,742 ​ (1,162) ​ 5,580 ​ 2,651 ​ (2,336) ​ 315 ​ 23,004 ​ (5,497) ​ 17,507 Note: (i) As at December 31, 2020 and 2021, cash flow hedge reserve amounted to a gain of RMB 8,176 and a gain of RMB 7,244, respectively, of which a gain of RMB 7,805 and a gain of RMB 7,214 were attributable to owners of the Company.

BASIC AND DILUTED EARNINGS PER

BASIC AND DILUTED EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2021
Earnings per share [abstract]
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, 2019, 2020 and 2021 is based on the net income attributable to ordinary owners of the Company of RMB 57,517, RMB 33,443 and RMB 71,975, 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, 2019, 2020 and 2021 is based on the net income attributable to ordinary owners of the Company (diluted) of RMB 57,517, RMB 33,443 and RMB 71,975, 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) ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2020 2021 ​ ​ RMB ​ RMB ​ RMB ​ ​ ​ ​ ​ ​ ​ Net income attributable to ordinary owners of the Company 57,517 33,443 71,975 Net income attributable to ordinary owners of the Company (diluted) 57,517 33,443 71,975 ​ (ii) ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2020 2021 ​ ​ Number of ​ Number of ​ Number of ​ ​ shares ​ shares ​ shares ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares as at December 31 121,071,209,646 121,071,209,646 121,071,209,646 Weighted average number of shares (diluted) as at 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, 2021
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, 2021
TRADE ACCOUNTS RECEIVABLE
TRADE ACCOUNTS RECEIVABLE	15. TRADE ACCOUNTS RECEIVABLE ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2021 ​ ​ RMB ​ RMB ​ ​ ​ ​ ​ Amounts due from third parties 22,473 30,159 Amounts due from Sinopec Group Company and fellow subsidiaries 12,045 2,199 Amounts due from associates and joint ventures 4,781 6,536 ​ 39,299 38,894 Less: Loss allowance for ECLs ​ (3,860) ​ (4,033) ​ 35,439 34,861 ​ The ageing analysis of trade accounts receivable (net of loss allowance for ECLs) is as follows: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2020 ​ 2021 ​ RMB RMB ​ ​ ​ ​ ​ Within one year 34,361 34,180 Between one and two years 931 442 Between two and three years 64 221 Over three years 83 18 ​ 35,439 34,861 ​ 15. TRADE ACCOUNTS RECEIVABLE (Continued) Loss allowance for ECLs are analyzed as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2020 2021 ​ ​ RMB ​ RMB ​ RMB ​ ​ ​ ​ ​ ​ ​ Balance as at January 1 606 1,848 3,860 Provision for the year 1,566 2,173 436 Written back for the year (283) (68) (127) Written off for the year (41) (23) (30) Others — (70) (106) Balance as at December 31 1,848 3,860 4,033 ​ 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, 2021
INVENTORIES
INVENTORIES	16. INVENTORIES ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2021 ​ ​ RMB ​ RMB ​ ​ ​ ​ ​ Crude oil and other raw materials 60,379 109,940 Work in progress 13,066 15,701 Finished goods 78,481 84,174 Spare parts and consumables 3,372 2,515 ​ 155,298 212,330 Less: Allowance for diminution in value of inventories (3,107) (4,897) ​ 152,191 207,433 ​ Allowance for diminution in value of inventories is analyzed as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2020 2021 ​ ​ RMB ​ RMB ​ RMB ​ ​ ​ ​ ​ ​ ​ Balance as at January 1 ​ 6,401 ​ 2,597 ​ 3,107 Allowance for the year 1,616 11,689 3,148 Reversal of allowance (199) (333) (18) Written off (5,233) (10,795) (1,300) Others 12 (51) (40) Balance as at December 31 2,597 3,107 4,897 ​ During the years ended December 31, 2019, 2020 and 2021, the costs of inventories recognized as an expense in the consolidated income statement were RMB 2,438,298, RMB 1,657,227 and RMB 2,177,141, respectively. Such costs include the write-down of inventories of RMB 1,616, RMB 11,689 and RMB 3,148, respectively, and the reversal of write-down of inventories of RMB 199, RMB 333 and RMB 18, 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 income statement. The write-down of inventories which were realized primarily with the sales of inventories for the years ended December 31, 2019, 2020 and 2021 were RMB 5,233, RMB 10,795 and RMB 1,300. The write-down of inventories for the year ended December 31, 2021 was mainly related to crude oil and finished goods.

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	12 Months Ended
	Dec. 31, 2021
PREPAID EXPENSES AND OTHER CURRENT ASSETS
PREPAID EXPENSES AND OTHER CURRENT ASSETS	17. PREPAID EXPENSES AND OTHER CURRENT ASSETS ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2021 ​ ​ RMB ​ RMB ​ ​ ​ ​ ​ Receivables 35,096 35,918 Advances to suppliers 4,857 9,267 Value-added input tax to be deducted 18,625 19,137 Prepaid income tax 131 5,109 ​ 58,709 69,431 ​

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Dec. 31, 2021
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 at January 1, 2020 132,327 727,552 1,027,324 1,887,203 Additions 390 1,563 5,163 7,116 Transferred from construction in progress 10,965 32,214 98,427 141,606 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 (6,396) (806) (131,501) (138,703) Exchange adjustments (141) (2,806) (226) (3,173) Balance as at December 31, 2020 138,550 757,592 996,702 1,892,844 ​ ​ ​ ​ ​ Balance as at January 1, 2021 138,550 757,592 996,702 1,892,844 Additions 509 2,192 5,177 7,878 Transferred from construction in progress 5,487 40,357 65,182 111,026 Reclassifications 646 (617) (29) — Invest into the joint ventures and associated companies ​ (8) ​ — ​ (188) ​ (196) Reclassification to other long-term assets (665) (22) (1,027) (1,714) Disposals (1,297) (5,517) (17,495) (24,309) Exchange adjustments (57) (940) (95) (1,092) Balance as at December 31, 2021 143,165 793,045 1,048,227 1,984,437 ​ ​ ​ ​ ​ Accumulated depreciation and impairment losses: Balance as at January 1, 2020 61,069 587,192 608,622 1,256,883 Depreciation for the year 4,680 32,054 48,760 85,494 Impairment losses for the year 684 4,739 6,360 11,783 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 (3,229) (464) (48,125) (51,818) Exchange adjustments (49) (2,703) (138) (2,890) Balance as at December 31, 2021 63,540 620,720 614,969 1,299,229 ​ ​ ​ ​ ​ ​ Balance as at January 1, 2021 63,540 620,720 614,969 1,299,229 Depreciation for the year 4,586 39,670 48,568 92,824 Impairment losses for the year 742 1,904 6,774 9,420 Reclassifications 185 (410) 225 — Invest into the joint ventures and associated companies ​ (5) ​ — ​ (133) ​ (138) Reclassification to other long-term assets (82) (7) (170) (259) Written back on disposals (771) (135) (13,668) (14,574) Exchange adjustments (29) (904) (57) (990) Balance as at December 31, 2021 68,166 660,838 656,508 1,385,512 ​ ​ ​ ​ ​ ​ Net book value: Balance as at January 1, 2020 71,258 140,360 418,702 630,320 Balance as at December 31, 2020 75,010 ​ 136,872 381,733 ​ 593,615 Balance as at December 31, 2021 74,999 ​ 132,207 391,719 ​ 598,925 ​ The Group compares the carrying amount of individual cash-generating units which were grouped for the property, plant and equipment related to oil and gas producing activities with its value in use, using a discounted cash flow forecast prepared based on the future production profiles included in the oil and gas reserve reports, and recorded impairment losses amounting to RMB 8,435 and RMB 2,467 for the years ended 31 December 2020 and 2021. 18. PROPERTY, PLANT AND EQUIPMENT (Continued) The additions to oil and gas properties of the Group for the years ended December 31, 2020 and 2021 included RMB 1,563 and RMB 2,163 respectively, of estimated dismantlement costs for site restoration. As at December 31, 2020 and 2021, the Group had no individual substantial property, plant and equipment which have been pledged. As at December 31, 2020 and 2021, the Group had no individual significant property, plant and equipment which were temporarily idle or pending for disposal. As at December 31, 2020 and 2021, 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, 2021
CONSTRUCTION IN PROGRESS
CONSTRUCTION IN PROGRESS	19. CONSTRUCTION IN PROGRESS ​ ​ ​ ​ ​ ​ ​ 2020 2021 ​ ​ RMB ​ RMB ​ ​ ​ ​ ​ Balance as at January 1 176,119 125,525 Additions 131,099 159,729 Dry hole costs written off (5,928) (7,702) Transferred to property, plant and equipment (141,606) (111,026) Reclassification to other long-term assets (11,464) (10,302) Impairment losses for the year (844) (144) Disposals and others (21,798) (107) Exchange adjustments (53) (34) Balance as at December 31 125,525 155,939 ​ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2020 2021 ​ ​ RMB ​ RMB ​ RMB ​ ​ ​ ​ ​ ​ ​ At beginning of year 7,296 8,961 11,129 Additions, pending the determination of proved reserves 8,528 10,779 12,666 Transferred to oil and gas properties based on the determination of proved reserves (2,822) (3,687) (6,208) Dry hole costs written off (4,041) (4,924) (5,332) At end of year 8,961 11,129 12,255 ​ The above disclosure did not include amounts that were capitalized and subsequently expensed in the same year. ​ Aging of capitalized exploratory well costs based on the date the drilling was completed are analyzed as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2019 2020 2021 ​ ​ RMB ​ RMB ​ RMB ​ ​ ​ ​ ​ ​ ​ One year or less 7,794 10,586 11,168 Over one year 1,167 543 1,087 ​ 8,961 11,129 12,255 ​ 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, 2019, 2020 and 2021 amounted to RMB 4,024, RMB 3,166 and RMB 4,174, respectively.

RIGHT-OF-USE ASSETS

RIGHT-OF-USE ASSETS	12 Months Ended
	Dec. 31, 2021
RIGHT-OF-USE ASSETS
RIGHT-OF-USE ASSETS	20. RIGHT-OF-USE ASSETS ​ ​ ​ ​ ​ ​ ​ ​ ​ Land Others Total ​ ​ RMB ​ RMB ​ RMB Cost: Balance as at January 1, 2020 248,775 34,188 282,963 Additions 14,370 9,653 24,023 Decreases (9,790) (3,140) (12,930) Balance as at December 31, 2020 253,355 40,701 294,056 ​ ​ ​ ​ ​ ​ Balance as at January 1, 2021 ​ 253,355 ​ 40,701 ​ 294,056 Additions ​ 13,263 ​ 9,650 ​ 22,913 Decreases ​ (2,862) ​ (3,430) ​ (6,292) Balance as at December 31, 2021 ​ 263,756 ​ 46,921 ​ 310,677 ​ ​ ​ ​ ​ ​ Accumulated depreciation: Balance as at January 1, 2020 9,101 5,702 14,803 Additions 9,358 6,354 15,712 Decreases (896) (1,575) (2,471) Balance as at December 31, 2020 17,563 10,481 28,044 ​ ​ ​ ​ ​ ​ Balance as at January 1, 2021 ​ 17,563 ​ 10,481 ​ 28,044 Additions ​ 9,966 ​ 6,863 ​ 16,829 Decreases ​ (407) ​ (2,197) ​ (2,604) Balance as at December 31, 2021 ​ 27,122 ​ 15,147 ​ 42,269 ​ ​ ​ ​ ​ ​ Net book value: ​ ​ ​ Balance as at January 1, 2020 ​ 239,674 ​ 28,486 ​ 268,160 Balance as at December 31, 2020 ​ 235,792 ​ 30,220 ​ 266,012 Balance as at December 31, 2021 ​ 236,634 ​ 31,774 ​ 268,408 ​

GOODWILL

GOODWILL	12 Months Ended
	Dec. 31, 2021
GOODWILL
GOODWILL	21. GOODWILL ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2021 ​ ​ RMB ​ RMB ​ ​ ​ ​ ​ Cost 16,481 16,455 Less: Accumulated impairment losses (7,861) (7,861) ​ 8,620 8,594 ​ 21. GOODWILL (Continued) Impairment tests for cash-generating units containing goodwill Goodwill is allocated to the following Group’s cash-generating units: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ 2020 2021 ​ ​ PRINCIPAL ACTIVITIES ​ 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 1,032 1,006 ​ 8,620 8,594 ​ 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 11.4% to 13.4% and 11.4% to 11.7% for the years ended December 31, 2020 and 2021, respectively. Cash flows beyond the one-year period are maintained constant. Based on the estimated recoverable amount, no major impairment loss was recognized for the year ended December 31, 2021. 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, 2021
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. 22. INTEREST IN ASSOCIATES (Continued) The Group’s principal associates are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Particulars ​ Percentage ​ of equity ​ ​ ​ ​ ​ ​ ​ ​ Form of ​ of issued ​ of equity ​ held by the ​ ​ ​ ​ ​ ​ ​ ​ business ​ and paid ​ held by the ​ Company’s ​ Principal ​ Country of ​ Principal place Name of company structure up capital 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 Sinopec Capital Co.,Ltd. ("Sinopec Capital") ​ Incorporated ​ Registered capital RMB 10,000 million ​ 49.00 ​ — ​ Project and equity investment, investment management, investment consulting, self-owned equity management ​ PRC ​ PRC 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 ​ Sinopec Capital ​ Synergetic Energy ​ CIR ​ ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 ​ ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB Current assets ​ 74,012 ​ 86,335 ​ 175,139 ​ 194,458 ​ 11,871 ​ 13,140 ​ 3,721 ​ 3,532 ​ 2,402 ​ 576 Non-current assets 655,982 768,161 53,008 55,086 ​ 106 ​ 102 53,124 51,331 903 870 Current liabilities (55,562) (136,150) (197,872) (217,987) ​ (18) ​ (28) (8,315) (8,577) (699) (822) Non-current liabilities (104,150) (103,243) (514) (602) ​ (411) ​ (676) (28,422) (22,216) (286) (144) Net assets 570,282 615,103 29,761 30,955 ​ 11,548 ​ 12,538 20,108 24,070 2,320 480 Net assets attributable to owners of the Company 505,336 526,241 29,761 30,955 ​ 11,548 ​ 12,538 20,108 24,070 2,320 480 Net assets attributable to non-controlling interests 64,946 88,862 — — ​ — ​ — — — — — Share of net assets from associates 70,747 73,674 14,583 15,168 ​ 5,659 ​ 6,144 7,792 9,327 1,160 240 Carrying Amounts 70,747 73,674 14,583 15,168 ​ 5,659 ​ 6,144 7,792 9,327 1,160 240 ​ Summarized statement of comprehensive income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ PipeChina ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Zhongtian Synergetic ​ ​ ​ ​ ​ ​ ​ ​ (ii) ​ Sinopec Finance ​ Sinopec Capital ​ Energy ​ CIR Year ended December 31 2020 2021 2019 2020 2021 2019 2020 2021 2019 2020 2021 2019 2020 2021 ​ ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB Operating revenues ​ 22,766 ​ 101,572 ​ 4,966 ​ 4,742 ​ 5,177 ​ — ​ 2 ​ 2 ​ 13,329 ​ 11,707 ​ 16,959 ​ 2,334 ​ 1,252 ​ 1,826 Net income for the year ​ 6,444 ​ 29,776 ​ 2,234 ​ 2,027 ​ 2,168 ​ 232 ​ 1,278 ​ 990 ​ 1,994 ​ 551 ​ 4,184 ​ 424 ​ 181 ​ 461 Other comprehensive income — 2 411 ​ (372) 26 ​ — ​ — ​ — — ​ — — 151 ​ (308) 3 Total comprehensive income 6,444 29,778 2,645 ​ 1,655 2,194 ​ 232 ​ 1,278 ​ 990 1,994 ​ 551 4,184 575 ​ (127) 464 Dividends declared by associates — 442 — ​ — 490 ​ — ​ — ​ — 219 ​ 284 86 — ​ 2,517 1,152 Share of net income from associates 709 3,205 1,095 ​ 993 1,062 ​ 114 ​ 626 ​ 485 773 ​ 214 1,621 212 ​ 91 231 Share of other comprehensive income from associates (iii) — — 201 ​ (182) 13 ​ — ​ — ​ — — ​ — — 76 ​ (154) 2 ​ The share of net income for years ended December 31, 2019, 2020 and 2021 in all individually immaterial associates accounted for using equity method in aggregate were RMB 6,198, RMB 3,444 and 7,283 respectively. The share of other comprehensive income for the years ended December 31, 2019, 2020 and 2021 in all individually immaterial associates accounted for using equity method in aggregate were a loss of RMB 299 , a loss of RMB 1,101 and a profit of RMB 271, respectively. The carrying amount as at December 31, 2020 and 2021 of all individually immaterial associates accounted for using equity method in aggregate were RMB 36,222 and RMB 44,176, respectively. 22. INTEREST IN ASSOCIATES (Continued) Summarized statement of comprehensive income (Continued) 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) 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. (iii) Including foreign currency translation differences.

INTEREST IN JOINT VENTURES

INTEREST IN JOINT VENTURES	12 Months Ended
	Dec. 31, 2021
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 ​ ​ ​ ​ ​ ​ Country of ​ issued and paid ​ equity held by ​ the Company’s ​ ​ ​ Principal 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, ​ 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 ​ ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB Current assets ​ ​ ​ ​ Cash and cash equivalents 7,448 6,562 1,838 5,375 1,280 1,258 1,408 5,441 ​ 5,259 ​ 4,820 Other current assets 7,492 9,217 4,777 6,953 1,223 2,188 7,516 12,404 ​ 2,665 ​ 3,437 Total current assets 14,940 15,779 6,615 12,328 2,503 3,446 8,924 17,845 ​ 7,924 ​ 8,257 Non-current assets 15,237 13,744 9,993 9,336 12,531 14,032 45,413 41,947 ​ 18,258 ​ 18,835 Current liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current financial liabilities (1,203) (1,177) (456) (77) (38) (32) (9,520) (9,549) ​ (998) ​ (597) Other current liabilities (5,147) (5,008) (2,190) (2,546) (1,043) (1,931) (8,644) (15,844) ​ (3,052) ​ (3,547) Total current liabilities (6,350) (6,185) (2,646) (2,623) (1,081) (1,963) (18,164) (25,393) ​ (4,050) ​ (4,144) Non-current liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-current financial liabilities (8,761) (6,857) — — (85) (85) (29,650) (30,903) ​ (6,773) ​ (7,599) Other non-current liabilities (235) (242) (42) (92) (2,017) (1,439) (2,008) (1,723) ​ (378) ​ (382) Total non-current liabilities (8,996) (7,099) (42) (92) (2,102) (1,524) (31,658) (32,626) ​ (7,151) ​ (7,981) Net assets 14,831 16,239 13,920 18,949 11,851 13,991 4,515 1,773 ​ 14,981 ​ 14,967 Net assets attributable to owners of the Company 14,831 16,239 13,920 18,949 11,439 13,523 4,515 1,773 ​ 14,981 ​ 14,967 Net assets attributable to non-controlling interests — — — — 412 468 — — ​ — ​ — Share of net assets from joint ventures 7,416 8,120 5,568 7,580 5,605 6,626 — — ​ 7,491 ​ 7,484 Carrying Amounts 7,416 8,120 5,568 7,580 5,605 6,626 — — ​ 7,491 ​ 7,484 ​ 23. INTEREST IN JOINT VENTURES (Continued) Summarized statement of comprehensive income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FREP ​ BASF-YPC ​ Taihu ​ YASREF ​ Sinopec SABIC Tianjin Year ended December 31, 2019 2020 2021 2019 2020 2021 2019 2020 2021 2019 2020 2021 2019 2020 2021 ​ RMB ​ RMB RMB RMB ​ RMB RMB ​ RMB ​ RMB RMB RMB ​ RMB RMB RMB ​ RMB RMB Operating revenues 57,047 ​ 38,691 47,224 19,590 ​ 15,701 27,499 15,222 ​ 9,528 15,190 ​ 75,940 ​ 37,337 68,548 20,541 ​ 14,881 24,631 Depreciation, depletion and amortization (2,541) ​ (2,222) (2,789) (1,474) ​ (1,244) (1,467) (629) ​ (541) (667) ​ (3,048) ​ (3,140) (3,224) (1,094) ​ (1,085) (1,164) Interest income 124 ​ 118 147 32 ​ 27 52 94 ​ 291 451 ​ 58 ​ 17 6 171 ​ 183 209 Interest expense (597) ​ (535) (411) (26) ​ (16) (5) (265) ​ (20) (107) ​ (1,470) ​ (1,136) (945) (134) ​ (131) (89) Earning/(loss) before income tax 964 ​ 520 2,261 2,314 ​ 1,518 8,218 3,320 ​ 2,304 2,864 ​ (1,292) ​ (7,193) (2,868) 2,178 ​ 954 1,393 Tax expense (197) ​ (87) (597) (579) ​ (379) (2,054) (708) ​ (378) (601) ​ (8) ​ 1,057 332 (533) ​ (236) (407) Net income/(loss) for the year 767 ​ 433 1,664 1,735 ​ 1,139 6,164 2,612 ​ 1,926 2,263 ​ (1,300) ​ (6,136) (2,536) 1,645 ​ 718 986 Other comprehensive income — ​ — — — ​ — — (1,105) ​ (3,368) (123) ​ (261) ​ (584) (206) — ​ — — Total comprehensive income 767 ​ 433 1,664 1,735 ​ 1,139 6,164 1,507 ​ (1,442) 2,140 ​ (1,561) ​ (6,720) (2,742) 1,645 ​ 718 986 Dividends declared by joint ventures 1,400 ​ 300 128 1,224 ​ 691 454 — ​ — — ​ — ​ — — 1,750 ​ — 500 Share of net income/(loss) from joint ventures 384 ​ 217 832 694 ​ 456 2,466 1,235 ​ 911 1,081 ​ (488) ​ (2,301) — 823 ​ 359 493 Share of other comprehensive income from joint ventures (i) — ​ — — — ​ — — (522) ​ (1,593) (60) ​ (98) ​ (219) — — ​ — — ​ The share of net income for the years ended December 31, 2019, 2020 and 2021 in all individually immaterial joint ventures accounted for using equity method in aggregate were RMB 1,737, RMB 993 and RMB 4,494, respectively. The share of other comprehensive income for the years ended December 31, 2019, 2020 and 2021 in all individually immaterial joint ventures accounted for using equity method in aggregate were a loss of RMB 168, a profit of RMB 808 and a profit of RMB 215, respectively. The carrying amount as at December 31, 2020 and 2021 of all individually immaterial joint ventures accounted for using equity method in aggregate were RMB 26,099 and RMB 30,640, 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, 2021
FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME
FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME	24. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 ​ 2021 ​ ​ RMB ​ RMB ​ ​ ​ Non-current assets ​ ​ ​ ​ Unlisted equity instruments ​ 1,376 ​ 588 Listed equity instruments ​ 149 ​ 179 ​ ​ ​ ​ ​ Current assets ​ ​ ​ ​ Trade accounts receivable and bills receivable (i) 8,735 5,939 ​ ​ 10,260 ​ 6,706 Note: (i) As at December 31, 2020 and 2021, 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, 2021
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, ​ ​ 2020 ​ 2021 ​ 2020 ​ 2021 ​ RMB RMB RMB RMB Receivables and inventories 2,411 3,763 — — Payables 1,286 2,858 — — Cash flow hedges ​ 1,790 ​ 258 ​ (4,420) ​ (2,709) Property, plant and equipment 15,793 16,777 (13,415) (15,037) Tax losses carried forward 13,322 4,749 — — Financial assets at fair value through other comprehensive income ​ 127 ​ 127 ​ (11) ​ (9) Intangible assets ​ 869 ​ 1,008 ​ (517) ​ (492) Others 371 1,056 (676) (870) Deferred tax assets/(liabilities) 35,969 30,596 (19,039) (19,117) ​ The consolidated elimination amount between deferred tax assets and liabilities are as follows: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2020 ​ 2021 ​ ​ RMB RMB ​ ​ ​ ​ ​ Deferred tax assets 10,915 11,207 Deferred tax liabilities ​ 10,915 11,207 ​ Deferred tax assets and liabilities after the consolidated elimination adjustments are as follows: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2020 ​ 2021 ​ RMB RMB ​ ​ ​ ​ ​ Deferred tax assets 25,054 19,389 Deferred tax liabilities 8,124 7,910 ​ As at December 31, 2020 and 2021, certain subsidiaries of the Company did not recognize deferred tax of deductible loss carried forward of RMB 17,718 and RMB 18,342, respectively, of which RMB 4,349 and RMB 5,564 were incurred for the years ended December 31, 2020 and 2021, respectively, because it was not probable that the future taxable profits will be available. These deductible losses carried forward of RMB 4,135, RMB 2,308, RMB 1,986, RMB 4,349 and RMB 5,564 will expire in 2022, 2023, 2024, 2025, 2026 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. 25. DEFERRED TAX ASSETS AND LIABILITIES (Continued) Movements in the deferred tax assets and liabilities are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recognized in ​ Recognized in ​ ​ ​ ​ ​ Balance ​ ​ Balance as at ​ consolidated ​ other ​ ​ ​ Transferred ​ as at ​ ​ 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 ​ ​ Balance as at ​ consolidated ​ other ​ ​ ​ Transferred ​ as at ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recognized in ​ Recognized in ​ ​ ​ ​ ​ Balance ​ ​ Balance as at ​ consolidated ​ other ​ ​ ​ Transferred ​ as at ​ ​ January 1, ​ statement of ​ comprehensive ​ ​ ​ from ​ December 31, ​ 2021 income ​ income ​ Others reserve 2021 ​ RMB RMB RMB RMB RMB ​ RMB ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Receivables and inventories 2,411 1,378 (26) ​ — — ​ 3,763 Payables 1,286 1,572 — — — ​ 2,858 Cash flow hedges ​ (2,630) ​ (203) ​ (5,499) ​ — ​ 5,881 ​ (2,451) Property, plant and equipment 2,378 (1,004) 41 325 — ​ 1,740 Tax losses carried forward 13,322 (8,554) (19) — — ​ 4,749 Financial assets at fair value through other comprehensive income ​ 116 ​ — ​ 2 ​ — ​ — ​ 118 Intangible assets ​ 352 ​ 63 ​ — ​ 101 ​ — ​ 516 Others (305) 490 (3) 4 — ​ 186 Net deferred tax assets/(liabilities) 16,930 (6,258) (5,504) 430 5,881 ​ 11,479 ​

LONG-TERM PREPAYMENTS AND OTHER

LONG-TERM PREPAYMENTS AND OTHER ASSETS	12 Months Ended
	Dec. 31, 2021
LONG-TERM PREPAYMENTS AND OTHER ASSETS
LONG-TERM PREPAYMENTS AND OTHER ASSETS	26. LONG-TERM PREPAYMENTS AND OTHER ASSETS ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2020 ​ 2021 ​ RMB RMB ​ ​ ​ ​ ​ Operating rights of service stations 31,856 29,714 Long-term receivables from and prepayment to Sinopec Group Company and fellow subsidiaries 2,801 1,520 Prepayments for construction projects to third parties 5,861 7,470 Others (i) 34,025 31,326 ​ 74,543 70,030 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: ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2021 ​ RMB RMB Operating rights of service stations Cost: Balance as at January 1 53,549 53,567 Additions 493 912 Decreases (475) (688) Balance as at December 31 53,567 53,791 Accumulated amortization: ​ ​ Balance as at January 1 19,536 21,711 Additions 2,365 2,699 Decreases (190) (333) Balance as at December 31 21,711 24,077 Net book value as at December 31 31,856 29,714 ​

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, 2021
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, ​ ​ 2020 ​ 2021 ​ RMB RMB Third parties’ debts ​ ​ ​ ​ Short-term bank loans 16,111 24,959 RMB denominated 16,111 24,959 Short-term other loans 3 — RMB denominated 3 — Current portion of long-term bank loans 4,637 3,293 RMB denominated 4,613 3,281 USD denominated 24 12 Current portion of long-term corporate bonds — 7,000 RMB denominated — 7,000 ​ 4,637 10,293 Corporate bonds ​ 3,018 ​ — RMB denominated ​ 3,018 ​ — ​ 23,769 35,252 Loans from Sinopec Group Company and fellow subsidiaries ​ ​ Short-term loans 4,642 2,407 RMB denominated 1,141 1,320 USD denominated 3,298 934 Hong Kong Dollar ("HKD") denominated 31 — European Dollar ("EUR") denominated 172 153 Current portion of long-term loans 622 466 RMB denominated 622 466 ​ 5,264 2,873 ​ 29,033 38,125 ​ The Group’s weighted average interest rates on short-term loans were 2.53% and 2.72% per annum as at December 31, 2020 and 2021, respectively. The above borrowings are unsecured. 27. SHORT-TERM AND LONG-TERM DEBTS AND LOANS FROM SINOPEC GROUP COMPANY AND FELLOW SUBSIDIARIES (Continued) ​ Long-term debts represent: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ Interest rate and final maturity ​ 2020 ​ 2021 ​ ​ RMB RMB Third parties’ debts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term bank loans ​ ​ ​ ​ ​ ​ ​ ​ RMB denominated Interest rates ranging from 1.08% to 4.00% per annum as at December 31, 2021 with maturities through 2039 38,226 ​ 38,880 ​ ​ ​ ​ ​ ​ ​ USD denominated Interest rates at 1.55% per annum as at December 31, 2021 with maturities through 2038 92 ​ 64 ​ 38,318 ​ 38,944 ​ ​ ​ ​ ​ ​ ​ Corporate bonds(i) ​ ​ ​ ​ ​ ​ ​ ​ RMB denominated Fixed interest rates ranging from 2.20% to 4.90% per annum as at December 31, 2021 with maturities through 2026 26,977 ​ 38,522 USD denominated Fixed interest rates ranging from 3.13 % to 4.25 % per annum as at December 31, 2021 with maturities through 2043 11,379 ​ 11,127 ​ 38,356 ​ 49,649 Total third parties’ long-term debts 76,674 ​ 88,593 ​ ​ ​ ​ ​ ​ ​ Less: Current portion (4,637) ​ (10,293) ​ 72,037 ​ 78,300 Long-term loans from Sinopec Group Company and fellow subsidiaries ​ ​ ​ ​ RMB denominated ​ Interest rates ranging from 1.08% to 5.23% per annum as at December 31, 2021 with maturities through 2037 ​ 11,013 ​ 12,988 USD denominated Interest rates at 1.65% per annum as at December 31, 2021 with maturities in 2027 1,387 ​ 1,168 ​ ​ ​ ​ ​ ​ ​ Less: Current portion (622) ​ (466) ​ 11,778 ​ 13,690 ​ 83,815 ​ 91,990 ​ 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. ​ Note: (i) The Company issued corporate bonds with a maturity of five years on 26 July 2021 at par value of RMB 100. The total issued amount of the corporate bonds is RMB 5 billion. The corporate bonds adopt a simple interest rate on an annual basis with a fixed rate at 3.20% per annum and the interest is paid once a year. The Company issued corporate bonds with a maturity of three years on 5 August 2021 at par value of RMB 100. The total issued amount of the corporate bonds is RMB 2 billion. The corporate bonds adopt a simple interest rate on an annual basis with a fixed rate at 2.95% per annum and the interest is paid once a year. ​ 27. SHORT-TERM AND LONG-TERM DEBTS AND LOANS FROM SINOPEC GROUP COMPANY AND FELLOW SUBSIDIARIES (Continued) The Company issued corporate bonds with a maturity of two years on 6 August 2021 at par value of RMB 100. The total issued amount of the corporate bonds is RMB 2 billion. The corporate bonds adopt a simple interest rate on an annual basis with a fixed rate at 2.80% per annum and the interest is paid once a year. The Company issued corporate bonds with a maturity of three years on 27 December 2021 at par value of RMB 100. The total issued amount of the corporate bonds is RMB 2.55 billion. The corporate bonds adopt a simple interest rate on an annual basis with a fixed rate at 2.50% 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, 2021
LEASE LIABILITIES
LEASE LIABILITIES	28. LEASE LIABILITIES ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2020 ​ 2021 ​ ​ RMB ​ RMB Lease liabilities Current 15,293 15,173 Non-current 171,740 170,233 ​ 187,033 185,406 ​

TRADE ACCOUNTS AND BILLS PAYABL

TRADE ACCOUNTS AND BILLS PAYABLE	12 Months Ended
	Dec. 31, 2021
TRADE ACCOUNTS PAYABLE AND BILLS PAYABLE
TRADE ACCOUNTS PAYABLE AND BILLS PAYABLE	29. TRADE ACCOUNTS PAYABLE AND BILLS PAYABLE ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2020 ​ 2021 ​ RMB RMB ​ ​ ​ ​ ​ Amounts due to third parties 132,256 193,547 Amounts due to Sinopec Group Company and fellow subsidiaries 11,512 4,227 Amounts due to associates and joint ventures 7,746 6,145 ​ 151,514 203,919 Bills payable 10,394 11,721 Trade accounts payable and bills payable measured at amortized cost 161,908 215,640 ​

CONTRACT LIABILITIES

CONTRACT LIABILITIES	12 Months Ended
	Dec. 31, 2021
CONTRACT LIABILITIES
CONTRACT LIABILITIES	30. CONTRACT LIABILITIES As at December 31, 2020 and 2021, the Group’s contract liabilities primarily represent advances from customers. Related performance obligations are expected to be satisfied and revenue is recognized within one year.

OTHER PAYABLES

OTHER PAYABLES	12 Months Ended
	Dec. 31, 2021
OTHER PAYABLES
OTHER PAYABLES	31. OTHER PAYABLES ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2020 ​ 2021 ​ RMB RMB ​ ​ ​ ​ ​ Salaries and welfare payable 7,129 14,048 Interest payable 667 822 Payables for constructions 42,027 54,596 Other payables 59,023 93,764 Financial liabilities carried at amortized costs 108,846 163,230 Taxes other than income tax 70,262 76,458 ​ 179,108 239,688 ​

PROVISIONS

PROVISIONS	12 Months Ended
	Dec. 31, 2021
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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 2020 ​ 2021 ​ RMB RMB RMB ​ ​ ​ ​ ​ ​ ​ Balance as at January 1 42,007 42,438 43,713 Provision for the year 1,408 1,563 2,163 Accretion expenses 1,418 1,343 1,135 Decrease for the year (2,439) (1,490) (6,435) Exchange adjustments 44 (141) (81) Balance as at December 31 42,438 43,713 40,495 ​

SHARE CAPITAL

SHARE CAPITAL	12 Months Ended
	Dec. 31, 2021
SHARE CAPITAL
SHARE CAPITAL	33. SHARE CAPITAL ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2020 ​ 2021 ​ RMB RMB Registered, issued and fully paid ​ ​ ​ ​ 95,557,771,046 listed A shares (2020: 95,557,771,046) of RMB 1.00 each 95,558 95,558 25,513,438,600 listed H shares (2020: 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. 33. SHARE CAPITAL (Continued) 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 10.1% and 10.6% as at December 31, 2020 and 2021, respectively. The liability-to-asset ratio of the Group was 49.0% and 51.6% as at December 31, 2020 and 2021, 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, 2021
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 20 for further information. ​ 34. COMMITMENTS AND CONTINGENT LIABILITIES (Continued) Capital commitments As at December 31, 2020 and 2021, the capital commitments of the Group are as follows: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2020 ​ 2021 ​ RMB RMB ​ ​ ​ ​ ​ Authorized and contracted for (i) 171,597 184,430 Authorized but not contracted for 33,997 90,227 ​ 205,594 274,657 ​ 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) The investment commitments as at December 31, 2020 and 2021 of the Group were RMB 13,172 and RMB 3,648, respectively. 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 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 179, RMB 231 and RMB 181 for the years ended December 31, 2019, 2020 and 2021, respectively. Estimated future annual payments are as follows: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2020 ​ 2021 ​ RMB RMB ​ ​ ​ ​ ​ Within one year 390 301 Between one and two years 99 112 Between two and three years 66 110 Between three and four years 63 102 Between four and five years 56 64 Thereafter 824 846 ​ 1,498 1,535 ​ 34. COMMITMENTS AND CONTINGENT LIABILITIES (Continued) Contingent liabilities As at December 31, 2020 and 2021, the guarantees by the Group in respect of facilities granted to the parties below are as follows: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2020 ​ 2021 ​ RMB RMB ​ ​ ​ ​ ​ Joint ventures (ii) 6,390 9,117 Associates (iii) 8,450 5,746 ​ 14,840 14,863 ​ Management monitors the risk that the specified debtor will default on the contract and recognizes a provision when ECLs on the financial guarantees are determined to be higher than the carrying amount in respect of the guarantees. At 31 December 2020 and 2021, the Group estimates that there is no material liability having been accrued for ECLs related to the Group’s obligation under these guarantee arrangements. ​ Notes: (ii) The Group provided a guarantee in respect to standby credit facilities granted to Zhongan United Coal Chemical Co., Ltd. (“Zhongan United”) by banks amounting to RMB 7,100. For the years ended December 31, 2020 and 2021 the amount withdrawn (The portion corresponding to the shareholding ratio of the Group) by Zhongan United from banks and guaranteed by the Group was RMB 6,390 and RMB 5,680. The Group provided a guarantee in respect to standby credit facilities granted to Amur Gas Chemical Complex Limited Liability Company (“Amur Gas”) by banks amounting to RMB 23,208. For the years ended December 31, 2020 and 2021 the amount withdrawn (the portion corresponding to the shareholding ratio of the Group) by Amur Gas from banks and guaranteed by the Group was RMB Nil and RMB 3,264. The Group provided a guarantee in respect to payment obligation under the raw material supply agreement of Amur Gas amount to RMB 15,493. For the years ended December 31, 2020 and 2021 Amur Gas has not yet incurred the relevant payment obligations and therefore the Group has no guarantee amount. The Group provided a guarantee in respect the engineering services agreement of Amur Gas amounting to RMB 3,012. For the years ended December 31, 2020 and 2021 the relevant payables for constructions of Amur Gas (the portion corresponding to the shareholding ratio of the Group) and guaranteed by the Group was Nil and RMB 173. (iii) The Group provided a guarantee in respect to standby credit facilities granted to Zhongtian Synergetic Energy by banks amounting to RMB 17,050. For the years ended December 31, 2020 and 2021 the amount withdrawn (the portion corresponding to the shareholding ratio of the Group) by Zhongtian Synergetic Energy from banks and guaranteed by the Group was RMB 8,450 and RMB 5,746. 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. 34. COMMITMENTS AND CONTINGENT LIABILITIES (Continued) Environmental contingencies (Continued) The Group paid normal routine pollutant discharge fees of approximately RMB 9,278, RMB 11,368 and RMB 10,968 in the consolidated financial statements for the years ended December 31, 2019, 2020 and 2021, 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 unfavorable 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 COMBINATIONS

BUSINESS COMBINATIONS	12 Months Ended
	Dec. 31, 2021
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS	35. BUSINESS COMBINATIONS 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（"BalingPetrochemical"). 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. ​ 35. BUSINESS COMBINATIONS (Continued ) The financial condition as at 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 ​ Summarized consolidated income statement for the year ended December 31, 2019 ： Revenue 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 ​ Summarized consolidated statement of financial position as at December 31, 2019 ： ​ ​ ​ ​ ​ ​ ​ ​ Current assets 455,856 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 ​ Summarized 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 from financing activities (84,713) 509 — (84,204) Net increase in cash and cash equivalents (51,756) 120 — (51,636) ​ Pursuant to resolution passed at the Director’s meeting on 26 March 2021, the Company entered into agreements with Sinopec Assets Management Corporation (“SAMC”) and Beijing Orient Petrochemical Industry Co., Ltd. (“BJOPI”), and its subsidiary, Sinopec Beihai Refining and Chemical Limited Liability Company entered into an agreement with Beihai Petrochemical Limited Liability Company of Sinopec Group (“BHP”). According to the relevant agreements, the Company proposed to acquire non equity assets such as the polypropylene devices and utility business assets of Cangzhou Branch held by SAMC, organic plant business held by BJOPI, and the pier operation platform held by BHP. Pursuant to the resolution passed at the Directors’ meeting on 29 November 2021, the Company entered into agreements with SAMC, and Sinopec Beijing Yanshan Petrochemical Co., Ltd. (“SBJYSP”), and its subsidiary, Sinopec Yizheng Chemical Fibre Company Limited entered into an agreement with SAMC. According to the relevant agreements, the Group proposed to acquire non equity assets such as thermal power, water and other business, PBT resin and other business of Yizheng Branch held by SAMC, and thermal power and other businesses held by SBJYSP. The consideration of the transaction amount to RMB 6,124. As the Company, SAMC, BJOPI, BHP and SBJYSP are all under the control of Sinopec Group Company, the transaction described above has been accounted as business combination under common control. Accordingly, the equity and assets acquired from Sinopec Group Company 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 Sinopec Group Company on a combined basis. The transactions under the after-mentioned agreements will further improve the integrated operation level of the Group, optimize the allocation of resources, reduce connected transactions on the whole, so as to enhance the comprehensive competitiveness of the Group in its business locations. 35. BUSINESS COMBINATION (Continued) The financial condition as at December 31,2020 and the results of operation for the years ended December 31, 2019 and 2020 previously reported by the Group have been restated, as set out below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Group, as Acquired assets and Elimination and The Group, ​ ​ previously reported ​ liabilities of Sinopec Group Company ​ Adjustment ​ as restated ​ ​ RMB million ​ RMB million ​ RMB million ​ RMB million ​ Summarized consolidated income statement for the year ended December 31, 2019 ： Revenue 2,959,799 12,918 (14,849) 2,957,868 Net income attributable to owners of the Company 57,493 24 — 57,517 Net income attributable to non-controlling interests 14,590 — — 14,590 Basic earnings per share (RMB) 0.4749 0.0002 — 0.4751 Diluted earnings per share (RMB) 0.4749 0.0002 — 0.4751 ​ Summarized consolidated statement of cash flows for the year ended December 31, 2019 ： Net cash generated from operating activities 153,619 761 — 154,380 Net cash used in investing activities (121,051) (263) — (121,314) Net cash used in from financing activities (84,204) (498) — (84,702) Net increase in cash and cash equivalents (51,636) — — (51,636) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Group, as Acquired assets and Elimination and The Group, ​ ​ previously reported ​ liabilities of Sinopec Group Company ​ Adjustment ​ as restated ​ ​ RMB million ​ RMB million ​ RMB million ​ RMB million ​ Summarized consolidated income statement for the year ended December 31, 2020: Revenue 2,105,984 12,233 (13,493) 2,104,724 Net income attributable to owners of the Company 33,096 347 — 33,443 Net income attributable to non-controlling interests 8,828 — — 8,828 Basic earnings per share (RMB) 0.273 0.003 — 0.276 Diluted earnings per share (RMB) 0.273 0.003 — 0.276 ​ ​ ​ ​ ​ Summarized consolidated statement of financial position as at December 31, 2020: ​ ​ ​ ​ Current assets 455,395 480 (215) 455,660 Total assets 1,733,805 5,875 (784) 1,738,896 Current liabilities 522,190 1,020 (215) 522,995 Total liabilities 850,947 1,031 (784) 851,194 Total equity attributable to owners of the Company 741,494 4,831 — 746,325 Non-controlling interests 141,364 13 — 141,377 ​ ​ ​ ​ ​ Summarized consolidated statement of cash flows for the year ended December 31, 2020: ​ ​ ​ ​ Net cash generated from operating activities 167,518 1,002 — 168,520 Net cash used in investing activities (102,203) (447) — (102,650) Net cash used in from financing activities (36,955) (555) — (37,510) Net increase in cash and cash equivalents 28,360 — — 28,360 ​

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2021
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 ​ 2019 ​ 2020 ​ 2021 ​ ​ RMB RMB RMB Sales of goods (i) ​ 279,784 228,307 297,381 Purchases (ii) ​ 181,944 151,300 191,888 Transportation and storage (iii) ​ 8,097 8,734 19,443 Exploration and development services (iv) ​ 33,310 31,444 33,930 Production related services (v) ​ 38,603 31,915 44,405 Ancillary and social services (vi) ​ 3,017 2,952 1,730 Agency commission income (vii) ​ 116 160 194 Interest income (viii) ​ 1,066 704 715 Interest expense (ix) ​ 1,334 919 385 Net deposits withdrawn from/ (placed with) related parties (x) ​ 5,230 (17,585) (8,265) Net funds obtained from/ (placed with) related parties (ix) ​ 3,438 (31,144) 30,305 ​ 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, 2020 and 2021, 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, 2020 and 2021 on lease liabilities in respect of amounts due to Sinopec Group Company and fellow subsidiaries, associates and joint ventures was RMB 8,160 and RMB 7,863. For the years ended December 31, 2019, 2020 and 2021, the amount of rental the Group paid to Sinopec Group Company and fellow subsidiaries, associates and joint ventures for land are RMB 11,333, RMB 11,090 and RMB 10,834, respectively. For the years ended December 31, 2019, 2020 and 2021, the amount of rental the Group paid to Sinopec Group Company and fellow subsidiaries, associates and joint ventures for buildings are RMB 518, RMB 571 and RMB 572, respectively. For the years ended December 31, 2019, 2020 and 2021, the amount of rental the Group paid to Sinopec Group Company and fellow subsidiaries, associates and joint ventures for others are RMB 468, RMB 330 and RMB 269, respectively. As at December 31, 2020 and 2021, 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. 36. RELATED PARTY TRANSACTIONS (Continued) (a) Transactions with Sinopec Group Company and fellow subsidiaries, associates and joint ventures (Continued) 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) 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. (viii) 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 at December 31, 2020 and 2021 were RMB 53,417 and RMB 61,682, respectively. (ix) Interest expense represents interest charges on the loans obtained from Sinopec Group Company and fellow subsidiaries. (x) The Group obtained loans, discounted bills and issued the acceptance bills from Sinopec Group Company and fellow subsidiaries. 36. RELATED PARTY TRANSACTIONS (Continued) (a) Transactions with Sinopec Group Company and fellow subsidiaries, associates and joint ventures (Continued) 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 31 December 2021. 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 1 January 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 Sixth Supplementary Agreement on August 27, 2021, which took effect on January 1, 2022 and made adjustment to “Mutual Supply Agreement” and “Buildings Leasing Contract”, etc. 36. RELATED PARTY TRANSACTIONS (Continued) (a) Transactions with Sinopec Group Company and fellow subsidiaries, associates and joint ventures (Continued) 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, ​ ​ 2020 ​ 2021 ​ RMB RMB ​ ​ ​ ​ ​ Trade accounts receivable 16,777 8,655 Financial assets at fair value through other comprehensive income ​ 760 ​ 186 Prepaid expenses and other current assets ​ 19,422 ​ 14,537 Long-term prepayments and other assets 6,435 3,116 Total 43,394 26,494 ​ ​ ​ ​ ​ Trade accounts payable and bills payable 22,792 14,170 Contract liabilities ​ 5,937 ​ 4,677 Other payables 12,759 50,649 Other long-term liabilities 3,010 2,779 Short-term loans and current portion of long-term loans from Sinopec Group Company and fellow subsidiaries 5,264 2,873 Long-term loans excluding current portion from Sinopec Group Company and fellow subsidiaries 11,778 13,690 Lease liabilities (including to be paid within one year) ​ 162,048 ​ 158,761 Total 223,588 247,599 ​ 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 at and for the year ended December 31, 2021, and as at and for the year ended December 31, 2020, no individually significant loss allowance for ECLs 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, ​ ​ 2019 ​ 2020 ​ 2021 ​ RMB’000 RMB’000 RMB’000 ​ ​ ​ ​ ​ ​ ​ Short-term employee benefits 9,209 5,753 4,612 Retirement scheme contributions 536 342 379 ​ 9,745 6,095 4,991 ​ (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 at December 31, 2020 and 2021, the accrual for the contribution to post-employment benefit plans was not material. 36. RELATED PARTY TRANSACTIONS (Continued) (d) 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, 2021
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 8.0% 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, 2019, 2020 and 2021 were RMB 12,025, RMB 8,983 and RMB 11,932, respectively.

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Dec. 31, 2021
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. 38. SEGMENT REPORTING (Continued) (1) Information of reportable segmental revenues, profits or losses, assets and liabilities (Continued) Information of the Group’s reportable segments is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2019 ​ 2020 ​ 2021 ​ RMB RMB RMB Sales of goods ​ ​ ​ ​ ​ ​ Exploration and production External sales 111,114 104,524 156,026 Inter-segment sales 89,315 57,513 87,298 ​ 200,429 162,037 243,324 Refining ​ ​ ​ External sales 140,837 113,214 167,948 Inter-segment sales 1,077,436 826,219 1,212,455 ​ 1,218,273 939,433 1,380,403 Marketing and distribution ​ ​ External sales 1,393,557 1,062,447 1,367,605 Inter-segment sales 4,159 4,854 7,075 ​ 1,397,716 1,067,301 1,374,680 Chemicals ​ ​ External sales 429,367 322,169 424,774 Inter-segment sales 78,478 40,702 70,242 ​ 507,845 362,871 495,016 Corporate and others ​ ​ ​ External sales 824,507 458,154 563,147 Inter-segment sales 654,337 430,073 732,356 ​ 1,478,844 888,227 1,295,503 Elimination of inter-segment sales (1,903,725) (1,371,215) (2,109,426) Sales of goods 2,899,382 2,048,654 2,679,500 ​ ​ ​ ​ ​ ​ ​ Other operating revenues ​ ​ ​ Exploration and production 10,283 5,718 6,674 Refining 5,460 4,633 5,161 Marketing and distribution 33,247 34,905 36,864 Chemicals 7,646 8,758 10,487 Corporate and others 1,850 2,056 2,198 Other operating revenues 58,486 56,070 61,384 ​ ​ ​ ​ ​ ​ ​ Sales of goods and other operating revenues 2,957,868 2,104,724 2,740,884 ​ 38. SEGMENT REPORTING (Continued) (1) Information of reportable segmental revenues, profits or losses, assets and liabilities (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2019 ​ 2020 ​ 2021 ​ RMB RMB RMB Result ​ ​ ​ ​ ​ ​ Operating income / (loss) ​ ​ ​ ​ ​ ​ By segment - Exploration and production 9,284 (16,476) 4,685 - Refining 30,706 (5,525) 65,279 - Marketing and distribution 29,107 20,828 21,204 - Chemicals 17,395 10,818 11,106 - Corporate and others 64 (393) (3,225) - Elimination (40) 4,417 (4,421) Total segment operating income 86,516 13,669 94,628 Share of profit/(loss) from associates and joint ventures ​ ​ ​ - Exploration and production 3,167 2,117 2,783 - Refining (640) (2,516) 662 - Marketing and distribution 3,309 2,200 3,731 - Chemicals 4,611 1,723 11,323 - Corporate and others 2,330 3,188 4,754 Aggregate share of profits from associates and joint ventures 12,777 6,712 23,253 Investment income ​ ​ ​ - Exploration and production (19) 13,118 55 - Refining 59 14,941 (10) - Marketing and distribution 73 8,980 3 - Chemicals 578 (61) (54) - Corporate and others 228 766 304 Aggregate investment income 919 37,744 298 Net finance costs (10,051) (9,510) (9,010) Earnings before income tax 90,161 48,615 109,169 ​ 38. SEGMENT REPORTING (Continued) (1) Information of reportable segmental revenues, profits or losses, assets and liabilities (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2019 ​ 2020 ​ 2021 ​ RMB RMB RMB Assets ​ ​ ​ ​ ​ ​ Segment assets ​ ​ ​ ​ ​ ​ - Exploration and production 410,950 354,024 371,100 - Refining 321,442 270,766 304,785 - Marketing and distribution 399,242 373,430 377,499 - Chemicals 186,028 190,789 222,803 - Corporate and others 131,686 118,458 133,961 Total segment assets 1,449,348 1,307,467 1,410,148 ​ ​ ​ ​ ​ ​ ​ Interest in associates and joint ventures 152,204 188,342 209,179 Financial assets at fair value through other comprehensive income ​ 1,521 ​ 1,525 ​ 767 Deferred tax assets 17,616 25,054 19,389 Cash and cash equivalents, time deposits with financial institutions 128,052 188,057 221,989 Other unallocated assets 16,961 28,451 27,783 Total assets 1,765,702 1,738,896 1,889,255 ​ ​ ​ ​ 　 ​ ​ ​ Liabilities ​ ​ ​ Segment liabilities ​ ​ ​ - Exploration and production 167,933 163,588 166,486 - Refining 122,371 136,980 146,763 - Marketing and distribution 226,531 234,309 228,826 - Chemicals 58,591 49,625 69,977 - Corporate and others 137,881 119,215 198,828 Total segment liabilities 713,307 703,717 810,880 ​ ​ ​ ​ ​ ​ ​ Short-term debts 40,521 23,769 35,252 Income tax payable 3,267 6,586 4,809 Long-term debts 49,208 72,037 78,300 Loans from Sinopec Group Company and fellow subsidiaries 52,915 17,042 16,563 Deferred tax liabilities 6,809 8,124 7,910 Other unallocated liabilities 17,597 19,919 20,467 Total liabilities 883,624 851,194 974,181 ​ 38. SEGMENT REPORTING (Continued) (1) Information of reportable segmental revenues, profits or losses, assets and liabilities (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2019 ​ 2020 ​ 2021 ​ RMB RMB RMB Capital expenditure ​ ​ ​ ​ ​ ​ Exploration and production 61,739 56,416 68,148 Refining 31,372 24,756 22,469 Marketing and distribution 29,566 25,403 21,897 Chemicals 23,551 28,217 51,648 Corporate and others 1,979 2,312 3,786 ​ 148,207 137,104 167,948 Depreciation, depletion and amortization ​ 　 ​ ​ Exploration and production 50,732 46,273 52,880 Refining 19,718 20,090 20,743 Marketing and distribution 21,572 23,196 23,071 Chemicals 14,755 14,830 16,093 Corporate and others 2,866 3,072 2,893 ​ 109,643 107,461 115,680 Impairment losses on long-lived assets ​ 　 ​ ​ Exploration and production 3 8,495 2,467 Refining 256 1,923 860 Marketing and distribution 80 536 1,211 Chemicals 17 3,675 5,332 Corporate and others — — 165 ​ 356 14,629 10,035 ​ (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, ​ ​ 2019 ​ 2020 ​ 2021 ​ RMB RMB RMB External sales ​ ​ ​ ​ ​ ​ Mainland China 2,122,753 1,720,695 2,166,040 Singapore ​ 505,672 ​ 215,846 ​ 278,024 Others 329,443 168,183 296,820 ​ 2,957,868 2,104,724 2,740,884 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December31, ​ ​ 2019 ​ 2020 ​ 2021 ​ RMB RMB RMB Non-current assets ​ ​ ​ ​ ​ ​ Mainland China 1,240,949 1,216,267 1,268,814 Others 52,705 36,782 40,551 ​ 1,293,654 1,253,049 1,309,365 ​

PRINCIPAL SUBSIDIARIES

PRINCIPAL SUBSIDIARIES	12 Months Ended
	Dec. 31, 2021
PRINCIPAL SUBSIDIARIES
PRINCIPAL SUBSIDIARIES	39. PRINCIPAL SUBSIDIARIES As at December 31, 2021, 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 3,009 100.00 — 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 Hainan Refining and Chemical Company Limited ​ RMB 9,606 ​ 100.00 ​ — ​ Manufacturing of intermediate petrochemical products and petroleum 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 Marketing Company ​ RMB 28,403 ​ 70.42 ​ 29.58 ​ Marketing and distribution of refined petroleum products Shanghai SECCO ​ RMB 500 ​ 67.59 ​ 32.41 ​ Production and sale of petrochemical products Sinopec Kantons Holdings Limited ("Sinopec Kantons") ​ HKD 248 ​ 60.33 ​ 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 ​ 59.00 ​ 41.00 ​ Production, sale, research and development of petrochemical products, ethylene and downstream byproducts Gaoqiao Petrochemical Company Limited ​ RMB 10,000 ​ 55.00 ​ 45.00 ​ Manufacturing of intermediate petrochemical products and petroleum products Baling Petrochemical ​ RMB 3,000 ​ 55.00 ​ 45.00 ​ Crude oil processing and petroleum products manufacturing Sinopec Shanghai Petrochemical Company Limited ("Shanghai Petrochemical") ​ RMB 10,824 ​ 50.44 ​ 49.56 ​ Manufacturing of synthetic fibres, resin and plastics, intermediate petrochemical products and petroleum products Fujian Petrochemical Company Limited ("Fujian Petrochemical") (i) ​ RMB 10,492 ​ 50.00 ​ 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. ​ Note: (i) 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. 39. PRINCIPAL SUBSIDIARIES (Continued) Summarized consolidated statement of financial position ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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, ​ 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 ​ RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB Current assets 172,352 159,599 22,620 22,759 17,305 20,932 1,582 1,464 4,373 4,761 ​ 10,431 ​ 6,066 3,639 6,791 Current liabilities (201,678) (193,315) (475) (1,430) (15,232) (15,796) (458) (142) (924) (196) ​ (2,783) ​ (5,434) (6,377) (8,122) Net current (liabilities)/ assets (29,326) (33,716) 22,145 21,329 2,073 5,136 1,124 1,322 3,449 4,565 ​ 7,648 ​ 632 (2,738) (1,331) Non-current assets 323,571 326,437 8,951 8,954 27,314 25,988 12,568 13,208 9,106 8,195 ​ 12,177 ​ 11,402 22,187 20,650 Non-current liabilities (59,554) (59,604) (18,270) (17,823) (52) (747) (693) (700) (170) (170) ​ (1,553) ​ (1,418) (8,509) (7,512) Net non-current assets/(liabilities) 264,017 266,833 (9,319) (8,869) 27,262 25,241 11,875 12,508 8,936 8,025 ​ 10,624 ​ 9,984 13,678 13,138 Net assets 234,691 233,117 12,826 12,460 29,335 30,377 12,999 13,830 12,385 12,590 ​ 18,272 ​ 10,616 10,940 11,807 Attributable to owners of the Company 159,205 157,557 5,876 6,341 14,727 15,254 6,499 6,915 7,454 7,579 ​ 12,352 ​ 7,175 6,455 6,966 Attributable to non-controlling interests 75,486 75,560 6,950 6,119 14,608 15,123 6,500 6,915 4,931 5,011 ​ 5,920 ​ 3,441 4,485 4,841 ​ Summarized consolidated statement of comprehensive income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketing Company ​ SIPL* ​ Shanghai Petrochemical ​ Fujian Petrochemical ​ Sinopec Kantons ​ Shanghai SECCO ​ ​ ​ Sinopec-SK Year ended December 31, ​ 2019 ​ 2020 ​ 2021 ​ 2019 ​ 2020 ​ 2021 ​ 2019 ​ 2020 ​ 2021 ​ 2019 ​ 2020 ​ 2021 ​ 2019 ​ 2020 ​ 2021 ​ 2019 ​ 2020 ​ 2021 ​ 2019 ​ 2020 ​ 2021 ​ RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB ​ RMB RMB RMB RMB RMB Operating revenues 1,427,705 ​ 1,099,680 ​ 1,408,523 ​ 3,282 ​ 2,017 ​ 2,166 ​ 100,270 ​ 74,624 ​ 89,198 ​ 5,535 ​ 4,871 ​ 5,549 ​ 1,274 ​ 1,064 ​ 528 ​ 28,341 ​ 21,626 ​ 29,723 ​ 31,016 ​ 28,702 ​ 50,208 Net income/(loss) for the year 22,992 ​ 22,415 ​ 18,582 ​ 2,831 ​ 1,160 ​ 1,429 ​ 2,227 ​ 656 ​ 2,077 ​ 477 ​ 243 ​ 951 ​ 1,131 ​ 2,047 ​ 871 ​ 3,137 ​ 2,132 ​ 2,817 ​ 701 ​ (920) ​ 1,606 Total comprehensive income 23,362 ​ 21,149 ​ 18,439 ​ 2,693 ​ (720) ​ 1,045 ​ 2,235 ​ 645 ​ 2,218 ​ 477 ​ 243 ​ 951 ​ 1,140 ​ 1,814 ​ 677 ​ 3,137 ​ 2,132 ​ 2,817 ​ 701 ​ (920) ​ 1,606 Comprehensive income attributable to non-controlling interests 8,289 ​ 7,205 ​ 6,822 ​ 1,651 ​ (287) ​ 579 ​ 1,113 ​ 325 ​ 1,101 ​ 238 ​ 121 ​ 476 ​ 433 ​ 707 ​ 268 ​ 1,016 ​ 691 ​ 2,390 ​ 245 ​ (377) ​ 659 Dividends paid to non-controlling interests 4,830 ​ 2,766 ​ 7,064 ​ 10,926 ​ 316 ​ — ​ 1,344 ​ 649 ​ 541 ​ 650 ​ 150 ​ 64 ​ 159 ​ 175 ​ 164 ​ 822 ​ 767 ​ 1,028 ​ — ​ — ​ — ​ Summarized statement of cash flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketing Company ​ SIPL* ​ Shanghai Petrochemical ​ Fujian Petrochemical ​ Sinopec Kantons ​ Shanghai SECCO ​ Sinopec-SK Year ended December 31, ​ 2019 ​ 2020 ​ 2021 ​ 2019 ​ 2020 ​ 2021 ​ 2019 ​ 2020 ​ 2021 ​ 2019 ​ 2020 ​ 2021 ​ 2019 ​ 2020 ​ 2021 ​ 2019 ​ 2020 ​ 2021 ​ 2019 ​ 2020 ​ 2021 ​ 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 40,260 54,139 28,923 2,128 281 690 5,057 1,680 3,950 622 (244) (292) 716 586 133 ​ 4,601 ​ 3,119 ​ 3,447 5,532 (363) 5,476 Net cash (used in)/ generated from investing activities (25,923) (40,010) 2,420 678 (2,659) 15 (4,623) (3,888) (2,359) (472) (649) 420 397 3,846 1,276 ​ (91) ​ (4,335) ​ 1,534 (4,987) (2,340) (1,789) Net cash (used in)/ generated from financing activities (21,535) (12,402) (31,081) (116) 1,683 (1,172) (1,737) 1,682 (3,393) (163) 882 (142) (1,208) (1,250) (1,066) ​ (2,050) ​ (2,879) ​ (7,828) 250 2,176 (653) Net (decrease)/increase in cash and cash equivalents (7,198) 1,727 262 2,690 (695) (467) (1,303) (526) (1,802) (13) (11) (14) (95) 3,182 343 ​ 2,460 ​ (4,095) ​ (2,847) 795 (527) 3,034 Cash and cash equivalents as at January 1 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 Effect of foreign currency exchange rate changes (43) 14 95 150 (439) (164) 11 (8) (2) — — — 14 (117) (93) ​ 1 ​ (2) ​ (1) — — — Cash and cash equivalents as at December 31 6,901 8,642 8,999 8,833 7,699 7,068 7,450 6,916 5,112 79 68 54 117 3,182 3,432 ​ 9,278 ​ 5,181 ​ 2,333 1,593 1,066 4,100 *The non-controlling interests of subsidiaries which the Group holds 100% of equity interests at the end of the year are the non-controlling interests of their subsidiaries.

FINANCIAL RISK MANAGEMENT AND F

FINANCIAL RISK MANAGEMENT AND FAIR VALUES	12 Months Ended
	Dec. 31, 2021
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 40. FINANCIAL RISK MANAGEMENT AND FAIR VALUES (Continued) Overview (Continued) ● 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 at December 31, 2021, 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 a loss allowance for ECLs 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 ECLs which uses a lifetime expected loss allowance for all trade accounts receivable and financial assets at FVOCI. To measure the ECLs, trade accounts receivable and financial assets at FVOCI have been grouped based on shared credit risk characteristics and the days past due. The ECLs were calculated based on historical actual credit loss experience. The rates were considered the differences between economic conditions during the period over which the historical data has been collected, current conditions and the Group’s view of economic conditions over the expected lives of the receivables. The Group performed the calculation of ECL rates by the operating segment. 40. FINANCIAL RISK MANAGEMENT AND FAIR VALUES (Continued) Credit risk (Continued) The following table provides information about the exposure to credit risk and ECLs for accounts receivable as at December 31, 2021 and 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impairment provision on ​ Impairment provision ​ ​ ​ ​ ​ individual basis ​ on provision matrix basis ​ ​ ​ ​ ​ ​ ​ ​ Impairment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ provision ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ ​ ​ on ​ Weighted- ​ ​ ​ ​ ​ ​ carrying ​ Carrying ​ individual ​ average ​ Impairment ​ Loss ​ ​ amount ​ amount ​ basis ​ loss rate ​ provision ​ allowance December 31, 2020 ​ RMB ​ RMB ​ RMB ​ % ​ RMB ​ RMB Current and within 1 year past due 34,478 5,023 117 0.0 % — 117 1 to 2 years past due 4,062 3,637 3,024 25.2 % 107 3,131 2 to 3 years past due 149 27 18 54.9 % 67 85 Over 3 years past due 610 218 182 88.0 % 345 527 Total 39,299 8,905 3,341 519 3,860 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impairment provision on ​ Impairment provision ​ ​ ​ ​ ​ ​ individual basis ​ onprovision matrix basis ​ ​ ​ ​ ​ ​ ​ ​ Impairment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ provision ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ ​ ​ on ​ Weighted- ​ ​ ​ ​ ​ ​ carrying ​ Carrying ​ individual ​ average ​ Impairment ​ Loss ​ ​ amount ​ amount ​ basis ​ loss rate ​ provision ​ allowance December 31, 2021 ​ RMB ​ RMB ​ RMB ​ % ​ RMB ​ RMB Current and within 1 year past due 34,263 4,280 26 0.2 % 57 83 1 to 2 years past due 623 500 137 35.8 % 44 181 2 to 3 years past due 3,411 3,324 3,146 50.6 % 44 3,190 Over 3 years past due 597 208 190 100.0 % 389 579 Total 38,894 8,312 3,499 534 4,033 ​ 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 there was no significant increase in credit risk for other receivables by taking into account of their past history of making payments when due and current ability to pay, and thus the impairment provision recognized during the period was limited to 12 months expected losses. 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 at December 31, 2020 and 2021, the Group has standby credit facilities with several PRC financial institutions which provide borrowings up to RMB 443,966 and RMB 441,559 on an unsecured basis, at a weighted average interest rate of 2.85% and 2.81% per annum, respectively. As at December 31, 2020 and 2021, the Group’s outstanding borrowings under these facilities were RMB 4,041 and RMB 11,700 and were included in debts, respectively. 40. FINANCIAL RISK MANAGEMENT AND FAIR VALUES (Continued) Liquidity risk (Continued) The following table sets out the remaining contractual maturities at the date of the statement of financial position 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 date of the statement of financial position) and the earliest date the Group would be required to repay: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ 187,033 ​ 328,501 ​ 15,957 ​ 15,456 ​ 43,513 ​ 253,575 Derivative financial liabilities 4,826 4,826 4,826 — — — Trade accounts payable and bills payable 161,908 161,908 161,908 — — — Other payables 94,083 94,083 94,083 — — — ​ 560,698 713,138 ​ 308,905 ​ 28,138 ​ 114,036 ​ 262,059 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ 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 35,252 35,871 35,871 — — — Long-term debts 78,300 85,718 2,169 49,390 27,518 6,641 Loans from Sinopec Group Company and fellow subsidiaries 16,563 18,457 3,174 604 10,712 3,967 Lease liabilities ​ 185,406 ​ 296,485 ​ 15,833 ​ 12,031 ​ 35,411 ​ 233,210 Derivative financial liabilities 3,223 3,223 3,223 — — — Trade accounts payable and bills payable 215,640 215,640 215,640 — — — Other payables 131,468 131,468 131,468 — — — ​ 665,852 786,862 407,378 62,025 73,641 243,818 ​ 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 does not have significant financial instruments that are denominated in foreign currencies other than the functional currencies of respective entities as at December 31, and consequently does not have significant explosure to foreign currency risk. 40. FINANCIAL RISK MANAGEMENT AND FAIR VALUES (Continued) 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 at 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. As at December 31, 2021, 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 254. This sensitivity analysis has been determined assuming that the change of interest rates was applied to the Group’s debts outstanding at the date of the statement of financial position with exposure to cash flow interest rate risk. The analysis is performed on the same basis for 2020. 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. Based on the dynamic study and judging of the market, combined with the resource demand and production and operation plan, the group evaluate and monitor the market risk exposure caused by transaction positions, and continuously manage and hedge the risk of commodity price fluctuation caused by market changes. As at December, 31, 2020 and 2021, 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 at December 31, 2020 and 2021, the fair value of such derivative hedging financial instruments is derivative financial assets of RMB 12,353 and RMB 18,359, respectively, and derivative financial liabilities of RMB 4,808 and RMB 3,214, respectively. As at 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. As at December 31, 2021, 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 decrease/increase the Group’s net income for the year by approximately RMB 2,996 and decrease/increase the Group’s other reserves by approximately RMB 1,160. This sensitivity analysis has been determined assuming that the change in prices had occurred at the date of the statement of financial position 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 2020. 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 date of the statement of financial position across the three levels of the fair value hierarchy defined in IFRS 7, Financial Instruments: Disclosures ● 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. 40. FINANCIAL RISK MANAGEMENT AND FAIR VALUES (Continued) Fair values (Continued) ● Level 3 (lowest level): fair values measured using valuation techniques in which any significant input is not based on observable market data. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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, 2021 ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ Total ​ RMB RMB RMB RMB Assets ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial assets: ​ ​ ​ ​ - Derivative financial assets 5,883 12,488 — 18,371 Financial assets at fair value through other comprehensive income: ​ ​ ​ ​ - Equity investments ​ 179 ​ — ​ 588 ​ 767 -Trade accounts receivable and bills receivable — — 5,939 5,939 ​ 6,062 12,488 6,527 25,077 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ Derivative financial liabilities: ​ ​ ​ ​ - Derivative financial liabilities 804 2,419 — 3,223 ​ 804 2,419 — 3,223 ​ During the years ended December 31, 2020 and 2021, 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. 40. FINANCIAL RISK MANAGEMENT AND FAIR VALUES (Continued) Fair values (Continued) 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 0.77% to 4.65% and from 0.30% to 4.65% for the years ended December 31, 2020 and 2021, 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 at December 31, 2020 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2021 ​ ​ RMB ​ RMB Carrying amount 76,674 88,593 Fair value 74,282 85,610 ​ 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 at December 31, 2020 and 2021.

ACCOUNTING ESTIMATES AND JUDGEM

ACCOUNTING ESTIMATES AND JUDGEMENTS	12 Months Ended
	Dec. 31, 2021
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. 41. ACCOUNTING ESTIMATES AND JUDGEMENTS (Continued) Oil and gas properties and reserves (Continued) 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, including environmental protection and energy structure transition variables, 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 future selling prices of crude oil, natural gas, refined and chemical products, the production costs, the product mix,production volumes, production profiles, the oil and gas reserves 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 ECLs The Group measures and recognizes ECLs using readiness matrix, 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 ECLs. 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, 2021
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 at December 31, 2021 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, 2021
RESERVES
RESERVES	43. RESERVES ​ ​ ​ ​ ​ ​ ​ 2020 2021 ​ ​ RMB ​ RMB Capital reserve (Note (a)) ​ Balance as at January 1 ​ 34,503 ​ 34,263 Distribution to sellers in the business combination of entities under common control (Note 35) ​ (972) (6,124) Transaction with non-controlling interests ​ (138) ​ (1,396) Others ​ 870 ​ 319 Balance as at December 31 ​ 34,263 ​ 27,062 ​ ​ ​ Share premium (Note (b)) ​ Balance as at January 1 ​ 55,850 55,850 Balance as at December 31 ​ 55,850 55,850 ​ ​ ​ Statutory surplus reserve (Note (c)) ​ Balance as at January 1 ​ 90,423 92,280 Appropriation ​ 1,857 3,944 Balance as at December 31 ​ 92,280 96,224 ​ ​ ​ Discretionary surplus reserve ​ Balance as at January 1 ​ 117,000 117,000 Balance as at December 31 ​ 117,000 117,000 ​ ​ ​ Other reserves ​ Balance as at January 1 ​ 1,941 3,500 Other comprehensive income ​ 1,406 17,574 Amounts transferred to initial carrying amount of hedged items ​ (47) (19,302) Others ​ 200 ​ 723 Balance as at December 31 ​ 3,500 2,495 ​ ​ ​ ​ ​ Retained earnings (Note (d)) ​ Balance as at January 1 ​ 322,931 322,361 Net income attributable to owners of the Company ​ 33,431 71,975 Final dividend inspect of the previous year, approved and paid during the year (Note (e)) ​ (23,004) (15,739) Interim dividend (Note (f)) ​ (8,475) (19,371) Appropriation ​ (1,857) (3,944) Others ​ (665) ​ (802) Balance as at December 31 ​ 322,361 354,480 ​ ​ 625,254 ​ 653,111 ​ 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) According to the PRC Company Law and the Articles of Association of the Company, the Company is required to transfer 10% of its net income determined in accordance with the accounting policies complying with Accounting Standards for Business Enterprises (“CASs”), adopted by the Group to statutory surplus reserve. In the event that the reserve balance reaches 50% of the registered capital, no transfer is required. The transfer to this reserve must be made before distribution of a dividend to shareholders. Statutory surplus reserve can be used to make good previous years’ losses, if any, and may be converted into share capital by issuing of new shares to shareholders in proportion to their existing shareholdings or by increasing the par value of the shares currently held by them, provided that the balance after such issue is not less than 25% of the registered capital. During the years ended December 31, 2019, 2020 and 2021, the Company transferred RMB 3,745, RMB 1,857 and RMB 3,944 respectively, being 10% of the net income determined in accordance with the accounting policies complying with CASs. 43. RESERVES (Continued) Notes: (Continued) The usage of the discretionary surplus reserve is similar to that of statutory surplus reserve. (d) As at December 31, 2020 and 2021, the amount of retained earnings available for distribution was RMB 115,849 and RMB 116,440, respectively, being the amount determined in accordance with CASs. According to the Articles of Association of the Company, the amount of retained earnings available for distribution to owners of the Company is the lower of the amount determined in accordance with the accounting policies complying with CASs and the amount determined in accordance with the accounting policies complying with IFRS. Pursuant to a resolution passed at the director’s meeting on March 25, 2022, final dividends in respect of the year ended December 31, 2021 of RMB 0.31 per share totaling RMB 37,532 were proposed for shareholders’ approval at the Annual General Meeting. Final cash dividend for the year ended December 31, 2021 proposed after the date of the statement of financial position has not been recognized as a liability at the date of the statement of financial position. (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 at June 9, 2020 was approved. All dividends have been paid in the year ended December 31, 2020. Pursuant to the shareholders’ approval at the Annual General Meeting on May 25, 2021, a final dividend of RMB 0.13 per share totaling RMB 15,739 according to total shares as at June 16, 2021 was approved. All dividends have been paid in the year ended December 31, 2021. (f) Pursuant to the shareholders’ approval at the General Meeting on September 28, 2020, the interim dividends for the year ended December 31, 2020 of RMB 0.07 per share totaling RMB 8,475 were approved. Dividends were paid on October 23, 2020. Pursuant to the Company’s Articles of Association and a resolution passed at the Directors’ meeting on August 27, 2021, the directors authorized to declare the interim dividends for the year ended December 31, 2021 of RMB 0.16 per share totaling RMB 19,371. Dividends were paid on September 17, 2021.

SUPPLEMENTAL INFORMATION

SUPPLEMENTAL INFORMATION	12 Months Ended
	Dec. 31, 2021
SUPPLEMENTAL INFORMATION
SUPPLEMENTAL INFORMATION	In accordance with “Accounting Standards Codification (ASC) Topic 932 Extractive Activities - Oil and Gas”, issued by the Financial Accounting Standards Board of the United States, “Rule 4-10 of Regulation S-X”, issued by Securities and Exchange Commission (SEC), and in accordance with “Industrial Information Disclosure Guidelines for Public Company - No.8 Oil and Gas Exploitation”, issued by Shanghai Stock Exchange, this section provides supplemental information on oil and gas exploration and producing activities of the Group and its equity method investments at December 31, 2019, 2020 and 2021, and for the years then ended in the following six separate tables. Tables I through III provide historical cost information under IFRS pertaining to capitalized costs related to oil and gas producing activities; costs incurred in oil and gas exploration and development; and results of operation related to oil and gas producing activities. Tables IV through VI present information on the Group’s and its equity method investments’ estimated net proved reserve quantities; standardized measure of discounted future net cash flows; and changes in the standardized measure of discounted cash flows. Tables I to VI of supplemental information on oil and gas producing activities set out below represent information of the Company and its consolidated subsidiaries and equity method investments. Table I: Capitalized costs related to oil and gas producing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2019 ​ 2020 ​ 2021 ​ RMB RMB RMB ​ ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ Other ​ Total China countries Total China countries Total China countries ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Group ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property cost, wells and related equipments and facilities ​ 727,552 ​ 684,246 ​ 43,306 ​ 757,592 ​ 716,683 ​ 40,909 ​ 793,045 ​ 752,352 ​ 40,693 Supporting equipments and facilities ​ 202,208 ​ 202,192 ​ 16 ​ 184,638 ​ 184,621 ​ 17 ​ 188,766 ​ 188,742 ​ 24 Uncompleted wells, equipments and facilities ​ 46,712 ​ 46,526 ​ 186 ​ 37,445 ​ 37,439 ​ 6 ​ 43,349 ​ 43,236 ​ 113 Total capitalized costs ​ 976,472 ​ 932,964 ​ 43,508 ​ 979,675 ​ 938,743 ​ 40,932 ​ 1,025,160 ​ 984,330 ​ 40,830 Accumulated depreciation, depletion, amortization and impairment losses ​ (702,392) ​ (661,177) ​ (41,215) ​ (742,195) ​ (702,829) ​ (39,366) ​ (787,623) ​ (748,705) ​ (38,918) Net capitalized costs ​ 274,080 ​ 271,787 ​ 2,293 ​ 237,480 ​ 235,914 ​ 1,566 ​ 237,537 ​ 235,625 ​ 1,912 Equity method investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Share of net capitalized costs of associates and joint ventures ​ 5,743 ​ — ​ 5,743 ​ 5,843 ​ — ​ 5,843 ​ 3,521 ​ — ​ 3,521 Total of the Group’s and its equity method investments’ net capitalized costs ​ 279,823 ​ 271,787 ​ 8,036 ​ 243,323 ​ 235,914 ​ 7,409 ​ 241,058 ​ 235,625 ​ 5,433 ​ Table II: Costs incurred in oil and gas exploration and development ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2019 ​ 2020 ​ 2021 ​ RMB RMB RMB ​ ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ Other ​ Total China countries Total China countries Total China countries ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Group ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration ​ 16,295 ​ 16,295 ​ — ​ 16,752 ​ 16,752 ​ — ​ 21,762 ​ 21,762 ​ — Development ​ 37,412 ​ 37,245 ​ 167 ​ 38,241 ​ 37,636 ​ 605 ​ 46,147 ​ 45,590 ​ 557 Total costs incurred ​ 53,707 ​ 53,540 ​ 167 ​ 54,993 ​ 54,388 ​ 605 ​ 67,909 ​ 67,352 ​ 557 Equity method investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Share of costs of exploration and development of associates and joint ventures ​ 747 ​ — ​ 747 ​ 100 ​ — ​ 100 ​ 442 ​ — ​ 442 Total of the Group’s and its equity method investments’ exploration and development costs ​ 54,454 ​ 53,540 ​ 914 ​ 55,093 ​ 54,388 ​ 705 ​ 68,351 ​ 67,352 ​ 999 ​ Table III: Results of operations related to oil and gas producing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2019 ​ 2020 ​ 2021 ​ RMB RMB RMB ​ ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ Other ​ Total China countries Total China countries Total China countries ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Group ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sales ​ 59,552 ​ 59,262 ​ 290 ​ 52,354 ​ 52,354 ​ — ​ 72,953 ​ 72,953 ​ — Transfers ​ 83,633 ​ 80,641 ​ 2,992 ​ 58,069 ​ 56,052 ​ 2,017 ​ 86,650 ​ 84,484 ​ 2,166 ​ ​ 143,185 ​ 139,903 ​ 3,282 ​ 110,423 ​ 108,406 ​ 2,017 ​ 159,603 ​ 157,437 ​ 2,166 Production costs excluding taxes ​ (47,969) ​ (46,725) ​ (1,244) ​ (44,595) ​ (43,487) ​ (1,108) ​ (49,649) ​ (48,674) ​ (975) Exploration expenses ​ (10,510) ​ (10,510) ​ — ​ (9,716) ​ (9,716) ​ — ​ (12,382) ​ (12,382) ​ — Depreciation, depletion, amortization and impairment losses ​ (48,630) ​ (47,580) ​ (1,050) ​ (52,608) ​ (51,754) ​ (854) ​ (54,104) ​ (53,644) ​ (460) Taxes other than income tax ​ (9,395) ​ (9,395) ​ — ​ (7,379) ​ (7,379) ​ — ​ (11,249) ​ (11,249) ​ — Earnings before taxation ​ 26,681 ​ 25,693 ​ 988 ​ (3,875) ​ (3,930) ​ 55 ​ 32,219 ​ 31,488 ​ 731 Income tax expense ​ 338 ​ — ​ 338 ​ 188 ​ — ​ 188 ​ (8,225) ​ (7,872) ​ (353) Results of operation from producing activities ​ 27,019 ​ 25,693 ​ 1,326 ​ (3,687) ​ (3,930) ​ 243 ​ 23,994 ​ 23,616 ​ 378 Equity method investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sales ​ 9,325 ​ — ​ 9,325 ​ 4,913 ​ — ​ 4,913 ​ 8,812 ​ — ​ 8,812 ​ ​ 9,325 ​ — ​ 9,325 ​ 4,913 ​ — ​ 4,913 ​ 8,812 ​ — ​ 8,812 Production costs excluding taxes ​ (2,516) ​ — ​ (2,516) ​ (998) ​ — ​ (998) ​ (2,246) ​ — ​ (2,246) Exploration expenses ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — Depreciation, depletion, amortization and impairment losses ​ (1,124) ​ — ​ (1,124) ​ (940) ​ — ​ (940) ​ (533) ​ — ​ (533) Taxes other than income tax ​ (4,068) ​ — ​ (4,068) ​ (1,930) ​ — ​ (1,930) ​ (4,391) ​ — ​ (4,391) Earnings before taxation ​ 1,617 ​ — ​ 1,617 ​ 1,045 ​ — ​ 1,045 ​ 1,642 ​ — ​ 1,642 Income tax expense ​ (486) ​ — ​ (486) ​ (303) ​ — ​ (303) ​ (355) ​ — ​ (355) Share of net income for producing activities of associates and joint ventures ​ 1,131 ​ — ​ 1,131 ​ 742 ​ — ​ 742 ​ 1,287 ​ — ​ 1,287 Total of the Group’s and its equity method investments’ results of operations for producing activities ​ 28,150 ​ 25,693 ​ 2,457 ​ (2,945) ​ (3,930) ​ 985 ​ 25,281 ​ 23,616 ​ 1,665 ​ The results of operations for producing activities for the years ended December 31, 2019, 2020 and 2021 are shown above. Revenues include sales to unaffiliated parties and transfers (essentially at third-party sales prices) to other segments of the Group. Income taxes are based on statutory tax rates, reflecting allowable deductions and tax credits. General corporate overhead and interest income and expense are excluded from the results of operations. ​ Table IV: Reserve quantities information The Group’s and its equity method investments’ estimated net proved underground oil and gas reserves and changes thereto for the years ended December 31, 2019, 2020 and 2021 are shown in the following table. Proved oil and gas reserves are those quantities of oil and gas, which by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulation before contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether the estimate is a deterministic estimate or probabilistic estimate. Due to the inherent uncertainties and the limited nature of reservoir data, estimates of underground reserves are subject to change as additional information becomes available. Proved developed oil and gas reserves are proved reserves that can be expected to be recovered through existing wells with existing equipment and operating methods or in which the cost of the required equipment is relatively minor compared with the cost of a new well. “Net” reserves exclude royalties and interests owned by others and reflect contractual arrangements and obligation of rental fee in effect at the time of the estimate. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2019 (Revised) Note 1 ​ 2020 (Revised) Note1 ​ 2021 ​ ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ Other ​ Total China countries Total China countries Total China countries ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Group ​ ​ ​ ​ ​ ​ Proved developed and Undeveloped reserves (oil) (million barrels) ​ ​ ​ ​ ​ ​ Beginning of year 1,367 1,339 28 ​ 1,450 1,433 17 ​ 1,252 1,232 20 Revisions of previous estimates 102 106 (4) ​ (161) ​ (163) ​ 2 ​ 209 ​ 200 ​ 9 Improved recovery 139 139 — ​ 100 100 — ​ 126 126 — Extensions and discoveries 98 98 — ​ 119 111 8 ​ 101 101 — Production (256) (249) (7) ​ (256) (249) (7) ​ (248) (243) (5) End of year 1,450 1,433 17 ​ 1,252 1,232 20 ​ 1,440 1,416 24 Non–controlling interest in proved developed and undeveloped reserves at the end of year 8 — 8 ​ 5 — 5 ​ 8 — 8 Proved developed reserves ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning of year 1,271 1,244 27 ​ 1,343 1,326 17 ​ 1,145 1,130 15 End of year 1,343 1,326 17 ​ 1,145 1,130 15 ​ 1,315 1,291 24 Proved undeveloped reserves ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning of year 96 95 1 ​ 107 107 — ​ 107 102 5 End of year 107 107 — ​ 107 102 5 ​ 125 125 — Proved developed and undeveloped reserves (gas) (billion cubic feet) ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning of year 6,793 6,793 — ​ 7,216 7,216 — ​ 8,181 8,181 — Revisions of previous estimates 555 555 — ​ 831 831 — ​ 662 662 — Improved recovery 37 37 — ​ 32 32 — ​ 36 36 — Extensions and discoveries 875 875 — ​ 1,171 1,171 — ​ 678 678 — Production (1,044) (1,044) — ​ (1,069) (1,069) — ​ (1,108) (1,108) — End of year 7,216 7,216 — ​ 8,181 8,181 — ​ 8,449 8,449 — Proved developed reserves ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning of year 5,822 5,822 — ​ 6,026 6,026 — ​ 6,357 6,357 — End of year 6,026 6,026 — ​ 6,357 6,357 — ​ 6,734 6,734 — Proved undeveloped reserves ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning of year 971 971 — ​ 1,190 1,190 — ​ 1,824 1,824 — End of year 1,190 1,190 — ​ 1,824 1,824 — ​ 1,715 1,715 — ​ Table IV: Reserve quantities information (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2019 (Revised) Note 1 ​ 2020 (Revised) Note1 ​ 2021 ​ ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ Other ​ Total China countries Total China countries Total China countries ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity method investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Proved developed and undeveloped reserves of associates and joint ventures (oil) (million barrels) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning of year ​ 299 ​ — ​ 299 ​ 290 ​ — ​ 290 ​ 290 ​ — ​ 290 Revisions of previous estimates ​ (6) ​ — ​ (6) ​ 12 ​ — ​ 12 ​ 33 ​ — ​ 33 Improved recovery ​ — ​ — ​ — ​ — ​ — ​ — ​ 1 ​ — ​ 1 Extensions and discoveries ​ 25 ​ — ​ 25 ​ 12 ​ — ​ 12 ​ 10 ​ — ​ 10 Production ​ (28) ​ — ​ (28) ​ (24) ​ — ​ (24) ​ (25) ​ — ​ (25) End of year ​ 290 ​ — ​ 290 ​ 290 ​ — ​ 290 ​ 309 ​ — ​ 309 Proved developed reserves ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning of year ​ 261 ​ — ​ 261 ​ 245 ​ — ​ 245 ​ 244 ​ — ​ 244 End of year ​ 245 ​ — ​ 245 ​ 244 ​ — ​ 244 ​ 263 ​ — ​ 263 Proved undeveloped reserves ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning of year ​ 38 ​ — ​ 38 ​ 45 ​ — ​ 45 ​ 46 ​ — ​ 46 End of year ​ 45 ​ — ​ 45 ​ 46 ​ — ​ 46 ​ 46 ​ — ​ 46 Proved developed and undeveloped reserves of associates and joint ventures (gas) (billion cubic feet) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning of year ​ 13 ​ — ​ 13 ​ 9 ​ — ​ 9 ​ 10 ​ — ​ 10 Revisions of previous estimates ​ (1) ​ — ​ (1) ​ 4 ​ — ​ 4 ​ 1 ​ — ​ 1 Improved recovery ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — Extensions and discoveries ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — Production ​ (3) ​ — ​ (3) ​ (3) ​ — ​ (3) ​ (4) ​ — ​ (4) End of year ​ 9 ​ — ​ 9 ​ 10 ​ — ​ 10 ​ 7 ​ — ​ 7 Proved developed reserves ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning of year ​ 13 ​ — ​ 13 ​ 9 ​ — ​ 9 ​ 8 ​ — ​ 8 End of year ​ 9 ​ — ​ 9 ​ 8 ​ — ​ 8 ​ 6 ​ — ​ 6 Proved undeveloped reserves ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning of year ​ — ​ — ​ — ​ — ​ — ​ — ​ 2 ​ — ​ 2 End of year ​ — ​ — ​ — ​ 2 ​ — ​ 2 ​ 1 ​ — ​ 1 Total of the Group and its equity method investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Proved developed and undeveloped reserves (oil) (million barrels) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning of year ​ 1,666 ​ 1,339 ​ 327 ​ 1,740 ​ 1,433 ​ 307 ​ 1,542 ​ 1,232 ​ 310 End of year ​ 1,740 ​ 1,433 ​ 307 ​ 1,542 ​ 1,232 ​ 310 ​ 1,749 ​ 1,416 ​ 333 Proved developed and undeveloped reserves (gas) (billion cubic feet) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning of year ​ 6,806 ​ 6,793 ​ 13 ​ 7,225 ​ 7,216 ​ 9 ​ 8,191 ​ 8,181 ​ 10 End of year ​ 7,225 ​ 7,216 ​ 9 ​ 8,191 ​ 8,181 ​ 10 ​ 8,456 ​ 8,449 ​ 7 Note 1: The Company has revised some classifications for the years ended December 31, 2019 and 2020. Table V: Standardized measure of discounted future net cash flows The standardized measure of discounted future net cash flows, related to the above proved oil and gas reserves, is calculated in accordance with the requirements of “ASC Topic 932 Extractive Activities - Oil and Gas”, “SEC Rule 4-10 of Regulation S-X”, and “Industrial Information Disclosure Guidelines for Public Company - No.8 Oil and Gas Exploitation”. Estimated future cash inflows from production are computed by applying the average, first-day-of-the-month price adjusted for differential for oil and gas during the twelve-month period before the ending date of the period covered by the report to year-end quantities of estimated net proved reserves. Future price changes are limited to those provided by contractual arrangements in existence at the end of each reporting year. Future development and production costs are those estimated future expenditures necessary to develop and produce year-end estimated proved reserves based on year-end cost indices, assuming continuation of year-end economic conditions. Estimated future income taxes are calculated by applying appropriate year-end statutory tax rates to estimated future pre-tax net cash flows, less the tax basis of related assets. Discounted future net cash flows are calculated using 10% discount factors. This discounting requires a year-by-year estimate of when the future expenditure will be incurred and when the reserves will be produced. The information provided does not represent management’s estimate of the Group’s and its equity method investments’ expected future cash flows or value of proved oil and gas reserves. Estimates of proved reserve quantities are imprecise and change over time as new information becomes available. Moreover, probable and possible reserves, which may become proved in the future, are excluded from the calculations. The arbitrary valuation requires assumptions as to the timing and amount of future development and production costs. The calculations are made for the years ended December 31, 2019, 2020 and 2021 and should not be relied upon as an indication of the Group’s and its equity method investments’ future cash flows or value of its oil and gas reserves. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2019 (Restated) Note 1 ​ 2020 (Restated) Note 1 ​ 2021 ​ ​ RMB ​ RMB RMB ​ ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ Other ​ Total China countries Total China countries Total China countries ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Group ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Future cash flows 869,402 856,037 13,365 ​ 595,159 589,659 5,500 ​ 941,015 930,302 10,713 Future production costs (384,417) (377,692) (6,725) ​ (275,409) (271,824) (3,585) ​ (413,006) (407,903) (5,103) Future development costs (83,253) (78,404) (4,849) ​ (80,785) (77,659) (3,126) ​ (79,562) (77,687) (1,875) Future income tax expenses (40,720) (39,634) (1,086) ​ (11,758) (10,521) (1,237) ​ (113,598) (111,178) (2,420) Undiscounted future net cash flows 361,012 360,307 705 ​ 227,207 229,655 (2,448) (2) 334,849 333,534 1,315 10% annual discount for estimated timing of cash flows (86,635) (86,607) (28) ​ (54,158) (52,706) (1,452) ​ (93,354) (93,164) (190) Standardized measure of discounted future net cash flows 274,377 273,700 677 ​ 173,049 176,949 (3,900) ​ 241,495 240,370 1,125 Discounted future net cash flows attributable to non–controlling interests 305 — 305 ​ (1,284) — (1,284) ​ 370 — 370 Equity method investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Future cash flows 41,796 — 41,796 ​ 31,259 — 31,259 ​ 49,217 — 49,217 Future production costs (13,141) — (13,141) ​ (13,050) — (13,050) ​ (18,026) — (18,026) Future development costs (5,603) — (5,603) ​ (5,712) — (5,712) ​ (6,328) — (6,328) Future income tax expenses (3,995) — (3,995) ​ (1,740) — (1,740) ​ (4,513) — (4,513) Undiscounted future net cash flows 19,057 — 19,057 ​ 10,757 — 10,757 ​ 20,350 — 20,350 10% annual discount for estimated timing of cash flows (8,852) — (8,852) ​ (4,828) — (4,828) ​ (10,201) — (10,201) Standardized measure of discounted future net cash flows 10,205 — 10,205 ​ 5,929 — 5,929 ​ 10,149 — 10,149 Total of the Group’s and its equity method investments’ results of standardized measure of discounted future net cash flows 284,582 273,700 10,882 ​ 178,978 176,949 2,029 ​ 251,644 240,370 11,274 ​ Note 1: Pursuant to Amendments to the XBRL Taxonomy, Accounting Standards Update No. 2010-03 Extractive Activities-Oil and Gas (Topic 932), the Company has restated the future development cost attributable to China for the years ended December 31, 2019 and 2020 in Table V and Table VI to include future cash flows related to the settlement of asset retirement obligations. ​ Note 2: The reason of the Group’s negative undiscounted future net cash flows attributable to the Other Countries for the year ended December 31, 2020 is that the Company has included the net asset retirement costs in the calculation of standardized measure for the Other Countries. Table V: Standardized measure of discounted future net cash flows (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2019 ​ 2020 ​ ​ RMB ​ RMB ​ ​ As Previous ​ ​ ​ ​ ​ As Previous ​ ​ ​ ​ ​ Reported Change As Restated Reported Change As Restated China ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Future cash flows 856,037 ​ 856,037 589,659 589,659 Future production costs (377,692) ​ (377,692) (271,824) (271,824) Future development costs (22,216) (56,188) (78,404) (23,902) (53,757) (77,659) Future income tax expenses (39,634) — (39,634) (10,521) — (10,521) Undiscounted future net cash flows 416,495 (56,188) 360,307 283,412 (53,757) 229,655 10% annual discount for estimated timing of cash flows (126,175) 39,568 (86,607) (86,127) 33,421 (52,706) Standardized measure of discounted future net cash flows 290,320 (16,620) 273,700 197,285 (20,336) 176,949 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Group Future cash flows 869,402 ​ 869,402 595,159 595,159 Future production costs (384,417) ​ (384,417) (275,409) (275,409) Future development costs (27,065) (56,188) (83,253) (27,028) (53,757) (80,785) Future income tax expenses (40,720) ​ (40,720) (11,758) (11,758) Undiscounted future net cash flows 417,200 (56,188) 361,012 280,964 (53,757) 227,207 10% annual discount for estimated timing of cash flows (126,203) 39,568 (86,635) (87,579) 33,421 (54,158) Standardized measure of discounted future net cash flows 290,997 (16,620) 274,377 193,385 (20,336) 173,049 ​ Table VI: Changes in the standardized measure of discounted cash flows ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2019 (Revised) Note 1 2020 (Revised) Note 1 2021 ​ ​ RMB ​ RMB RMB ​ ​ ​ ​ ​ ​ ​ The Group ​ ​ Sales and transfers of oil and gas produced, net of production costs (85,821) ​ (58,449) ​ (98,705) Net changes in prices and production costs (25,442) ​ (122,641) ​ 135,697 Net changes in estimated future development cost (10,568) ​ (11,628) ​ (7,413) Net changes due to extensions, discoveries and improved recoveries 49,605 ​ 35,292 ​ 46,425 Revisions of previous quantity estimates 24,855 ​ (1,901) ​ 42,637 Previously estimated development costs incurred during the year 9,737 ​ 6,684 ​ 5,475 Accretion of discount 32,407 ​ 31,940 ​ 16,448 Net changes in income taxes 1,547 ​ 19,375 ​ (72,118) Net changes for the year (3,680) ​ (101,328) ​ 68,446 Equity method investments ​ ​ ​ ​ ​ Sales and transfers of oil and gas produced, net of production costs (2,741) ​ (1,984) ​ (2,174) Net changes in prices and production costs (2,804) ​ (5,190) ​ 4,967 Net changes in estimated future development cost (881) ​ (299) ​ (752) Net changes due to extensions, discoveries and improved recoveries 1,215 ​ 403 ​ 503 Revisions of previous quantity estimates (317) ​ 403 ​ 1,659 Previously estimated development costs incurred during the year 355 ​ 232 ​ 287 Accretion of discount 1,438 ​ 979 ​ 1,022 Net changes in income taxes 701 ​ 1,180 ​ (1,292) Net changes for the year (3,034) ​ (4,276) ​ 4,220 Total of the Group’s and its equity method investments’ results of net changes for the year (6,714) ​ (105,604) ​ 72,666 Note 1: As revised for the years ended December 31, 2019 and 2020 due to the change shown in Table IV and Table V.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
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. When assessing whether the Group has power, only substantive rights (held by the Group and other parties) are considered. 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 date of statement of financial position, 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 statement of financial position 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 income statement 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 income statement. 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)). 2 SIGNIFICANT ACCOUNTING POLICIES (Continued) (a) Basis of consolidation (Continued) In the Company’s statement of financial position, 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 and separate 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 income statement, 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’s share of losses exceeds its interest in the associate or the joint venture, the Group’s interest is reduced to nil and recognition of further losses is discontinued except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the investee. For this purpose, the Group’s interest is the carrying amount of the investment under the equity method, together with any other long-term interests that in substance form part of the Group’s net investment in the associate or the joint venture, after applying the expected credit losses (“ECLs”) model to such other long-term interests where applicable. 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. 2 SIGNIFICANT ACCOUNTING POLICIES (Continued) (a) Basis of consolidation (Continued) The consolidated income statement 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 beginning of the earliest period presented 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 date of the statement of financial position. Exchange differences, other than those capitalized as construction in progress, are recognized as income or expense in the “finance costs” section of the consolidated income statement. The results of foreign operations are translated into Renminbi at the applicable rates quoted by the PBOC prevailing on the transaction dates. The statement of financial position items, including goodwill arising on consolidation of foreign operations are translated into Renminbi at the closing foreign exchange rates at the date of the statement of financial position. 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 income statement 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 loss allowances for ECLs (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 income statement 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 income statement 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 ​ 3% ​ Equipment, machinery and others 4 to 30 years ​ 3% ​ ​ 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. 2 SIGNIFICANT ACCOUNTING POLICIES (Continued) (j) Financial assets (Continued) 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 ECLs on a financial asset that is measured at amortized cost and a debt instrument that is measured at FVOCI. The Group measures and recognizes ECLs, considering reasonable and supportable information about the relevant past events, current conditions and forecasts of future economic conditions. The Group measures the ECLs of financial instruments on different stages at each the date of the statement of financial position. 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 ECLs. 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 ECLs. 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 ECLs. For financial instruments that have low credit risk at the date of the statement of financial position, 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 ECLs. 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 ECLs. 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 amount accumulated in the fair value reserve is transferred to retained earnings. It is not recycled through profit or loss. While on derecognition of other financial assets, this difference is recognized in profit or loss. (iv) Financial guarantees are contracts that require the issuer (i.e. the guarantor) to make specified payments to reimburse the beneficiary of the guarantee (the “holder”) for a loss the holder incurs because a specified debtor fails to make payment when due in accordance with the terms of a debt instrument. 2 SIGNIFICANT ACCOUNTING POLICIES (Continued) (j) Financial assets (Continued) Financial guarantees issued are initially recognized at fair value, which is determined by reference to fees charged in an arm’s length transaction for similar services, when such information is obtainable, or to interest rate differentials, by comparing the actual rates charged by lenders when the guarantee is made available with the estimated rates that lenders would have charged, had the guarantees not been available, where reliable estimates of such information can be made. Where consideration is received or receivable for the issuance of the guarantee, the consideration is recognized in accordance with the Group’s policies applicable to that category of asset. Where no such consideration is received or receivable, an immediate expense is recognized in profit or loss. Subsequent to initial recognition, the amount initially recognized as deferred income is amortized in profit or loss over the term of the guarantee as income from financial guarantees issued. The Group monitors the risk that the specified debtor will default on the contract and recognizes a provision when ECLs on the financial guarantees are determined to be higher than the carrying amount in respect of the guarantees (i.e. the amount initially recognized, less accumulated amortization).
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 date of the statement of financial position, 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. 2 SIGNIFICANT ACCOUNTING POLICIES (Continued) (m) Derivative financial instruments and hedge accounting (Continued) 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. 2 SIGNIFICANT ACCOUNTING POLICIES (Continued) (m) Derivative financial instruments and hedge accounting (Continued) 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. Fair value hedges A fair value hedge is a hedge of the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment, or a portion of such an asset, liability or firm commitment. The gain or loss from remeasuring the hedging instrument is recognized in profit or loss. The gain or loss on the hedged item attributable to the hedged risk adjusts the carrying amount of the recognized hedged item not measured at fair value and is recognized in profit or loss. Any adjustment to the carrying amount of a hedged item is amortized to profit or loss if the hedged item is a financial instrument (or a component thereof) measured at amortized cost. The amortization is based on a recalculated effective interest rate at the date that amortization begins.
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 date of the statement of financial position 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 date of the statement of financial position. 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 income statement. 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 date of the statement of financial position 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 generally are financial liabilities and 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 invoice amounts.
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 income statement 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. Sales of goods Sales are recognized when control of the goods have transferred. Obtaining control of relevant goods means that a customer can direct the use of the goods and obtain almost all the economic benefits from it. 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 income statements 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 9,451, RMB 10,087 and RMB 11,481 for the years ended December 31, 2019, 2020 and 2021, 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 the date of the statement of financial position 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. 2 SIGNIFICANT ACCOUNTING POLICIES (Continued) (x) Leases (Continued) 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.
Employee benefits	(y) Employee benefits The contributions payable under the Group’s retirement plans are recognized as an expense in the consolidated income statement 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 statement of financial position 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 income statement, 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 date of statement of financial position 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 date of statement of financial position, are not recognized as a liability at the date of statement of financial position 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.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2021
SIGNIFICANT ACCOUNTING POLICIES
Disclosure of detailed information about property, plant and equipment	​ ​ ​ ​ ​ ​ ​ ​ Estimated usage period Estimated residuals rate Buildings 12 to 50 years ​ 3% ​ Equipment, machinery and others 4 to 30 years ​ 3% ​

REVENUE FROM PRIMARY BUSINESS (

REVENUE FROM PRIMARY BUSINESS (Tables)	12 Months Ended
	Dec. 31, 2021
REVENUE FROM PRIMARY BUSINESS
Schedule of sales of goods	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2019 ​ 2020 ​ 2021 ​ RMB RMB RMB ​ ​ ​ ​ ​ ​ ​ Gasoline 699,202 557,605 726,057 Diesel 615,342 422,566 542,260 Crude oil ​ 549,720 ​ 351,707 ​ 429,038 Basic chemical feedstock 215,563 155,397 242,532 Synthetic resin 125,739 122,368 149,208 Kerosene ​ 191,636 ​ 72,385 ​ 112,519 Natural gas 53,817 48,099 68,443 Synthetic fiber monomers and polymers 80,952 42,388 45,464 Others(i) 367,411 276,139 363,979 ​ 2,899,382 2,048,654 2,679,500 Notes: (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, 2021
OTHER OPERATING REVENUES
Schedule of other operating revenues	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2019 2020 2021 ​ ​ RMB ​ RMB ​ RMB ​ ​ ​ ​ ​ ​ ​ Sale of materials and others 57,321 54,986 59,990 Rental income 1,165 1,084 1,394 ​ 58,486 56,070 61,384

SELLING, GENERAL AND ADMINIST_2

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2021
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Schedule of selling, general and administrative expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2019 2020 2021 ​ ​ RMB ​ RMB ​ RMB ​ ​ ​ ​ ​ ​ ​ Variable lease payments, low-value and short-term lease payment 1,858 2,683 2,393 Auditor’s remuneration: ​ 　 ​ ​ ​ ​ ​ - Audit services ​ 70 ​ 73 ​ 59 - Others ​ 6 ​ 8 ​ 8

PERSONNEL EXPENSES (Tables)

PERSONNEL EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2021
PERSONNEL EXPENSES
Schedule of personnel expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2019 2020 2021 ​ ​ RMB ​ RMB ​ RMB ​ ​ ​ ​ ​ ​ ​ Salaries, wages and other benefits 71,029 78,542 91,560 Contributions to retirement schemes (Note 37) 12,025 8,983 11,932 ​ 83,054 87,525 103,492

TAXES OTHER THAN INCOME TAX (Ta

TAXES OTHER THAN INCOME TAX (Tables)	12 Months Ended
	Dec. 31, 2021
TAXES OTHER THAN INCOME TAX
Schedule of taxes other than income tax	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2019 2020 2021 ​ ​ RMB ​ RMB ​ RMB ​ ​ ​ ​ ​ ​ ​ Consumption tax (i) 204,388 197,542 213,894 City construction tax (ii) 16,398 15,710 18,044 Education surcharge 12,119 11,678 13,409 Resources tax 5,883 4,572 6,432 Others 5,814 5,516 7,253 ​ 244,602 235,018 259,032 Notes: (i) Consumption tax was levied based on sales quantities of taxable products, tax rate of products is presented as below: ​ ​ ​ ​ 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 and education surcharge is levied on an entity based on its paid amount of value-added tax and consumption tax.
Schedule of detailed information of consumption tax	​ ​ ​ ​ 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, 2021
OTHER OPERATING EXPENSE, NET
Schedule of other operating expense, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2019 2020 2021 ​ ​ RMB ​ RMB ​ RMB ​ ​ ​ ​ ​ ​ ​ Government grants(i) 6,933 8,776 6,706 Ineffective portion of change in fair value of cash flow hedges (222) 3,052 694 Net realized and unrealized loss on derivative financial instruments not qualified as hedging (4,384) (1,252) (14,873) Impairment losses on long-lived assets (ii) (356) (14,629) (10,035) (Loss)/gain on disposal of property, plant, equipment and other (1,829) 398 (3,062) Fines, penalties and compensations (173) (43) (220) Donations (210) (301) (165) Others (115) (1,781) (761) ​ (356) (5,780) (21,716) Notes: (i) Government grants for the years ended December 31, 2019, 2020 and 2021 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 3 , RMB 8,495 and RMB 2,467 for the years ended December 31, 2019, 2020 and 2021, respectively. The impairment comprised RMB 3 , RMB 8,435 and RMB 2,467 on property, plant and equipment for the years ended December 31, 2019, 2020 and 2021, respectively, and RMB 60 on construction in progress for the year ended December 31, 2020. 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, 2019, 2020 and 2021, respectively. Further future downward revisions to the Group’s oil or nature gas 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 gas price, with all other variables held constant, would result in additional impairment loss on the Group’s properties, plant and equipment relating to oil and gas producing activities by approximately RMB 184 , RMB 4,548 and RMB 3,628 for the years ended December 31, 2019, 2020 and 2021, respectively. 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 180 , RMB 2,836 and RMB 2,400 for the year ended December 31, 2019, 2020 and 2021. 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 7 , RMB 287 and RMB 180 for the year ended December 31, 2019, 2020 and 2021.

INTEREST EXPENSE (Tables)

INTEREST EXPENSE (Tables)	12 Months Ended
	Dec. 31, 2021
INTEREST EXPENSE
Schedule of interest expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2019 2020 2021 ​ ​ RMB ​ RMB ​ RMB ​ ​ ​ ​ ​ ​ ​ Interest expense incurred 7,042 ​ 6,517 ​ 5,679 Less: Interest expense capitalized* (1,015) ​ (2,011) ​ (996) ​ 6,027 ​ 4,506 ​ 4,683 Interest expense on lease liabilities ​ 9,646 ​ 9,349 ​ 9,200 Accretion expenses (Note 32) 1,418 ​ 1,343 ​ 1,135 Interest expense 17,091 ​ 15,198 ​ 15,018 * Interest rates per annum at which borrowing costs were capitalized for construction in progress 2.92% to 4.66% ​ 2.60% to 4.66% ​ 1.84% to 4.35%

INVESTMENT INCOME (Tables)

INVESTMENT INCOME (Tables)	12 Months Ended
	Dec. 31, 2021
INVESTMENT INCOME
Schedule of components of investment income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2019 ​ 2020 ​ 2021 ​ RMB RMB RMB ​ ​ ​ ​ ​ ​ ​ Investment income from disposal of business and long-term equity investments (i) 185 37,525 82 Dividend income from holding of other equity instrument investments 492 156 34 Others 242 63 182 ​ 919 37,744 298 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 in 2020.

INCOME TAX EXPENSE (Tables)

INCOME TAX EXPENSE (Tables)	12 Months Ended
	Dec. 31, 2021
INCOME TAX EXPENSE
Schedule of income tax expense on consolidated statement of income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2019 2020 2021 ​ ​ RMB ​ RMB ​ RMB ​ ​ ​ ​ ​ ​ ​ Current tax - Provision for the year 15,136 14,334 17,522 - Adjustment of prior years (467) (117) (462) Deferred taxation (Note 25) 3,385 (7,873) 6,258 ​ 18,054 6,344 23,318
Schedule of reconciliation between actual income tax and expected income tax expense	Reconciliation between actual income tax expense and the expected income tax expense at applicable statutory tax rates is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2019 2020 2021 ​ ​ RMB ​ RMB ​ RMB Earnings before income tax 90,161 48,615 109,169 Expected PRC income tax expense at a statutory tax rate of 25% 22,540 12,154 27,292 Tax effect of non-deductible expenses ​ 2,402 ​ 3,281 ​ 5,948 Tax effect of non-taxable income ​ (4,458) ​ (8,330) ​ (8,096) Tax effect of preferential tax rate (i) (2,003) (1,011) (2,766) Effect of income taxes at foreign operations (312) ​ (730) ​ (222) Tax effect of utilization of previously unrecognized tax losses and temporary differences (335) (65) (701) Tax effect of tax losses not recognized 498 1,087 1,391 Write-down of deferred tax assets 189 75 934 Adjustment of prior years (467) (117) (462) Actual income tax expense 18,054 6,344 23,318 Note: (i) 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 2021. According to Announcement [2020] No. 23 of the Ministry of Finance (“ 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, 2021
OTHER COMPREHENSIVE INCOME
Schedule of other comprehensive income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2019 ​ 2020 ​ 2021 ​ ​ 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 5,258 (974) 4,284 9,207 (2,295) 6,912 15,659 (3,881) 11,778 Reclassification adjustments for amounts transferred to the consolidated income statement 853 (196) 657 198 (37) 161 8,858 (1,618) 7,240 Net movement during the year recognized in other comprehensive income (i) 6,111 (1,170) 4,941 9,405 (2,332) 7,073 24,517 (5,499) 19,018 Changes in the fair value of instruments at fair value through other comprehensive income (39) 8 (31) (6) (4) (10) (6) 2 (4) 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 ​ (39) ​ 8 ​ (31) ​ (18) ​ (4) ​ (22) ​ (6) ​ 2 ​ (4) Cost of hedging reserve — — — 162 — 162 (220) — (220) Share of other comprehensive (810) — (810) (2,441) — (2,441) 441 — 441 Foreign currency translation differences ​ 1,480 ​ — ​ 1,480 ​ (4,457) ​ — ​ (4,457) ​ (1,728) ​ — ​ (1,728) Other comprehensive income ​ 6,742 ​ (1,162) ​ 5,580 ​ 2,651 ​ (2,336) ​ 315 ​ 23,004 ​ (5,497) ​ 17,507 Note: (i) As at December 31, 2020 and 2021, cash flow hedge reserve amounted to a gain of RMB 8,176 and a gain of RMB 7,244, respectively, of which a gain of RMB 7,805 and a gain of RMB 7,214 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, 2021
Earnings per share [abstract]
Schedule of net income attributable to ordinary owners of the Company (diluted)	​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2020 2021 ​ ​ RMB ​ RMB ​ RMB ​ ​ ​ ​ ​ ​ ​ Net income attributable to ordinary owners of the Company 57,517 33,443 71,975 Net income attributable to ordinary owners of the Company (diluted) 57,517 33,443 71,975
Schedule of weighted average number of shares (diluted)	​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2020 2021 ​ ​ Number of ​ Number of ​ Number of ​ ​ shares ​ shares ​ shares ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares as at December 31 121,071,209,646 121,071,209,646 121,071,209,646 Weighted average number of shares (diluted) as at 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, 2021
TRADE ACCOUNTS RECEIVABLE
Schedule of Trade accounts receivable	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2021 ​ ​ RMB ​ RMB ​ ​ ​ ​ ​ Amounts due from third parties 22,473 30,159 Amounts due from Sinopec Group Company and fellow subsidiaries 12,045 2,199 Amounts due from associates and joint ventures 4,781 6,536 ​ 39,299 38,894 Less: Loss allowance for ECLs ​ (3,860) ​ (4,033) ​ 35,439 34,861
Schedule of ageing analysis of trade accounts	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2020 ​ 2021 ​ RMB RMB ​ ​ ​ ​ ​ Within one year 34,361 34,180 Between one and two years 931 442 Between two and three years 64 221 Over three years 83 18 ​ 35,439 34,861
Schedule of analysis of Loss allowance for ECL's	​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2020 2021 ​ ​ RMB ​ RMB ​ RMB ​ ​ ​ ​ ​ ​ ​ Balance as at January 1 606 1,848 3,860 Provision for the year 1,566 2,173 436 Written back for the year (283) (68) (127) Written off for the year (41) (23) (30) Others — (70) (106) Balance as at December 31 1,848 3,860 4,033

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2021
INVENTORIES
Schedule of inventories	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2021 ​ ​ RMB ​ RMB ​ ​ ​ ​ ​ Crude oil and other raw materials 60,379 109,940 Work in progress 13,066 15,701 Finished goods 78,481 84,174 Spare parts and consumables 3,372 2,515 ​ 155,298 212,330 Less: Allowance for diminution in value of inventories (3,107) (4,897) ​ 152,191 207,433
Schedule of allowance for diminution in value of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2020 2021 ​ ​ RMB ​ RMB ​ RMB ​ ​ ​ ​ ​ ​ ​ Balance as at January 1 ​ 6,401 ​ 2,597 ​ 3,107 Allowance for the year 1,616 11,689 3,148 Reversal of allowance (199) (333) (18) Written off (5,233) (10,795) (1,300) Others 12 (51) (40) Balance as at December 31 2,597 3,107 4,897 ​

PREPAID EXPENSES AND OTHER CU_2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	12 Months Ended
	Dec. 31, 2021
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Schedule of prepaid expenses and other current assets	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2021 ​ ​ RMB ​ RMB ​ ​ ​ ​ ​ Receivables 35,096 35,918 Advances to suppliers 4,857 9,267 Value-added input tax to be deducted 18,625 19,137 Prepaid income tax 131 5,109 ​ 58,709 69,431

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2021
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 at January 1, 2020 132,327 727,552 1,027,324 1,887,203 Additions 390 1,563 5,163 7,116 Transferred from construction in progress 10,965 32,214 98,427 141,606 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 (6,396) (806) (131,501) (138,703) Exchange adjustments (141) (2,806) (226) (3,173) Balance as at December 31, 2020 138,550 757,592 996,702 1,892,844 ​ ​ ​ ​ ​ Balance as at January 1, 2021 138,550 757,592 996,702 1,892,844 Additions 509 2,192 5,177 7,878 Transferred from construction in progress 5,487 40,357 65,182 111,026 Reclassifications 646 (617) (29) — Invest into the joint ventures and associated companies ​ (8) ​ — ​ (188) ​ (196) Reclassification to other long-term assets (665) (22) (1,027) (1,714) Disposals (1,297) (5,517) (17,495) (24,309) Exchange adjustments (57) (940) (95) (1,092) Balance as at December 31, 2021 143,165 793,045 1,048,227 1,984,437 ​ ​ ​ ​ ​ Accumulated depreciation and impairment losses: Balance as at January 1, 2020 61,069 587,192 608,622 1,256,883 Depreciation for the year 4,680 32,054 48,760 85,494 Impairment losses for the year 684 4,739 6,360 11,783 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 (3,229) (464) (48,125) (51,818) Exchange adjustments (49) (2,703) (138) (2,890) Balance as at December 31, 2021 63,540 620,720 614,969 1,299,229 ​ ​ ​ ​ ​ ​ Balance as at January 1, 2021 63,540 620,720 614,969 1,299,229 Depreciation for the year 4,586 39,670 48,568 92,824 Impairment losses for the year 742 1,904 6,774 9,420 Reclassifications 185 (410) 225 — Invest into the joint ventures and associated companies ​ (5) ​ — ​ (133) ​ (138) Reclassification to other long-term assets (82) (7) (170) (259) Written back on disposals (771) (135) (13,668) (14,574) Exchange adjustments (29) (904) (57) (990) Balance as at December 31, 2021 68,166 660,838 656,508 1,385,512 ​ ​ ​ ​ ​ ​ Net book value: Balance as at January 1, 2020 71,258 140,360 418,702 630,320 Balance as at December 31, 2020 75,010 ​ 136,872 381,733 ​ 593,615 Balance as at December 31, 2021 74,999 ​ 132,207 391,719 ​ 598,925

CONSTRUCTION IN PROGRESS (Table

CONSTRUCTION IN PROGRESS (Tables)	12 Months Ended
	Dec. 31, 2021
CONSTRUCTION IN PROGRESS
Schedule of construction in progress	​ ​ ​ ​ ​ ​ ​ 2020 2021 ​ ​ RMB ​ RMB ​ ​ ​ ​ ​ Balance as at January 1 176,119 125,525 Additions 131,099 159,729 Dry hole costs written off (5,928) (7,702) Transferred to property, plant and equipment (141,606) (111,026) Reclassification to other long-term assets (11,464) (10,302) Impairment losses for the year (844) (144) Disposals and others (21,798) (107) Exchange adjustments (53) (34) Balance as at December 31 125,525 155,939
Schedule of net changes in capitalized cost of exploratory wells in E&P segment	​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2020 2021 ​ ​ RMB ​ RMB ​ RMB ​ ​ ​ ​ ​ ​ ​ At beginning of year 7,296 8,961 11,129 Additions, pending the determination of proved reserves 8,528 10,779 12,666 Transferred to oil and gas properties based on the determination of proved reserves (2,822) (3,687) (6,208) Dry hole costs written off (4,041) (4,924) (5,332) At end of year 8,961 11,129 12,255
Schedule of aging of capitalized exploratory well costs based on drilling completion date	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2019 2020 2021 ​ ​ RMB ​ RMB ​ RMB ​ ​ ​ ​ ​ ​ ​ One year or less 7,794 10,586 11,168 Over one year 1,167 543 1,087 ​ 8,961 11,129 12,255

RIGHT-OF-USE ASSETS (Tables)

RIGHT-OF-USE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2021
RIGHT-OF-USE ASSETS
Schedule of right of use assets	​ ​ ​ ​ ​ ​ ​ ​ ​ Land Others Total ​ ​ RMB ​ RMB ​ RMB Cost: Balance as at January 1, 2020 248,775 34,188 282,963 Additions 14,370 9,653 24,023 Decreases (9,790) (3,140) (12,930) Balance as at December 31, 2020 253,355 40,701 294,056 ​ ​ ​ ​ ​ ​ Balance as at January 1, 2021 ​ 253,355 ​ 40,701 ​ 294,056 Additions ​ 13,263 ​ 9,650 ​ 22,913 Decreases ​ (2,862) ​ (3,430) ​ (6,292) Balance as at December 31, 2021 ​ 263,756 ​ 46,921 ​ 310,677 ​ ​ ​ ​ ​ ​ Accumulated depreciation: Balance as at January 1, 2020 9,101 5,702 14,803 Additions 9,358 6,354 15,712 Decreases (896) (1,575) (2,471) Balance as at December 31, 2020 17,563 10,481 28,044 ​ ​ ​ ​ ​ ​ Balance as at January 1, 2021 ​ 17,563 ​ 10,481 ​ 28,044 Additions ​ 9,966 ​ 6,863 ​ 16,829 Decreases ​ (407) ​ (2,197) ​ (2,604) Balance as at December 31, 2021 ​ 27,122 ​ 15,147 ​ 42,269 ​ ​ ​ ​ ​ ​ Net book value: ​ ​ ​ Balance as at January 1, 2020 ​ 239,674 ​ 28,486 ​ 268,160 Balance as at December 31, 2020 ​ 235,792 ​ 30,220 ​ 266,012 Balance as at December 31, 2021 ​ 236,634 ​ 31,774 ​ 268,408

GOODWILL (Tables)

GOODWILL (Tables)	12 Months Ended
	Dec. 31, 2021
GOODWILL
Schedule of goodwill	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2021 ​ ​ RMB ​ RMB ​ ​ ​ ​ ​ Cost 16,481 16,455 Less: Accumulated impairment losses (7,861) (7,861) ​ 8,620 8,594
Schedule of goodwill allocated to cash-generating units	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ 2020 2021 ​ ​ PRINCIPAL ACTIVITIES ​ 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 1,032 1,006 ​ 8,620 8,594

INTEREST IN ASSOCIATES (Tables)

INTEREST IN ASSOCIATES (Tables)	12 Months Ended
	Dec. 31, 2021
INTEREST IN ASSOCIATES
Schedule of principal associates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Particulars ​ Percentage ​ of equity ​ ​ ​ ​ ​ ​ ​ ​ Form of ​ of issued ​ of equity ​ held by the ​ ​ ​ ​ ​ ​ ​ ​ business ​ and paid ​ held by the ​ Company’s ​ Principal ​ Country of ​ Principal place Name of company structure up capital 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 Sinopec Capital Co.,Ltd. ("Sinopec Capital") ​ Incorporated ​ Registered capital RMB 10,000 million ​ 49.00 ​ — ​ Project and equity investment, investment management, investment consulting, self-owned equity management ​ PRC ​ PRC 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 (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.
Schedule of reconciliation of summarized financial information of associate accounted for using equity method to carrying amount of interest in associate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Zhongtian ​ ​ ​ ​ ​ ​ PipeChina ​ Sinopec Finance ​ Sinopec Capital ​ Synergetic Energy ​ CIR ​ ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 ​ ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB Current assets ​ 74,012 ​ 86,335 ​ 175,139 ​ 194,458 ​ 11,871 ​ 13,140 ​ 3,721 ​ 3,532 ​ 2,402 ​ 576 Non-current assets 655,982 768,161 53,008 55,086 ​ 106 ​ 102 53,124 51,331 903 870 Current liabilities (55,562) (136,150) (197,872) (217,987) ​ (18) ​ (28) (8,315) (8,577) (699) (822) Non-current liabilities (104,150) (103,243) (514) (602) ​ (411) ​ (676) (28,422) (22,216) (286) (144) Net assets 570,282 615,103 29,761 30,955 ​ 11,548 ​ 12,538 20,108 24,070 2,320 480 Net assets attributable to owners of the Company 505,336 526,241 29,761 30,955 ​ 11,548 ​ 12,538 20,108 24,070 2,320 480 Net assets attributable to non-controlling interests 64,946 88,862 — — ​ — ​ — — — — — Share of net assets from associates 70,747 73,674 14,583 15,168 ​ 5,659 ​ 6,144 7,792 9,327 1,160 240 Carrying Amounts 70,747 73,674 14,583 15,168 ​ 5,659 ​ 6,144 7,792 9,327 1,160 240 ​
Schedule of summarized statement of comprehensive income of associates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ PipeChina ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Zhongtian Synergetic ​ ​ ​ ​ ​ ​ ​ ​ (ii) ​ Sinopec Finance ​ Sinopec Capital ​ Energy ​ CIR Year ended December 31 2020 2021 2019 2020 2021 2019 2020 2021 2019 2020 2021 2019 2020 2021 ​ ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB Operating revenues ​ 22,766 ​ 101,572 ​ 4,966 ​ 4,742 ​ 5,177 ​ — ​ 2 ​ 2 ​ 13,329 ​ 11,707 ​ 16,959 ​ 2,334 ​ 1,252 ​ 1,826 Net income for the year ​ 6,444 ​ 29,776 ​ 2,234 ​ 2,027 ​ 2,168 ​ 232 ​ 1,278 ​ 990 ​ 1,994 ​ 551 ​ 4,184 ​ 424 ​ 181 ​ 461 Other comprehensive income — 2 411 ​ (372) 26 ​ — ​ — ​ — — ​ — — 151 ​ (308) 3 Total comprehensive income 6,444 29,778 2,645 ​ 1,655 2,194 ​ 232 ​ 1,278 ​ 990 1,994 ​ 551 4,184 575 ​ (127) 464 Dividends declared by associates — 442 — ​ — 490 ​ — ​ — ​ — 219 ​ 284 86 — ​ 2,517 1,152 Share of net income from associates 709 3,205 1,095 ​ 993 1,062 ​ 114 ​ 626 ​ 485 773 ​ 214 1,621 212 ​ 91 231 Share of other comprehensive income from associates (iii) — — 201 ​ (182) 13 ​ — ​ — ​ — — ​ — — 76 ​ (154) 2 (ii) 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. (iii) Including foreign currency translation differences.

INTEREST IN JOINT VENTURES (Tab

INTEREST IN JOINT VENTURES (Tables)	12 Months Ended
	Dec. 31, 2021
INTEREST IN JOINT VENTURES
Schedule of principal interest in joint ventures	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of ​ ​ ​ ​ ​ ​ Particulars of ​ Percentage of ​ equity held by ​ ​ ​ ​ ​ ​ Country of ​ issued and paid ​ equity held by ​ the Company’s ​ ​ ​ Principal 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 summarized 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, ​ 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 ​ ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB Current assets ​ ​ ​ ​ Cash and cash equivalents 7,448 6,562 1,838 5,375 1,280 1,258 1,408 5,441 ​ 5,259 ​ 4,820 Other current assets 7,492 9,217 4,777 6,953 1,223 2,188 7,516 12,404 ​ 2,665 ​ 3,437 Total current assets 14,940 15,779 6,615 12,328 2,503 3,446 8,924 17,845 ​ 7,924 ​ 8,257 Non-current assets 15,237 13,744 9,993 9,336 12,531 14,032 45,413 41,947 ​ 18,258 ​ 18,835 Current liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current financial liabilities (1,203) (1,177) (456) (77) (38) (32) (9,520) (9,549) ​ (998) ​ (597) Other current liabilities (5,147) (5,008) (2,190) (2,546) (1,043) (1,931) (8,644) (15,844) ​ (3,052) ​ (3,547) Total current liabilities (6,350) (6,185) (2,646) (2,623) (1,081) (1,963) (18,164) (25,393) ​ (4,050) ​ (4,144) Non-current liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-current financial liabilities (8,761) (6,857) — — (85) (85) (29,650) (30,903) ​ (6,773) ​ (7,599) Other non-current liabilities (235) (242) (42) (92) (2,017) (1,439) (2,008) (1,723) ​ (378) ​ (382) Total non-current liabilities (8,996) (7,099) (42) (92) (2,102) (1,524) (31,658) (32,626) ​ (7,151) ​ (7,981) Net assets 14,831 16,239 13,920 18,949 11,851 13,991 4,515 1,773 ​ 14,981 ​ 14,967 Net assets attributable to owners of the Company 14,831 16,239 13,920 18,949 11,439 13,523 4,515 1,773 ​ 14,981 ​ 14,967 Net assets attributable to non-controlling interests — — — — 412 468 — — ​ — ​ — Share of net assets from joint ventures 7,416 8,120 5,568 7,580 5,605 6,626 — — ​ 7,491 ​ 7,484 Carrying Amounts 7,416 8,120 5,568 7,580 5,605 6,626 — — ​ 7,491 ​ 7,484
Schedule of summarized statement of comprehensive income of joint ventures	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FREP ​ BASF-YPC ​ Taihu ​ YASREF ​ Sinopec SABIC Tianjin Year ended December 31, 2019 2020 2021 2019 2020 2021 2019 2020 2021 2019 2020 2021 2019 2020 2021 ​ RMB ​ RMB RMB RMB ​ RMB RMB ​ RMB ​ RMB RMB RMB ​ RMB RMB RMB ​ RMB RMB Operating revenues 57,047 ​ 38,691 47,224 19,590 ​ 15,701 27,499 15,222 ​ 9,528 15,190 ​ 75,940 ​ 37,337 68,548 20,541 ​ 14,881 24,631 Depreciation, depletion and amortization (2,541) ​ (2,222) (2,789) (1,474) ​ (1,244) (1,467) (629) ​ (541) (667) ​ (3,048) ​ (3,140) (3,224) (1,094) ​ (1,085) (1,164) Interest income 124 ​ 118 147 32 ​ 27 52 94 ​ 291 451 ​ 58 ​ 17 6 171 ​ 183 209 Interest expense (597) ​ (535) (411) (26) ​ (16) (5) (265) ​ (20) (107) ​ (1,470) ​ (1,136) (945) (134) ​ (131) (89) Earning/(loss) before income tax 964 ​ 520 2,261 2,314 ​ 1,518 8,218 3,320 ​ 2,304 2,864 ​ (1,292) ​ (7,193) (2,868) 2,178 ​ 954 1,393 Tax expense (197) ​ (87) (597) (579) ​ (379) (2,054) (708) ​ (378) (601) ​ (8) ​ 1,057 332 (533) ​ (236) (407) Net income/(loss) for the year 767 ​ 433 1,664 1,735 ​ 1,139 6,164 2,612 ​ 1,926 2,263 ​ (1,300) ​ (6,136) (2,536) 1,645 ​ 718 986 Other comprehensive income — ​ — — — ​ — — (1,105) ​ (3,368) (123) ​ (261) ​ (584) (206) — ​ — — Total comprehensive income 767 ​ 433 1,664 1,735 ​ 1,139 6,164 1,507 ​ (1,442) 2,140 ​ (1,561) ​ (6,720) (2,742) 1,645 ​ 718 986 Dividends declared by joint ventures 1,400 ​ 300 128 1,224 ​ 691 454 — ​ — — ​ — ​ — — 1,750 ​ — 500 Share of net income/(loss) from joint ventures 384 ​ 217 832 694 ​ 456 2,466 1,235 ​ 911 1,081 ​ (488) ​ (2,301) — 823 ​ 359 493 Share of other comprehensive income from joint ventures (i) — ​ — — — ​ — — (522) ​ (1,593) (60) ​ (98) ​ (219) — — ​ — — ​ Note: (i) Including foreign currency translation differences.

FINANCIAL ASSETS AT FAIR VALU_2

FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME (Tables)	12 Months Ended
	Dec. 31, 2021
FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME
Schedule of financial assets at fair value through other comprehensive income	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 ​ 2021 ​ ​ RMB ​ RMB ​ ​ ​ Non-current assets ​ ​ ​ ​ Unlisted equity instruments ​ 1,376 ​ 588 Listed equity instruments ​ 149 ​ 179 ​ ​ ​ ​ ​ Current assets ​ ​ ​ ​ Trade accounts receivable and bills receivable (i) 8,735 5,939 ​ ​ 10,260 ​ 6,706 Note: (i) As at December 31, 2020 and 2021, 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, 2021
DEFERRED TAX ASSETS AND LIABILITIES
Schedule of deferred tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ Liabilities ​ ​ December 31, ​ December 31, ​ ​ 2020 ​ 2021 ​ 2020 ​ 2021 ​ RMB RMB RMB RMB Receivables and inventories 2,411 3,763 — — Payables 1,286 2,858 — — Cash flow hedges ​ 1,790 ​ 258 ​ (4,420) ​ (2,709) Property, plant and equipment 15,793 16,777 (13,415) (15,037) Tax losses carried forward 13,322 4,749 — — Financial assets at fair value through other comprehensive income ​ 127 ​ 127 ​ (11) ​ (9) Intangible assets ​ 869 ​ 1,008 ​ (517) ​ (492) Others 371 1,056 (676) (870) Deferred tax assets/(liabilities) 35,969 30,596 (19,039) (19,117)
Schedule of consolidated elimination amount between deferred tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2020 ​ 2021 ​ ​ RMB RMB ​ ​ ​ ​ ​ Deferred tax assets 10,915 11,207 Deferred tax liabilities ​ 10,915 11,207
Schedule of deferred tax assets and liabilities after the consolidated elimination adjustments	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2020 ​ 2021 ​ RMB RMB ​ ​ ​ ​ ​ Deferred tax assets 25,054 19,389 Deferred tax liabilities 8,124 7,910
Schedule of movements in the deferred tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recognized in ​ Recognized in ​ ​ ​ ​ ​ Balance ​ ​ Balance as at ​ consolidated ​ other ​ ​ ​ Transferred ​ as at ​ ​ 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 ​ ​ Balance as at ​ consolidated ​ other ​ ​ ​ Transferred ​ as at ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recognized in ​ Recognized in ​ ​ ​ ​ ​ Balance ​ ​ Balance as at ​ consolidated ​ other ​ ​ ​ Transferred ​ as at ​ ​ January 1, ​ statement of ​ comprehensive ​ ​ ​ from ​ December 31, ​ 2021 income ​ income ​ Others reserve 2021 ​ RMB RMB RMB RMB RMB ​ RMB ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Receivables and inventories 2,411 1,378 (26) ​ — — ​ 3,763 Payables 1,286 1,572 — — — ​ 2,858 Cash flow hedges ​ (2,630) ​ (203) ​ (5,499) ​ — ​ 5,881 ​ (2,451) Property, plant and equipment 2,378 (1,004) 41 325 — ​ 1,740 Tax losses carried forward 13,322 (8,554) (19) — — ​ 4,749 Financial assets at fair value through other comprehensive income ​ 116 ​ — ​ 2 ​ — ​ — ​ 118 Intangible assets ​ 352 ​ 63 ​ — ​ 101 ​ — ​ 516 Others (305) 490 (3) 4 — ​ 186 Net deferred tax assets/(liabilities) 16,930 (6,258) (5,504) 430 5,881 ​ 11,479

LONG-TERM PREPAYMENTS AND OTH_2

LONG-TERM PREPAYMENTS AND OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2021
LONG-TERM PREPAYMENTS AND OTHER ASSETS
Schedule of long-term prepayments and other assets	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2020 ​ 2021 ​ RMB RMB ​ ​ ​ ​ ​ Operating rights of service stations 31,856 29,714 Long-term receivables from and prepayment to Sinopec Group Company and fellow subsidiaries 2,801 1,520 Prepayments for construction projects to third parties 5,861 7,470 Others (i) 34,025 31,326 ​ 74,543 70,030 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	​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2021 ​ RMB RMB Operating rights of service stations Cost: Balance as at January 1 53,549 53,567 Additions 493 912 Decreases (475) (688) Balance as at December 31 53,567 53,791 Accumulated amortization: ​ ​ Balance as at January 1 19,536 21,711 Additions 2,365 2,699 Decreases (190) (333) Balance as at December 31 21,711 24,077 Net book value as at December 31 31,856 29,714

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, 2021
SHORT-TERM AND LONG-TERM DEBTS AND LOANS FROM SINOPEC GROUP COMPANY AND FELLOW SUBSIDIARIES
Schedule of short-term debts	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2020 ​ 2021 ​ RMB RMB Third parties’ debts ​ ​ ​ ​ Short-term bank loans 16,111 24,959 RMB denominated 16,111 24,959 Short-term other loans 3 — RMB denominated 3 — Current portion of long-term bank loans 4,637 3,293 RMB denominated 4,613 3,281 USD denominated 24 12 Current portion of long-term corporate bonds — 7,000 RMB denominated — 7,000 ​ 4,637 10,293 Corporate bonds ​ 3,018 ​ — RMB denominated ​ 3,018 ​ — ​ 23,769 35,252 Loans from Sinopec Group Company and fellow subsidiaries ​ ​ Short-term loans 4,642 2,407 RMB denominated 1,141 1,320 USD denominated 3,298 934 Hong Kong Dollar ("HKD") denominated 31 — European Dollar ("EUR") denominated 172 153 Current portion of long-term loans 622 466 RMB denominated 622 466 ​ 5,264 2,873 ​ 29,033 38,125
Schedule of long-term debts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ Interest rate and final maturity ​ 2020 ​ 2021 ​ ​ RMB RMB Third parties’ debts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term bank loans ​ ​ ​ ​ ​ ​ ​ ​ RMB denominated Interest rates ranging from 1.08% to 4.00% per annum as at December 31, 2021 with maturities through 2039 38,226 ​ 38,880 ​ ​ ​ ​ ​ ​ ​ USD denominated Interest rates at 1.55% per annum as at December 31, 2021 with maturities through 2038 92 ​ 64 ​ 38,318 ​ 38,944 ​ ​ ​ ​ ​ ​ ​ Corporate bonds(i) ​ ​ ​ ​ ​ ​ ​ ​ RMB denominated Fixed interest rates ranging from 2.20% to 4.90% per annum as at December 31, 2021 with maturities through 2026 26,977 ​ 38,522 USD denominated Fixed interest rates ranging from 3.13 % to 4.25 % per annum as at December 31, 2021 with maturities through 2043 11,379 ​ 11,127 ​ 38,356 ​ 49,649 Total third parties’ long-term debts 76,674 ​ 88,593 ​ ​ ​ ​ ​ ​ ​ Less: Current portion (4,637) ​ (10,293) ​ 72,037 ​ 78,300 Long-term loans from Sinopec Group Company and fellow subsidiaries ​ ​ ​ ​ RMB denominated ​ Interest rates ranging from 1.08% to 5.23% per annum as at December 31, 2021 with maturities through 2037 ​ 11,013 ​ 12,988 USD denominated Interest rates at 1.65% per annum as at December 31, 2021 with maturities in 2027 1,387 ​ 1,168 ​ ​ ​ ​ ​ ​ ​ Less: Current portion (622) ​ (466) ​ 11,778 ​ 13,690 ​ 83,815 ​ 91,990 Note: (i) The Company issued corporate bonds with a maturity of five years on 26 July 2021 at par value of RMB 100. The total issued amount of the corporate bonds is RMB 5 billion. The corporate bonds adopt a simple interest rate on an annual basis with a fixed rate at 3.20% per annum and the interest is paid once a year. The Company issued corporate bonds with a maturity of three years on 5 August 2021 at par value of RMB 100. The total issued amount of the corporate bonds is RMB 2 billion. The corporate bonds adopt a simple interest rate on an annual basis with a fixed rate at 2.95% per annum and the interest is paid once a year. The Company issued corporate bonds with a maturity of two years on 6 August 2021 at par value of RMB 100. The total issued amount of the corporate bonds is RMB 2 billion. The corporate bonds adopt a simple interest rate on an annual basis with a fixed rate at 2.80% per annum and the interest is paid once a year. The Company issued corporate bonds with a maturity of three years on 27 December 2021 at par value of RMB 100. The total issued amount of the corporate bonds is RMB 2.55 billion. The corporate bonds adopt a simple interest rate on an annual basis with a fixed rate at 2.50% 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, 2021
LEASE LIABILITIES
Schedule of lease liabilities	​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2020 ​ 2021 ​ ​ RMB ​ RMB Lease liabilities Current 15,293 15,173 Non-current 171,740 170,233 ​ 187,033 185,406

TRADE ACCOUNTS AND BILLS PAYA_2

TRADE ACCOUNTS AND BILLS PAYABLE (Tables)	12 Months Ended
	Dec. 31, 2021
TRADE ACCOUNTS PAYABLE AND BILLS PAYABLE
Schedule of trade accounts and bills payable	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2020 ​ 2021 ​ RMB RMB ​ ​ ​ ​ ​ Amounts due to third parties 132,256 193,547 Amounts due to Sinopec Group Company and fellow subsidiaries 11,512 4,227 Amounts due to associates and joint ventures 7,746 6,145 ​ 151,514 203,919 Bills payable 10,394 11,721 Trade accounts payable and bills payable measured at amortized cost 161,908 215,640

OTHER PAYABLES (Tables)

OTHER PAYABLES (Tables)	12 Months Ended
	Dec. 31, 2021
OTHER PAYABLES
Schedule of other payables	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2020 ​ 2021 ​ RMB RMB ​ ​ ​ ​ ​ Salaries and welfare payable 7,129 14,048 Interest payable 667 822 Payables for constructions 42,027 54,596 Other payables 59,023 93,764 Financial liabilities carried at amortized costs 108,846 163,230 Taxes other than income tax 70,262 76,458 ​ 179,108 239,688

PROVISIONS (Tables)

PROVISIONS (Tables)	12 Months Ended
	Dec. 31, 2021
PROVISIONS
Schedule of provisions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 2020 ​ 2021 ​ RMB RMB RMB ​ ​ ​ ​ ​ ​ ​ Balance as at January 1 42,007 42,438 43,713 Provision for the year 1,408 1,563 2,163 Accretion expenses 1,418 1,343 1,135 Decrease for the year (2,439) (1,490) (6,435) Exchange adjustments 44 (141) (81) Balance as at December 31 42,438 43,713 40,495

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2021
SHARE CAPITAL
Schedule of share capital	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2020 ​ 2021 ​ RMB RMB Registered, issued and fully paid ​ ​ ​ ​ 95,557,771,046 listed A shares (2020: 95,557,771,046) of RMB 1.00 each 95,558 95,558 25,513,438,600 listed H shares (2020: 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, 2021
COMMITMENTS AND CONTINGENT LIABILITIES
Schedule of capital commitments	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2020 ​ 2021 ​ RMB RMB ​ ​ ​ ​ ​ Authorized and contracted for (i) 171,597 184,430 Authorized but not contracted for 33,997 90,227 ​ 205,594 274,657 Note: (i) The investment commitments as at December 31, 2020 and 2021 of the Group were RMB 13,172 and RMB 3,648, respectively.
Schedule of estimated future annual payments of exploration and production licenses	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2020 ​ 2021 ​ RMB RMB ​ ​ ​ ​ ​ Within one year 390 301 Between one and two years 99 112 Between two and three years 66 110 Between three and four years 63 102 Between four and five years 56 64 Thereafter 824 846 ​ 1,498 1,535
Schedule of contingent liabilities	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2020 ​ 2021 ​ RMB RMB ​ ​ ​ ​ ​ Joint ventures (ii) 6,390 9,117 Associates (iii) 8,450 5,746 ​ 14,840 14,863 Notes: (ii) The Group provided a guarantee in respect to standby credit facilities granted to Zhongan United Coal Chemical Co., Ltd. (“Zhongan United”) by banks amounting to RMB 7,100. For the years ended December 31, 2020 and 2021 the amount withdrawn (The portion corresponding to the shareholding ratio of the Group) by Zhongan United from banks and guaranteed by the Group was RMB 6,390 and RMB 5,680. The Group provided a guarantee in respect to standby credit facilities granted to Amur Gas Chemical Complex Limited Liability Company (“Amur Gas”) by banks amounting to RMB 23,208. For the years ended December 31, 2020 and 2021 the amount withdrawn (the portion corresponding to the shareholding ratio of the Group) by Amur Gas from banks and guaranteed by the Group was RMB Nil and RMB 3,264. The Group provided a guarantee in respect to payment obligation under the raw material supply agreement of Amur Gas amount to RMB 15,493. For the years ended December 31, 2020 and 2021 Amur Gas has not yet incurred the relevant payment obligations and therefore the Group has no guarantee amount. The Group provided a guarantee in respect the engineering services agreement of Amur Gas amounting to RMB 3,012. For the years ended December 31, 2020 and 2021 the relevant payables for constructions of Amur Gas (the portion corresponding to the shareholding ratio of the Group) and guaranteed by the Group was Nil and RMB 173. (iii) The Group provided a guarantee in respect to standby credit facilities granted to Zhongtian Synergetic Energy by banks amounting to RMB 17,050. For the years ended December 31, 2020 and 2021 the amount withdrawn (the portion corresponding to the shareholding ratio of the Group) by Zhongtian Synergetic Energy from banks and guaranteed by the Group was RMB 8,450 and RMB 5,746.

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	12 Months Ended
	Dec. 31, 2021
BUSINESS COMBINATIONS
Schedule of restatement of financial condition and the results of operation previously reported by the Group	The financial condition as at 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 ​ Summarized consolidated income statement for the year ended December 31, 2019 ： Revenue 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 ​ Summarized consolidated statement of financial position as at December 31, 2019 ： ​ ​ ​ ​ ​ ​ ​ ​ Current assets 455,856 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 ​ Summarized 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 from financing activities (84,713) 509 — (84,204) Net increase in cash and cash equivalents (51,756) 120 — (51,636) The financial condition as at December 31,2020 and the results of operation for the years ended December 31, 2019 and 2020 previously reported by the Group have been restated, as set out below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Group, as Acquired assets and Elimination and The Group, ​ ​ previously reported ​ liabilities of Sinopec Group Company ​ Adjustment ​ as restated ​ ​ RMB million ​ RMB million ​ RMB million ​ RMB million ​ Summarized consolidated income statement for the year ended December 31, 2019 ： Revenue 2,959,799 12,918 (14,849) 2,957,868 Net income attributable to owners of the Company 57,493 24 — 57,517 Net income attributable to non-controlling interests 14,590 — — 14,590 Basic earnings per share (RMB) 0.4749 0.0002 — 0.4751 Diluted earnings per share (RMB) 0.4749 0.0002 — 0.4751 ​ Summarized consolidated statement of cash flows for the year ended December 31, 2019 ： Net cash generated from operating activities 153,619 761 — 154,380 Net cash used in investing activities (121,051) (263) — (121,314) Net cash used in from financing activities (84,204) (498) — (84,702) Net increase in cash and cash equivalents (51,636) — — (51,636) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Group, as Acquired assets and Elimination and The Group, ​ ​ previously reported ​ liabilities of Sinopec Group Company ​ Adjustment ​ as restated ​ ​ RMB million ​ RMB million ​ RMB million ​ RMB million ​ Summarized consolidated income statement for the year ended December 31, 2020: Revenue 2,105,984 12,233 (13,493) 2,104,724 Net income attributable to owners of the Company 33,096 347 — 33,443 Net income attributable to non-controlling interests 8,828 — — 8,828 Basic earnings per share (RMB) 0.273 0.003 — 0.276 Diluted earnings per share (RMB) 0.273 0.003 — 0.276 ​ ​ ​ ​ ​ Summarized consolidated statement of financial position as at December 31, 2020: ​ ​ ​ ​ Current assets 455,395 480 (215) 455,660 Total assets 1,733,805 5,875 (784) 1,738,896 Current liabilities 522,190 1,020 (215) 522,995 Total liabilities 850,947 1,031 (784) 851,194 Total equity attributable to owners of the Company 741,494 4,831 — 746,325 Non-controlling interests 141,364 13 — 141,377 ​ ​ ​ ​ ​ Summarized consolidated statement of cash flows for the year ended December 31, 2020: ​ ​ ​ ​ Net cash generated from operating activities 167,518 1,002 — 168,520 Net cash used in investing activities (102,203) (447) — (102,650) Net cash used in from financing activities (36,955) (555) — (37,510) Net increase in cash and cash equivalents 28,360 — — 28,360

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2021
RELATED PARTY TRANSACTIONS
Schedule of related party transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ Note ​ 2019 ​ 2020 ​ 2021 ​ ​ RMB RMB RMB Sales of goods (i) ​ 279,784 228,307 297,381 Purchases (ii) ​ 181,944 151,300 191,888 Transportation and storage (iii) ​ 8,097 8,734 19,443 Exploration and development services (iv) ​ 33,310 31,444 33,930 Production related services (v) ​ 38,603 31,915 44,405 Ancillary and social services (vi) ​ 3,017 2,952 1,730 Agency commission income (vii) ​ 116 160 194 Interest income (viii) ​ 1,066 704 715 Interest expense (ix) ​ 1,334 919 385 Net deposits withdrawn from/ (placed with) related parties (x) ​ 5,230 (17,585) (8,265) Net funds obtained from/ (placed with) related parties (ix) ​ 3,438 (31,144) 30,305 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) 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. (viii) 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 at December 31, 2020 and 2021 were RMB 53,417 and RMB 61,682, respectively. (ix) Interest expense represents interest charges on the loans obtained from Sinopec Group Company and fellow subsidiaries. (x) The Group obtained loans, discounted bills and issued the acceptance bills from Sinopec Group Company and fellow subsidiaries.
Schedule of amount due from/to related parties	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2020 ​ 2021 ​ RMB RMB ​ ​ ​ ​ ​ Trade accounts receivable 16,777 8,655 Financial assets at fair value through other comprehensive income ​ 760 ​ 186 Prepaid expenses and other current assets ​ 19,422 ​ 14,537 Long-term prepayments and other assets 6,435 3,116 Total 43,394 26,494 ​ ​ ​ ​ ​ Trade accounts payable and bills payable 22,792 14,170 Contract liabilities ​ 5,937 ​ 4,677 Other payables 12,759 50,649 Other long-term liabilities 3,010 2,779 Short-term loans and current portion of long-term loans from Sinopec Group Company and fellow subsidiaries 5,264 2,873 Long-term loans excluding current portion from Sinopec Group Company and fellow subsidiaries 11,778 13,690 Lease liabilities (including to be paid within one year) ​ 162,048 ​ 158,761 Total 223,588 247,599 ​
Schedule of key management personnel emoluments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2019 ​ 2020 ​ 2021 ​ RMB’000 RMB’000 RMB’000 ​ ​ ​ ​ ​ ​ ​ Short-term employee benefits 9,209 5,753 4,612 Retirement scheme contributions 536 342 379 ​ 9,745 6,095 4,991 ​

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
	Dec. 31, 2021
SEGMENT REPORTING
Schedule of operating segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2019 ​ 2020 ​ 2021 ​ RMB RMB RMB Sales of goods ​ ​ ​ ​ ​ ​ Exploration and production External sales 111,114 104,524 156,026 Inter-segment sales 89,315 57,513 87,298 ​ 200,429 162,037 243,324 Refining ​ ​ ​ External sales 140,837 113,214 167,948 Inter-segment sales 1,077,436 826,219 1,212,455 ​ 1,218,273 939,433 1,380,403 Marketing and distribution ​ ​ External sales 1,393,557 1,062,447 1,367,605 Inter-segment sales 4,159 4,854 7,075 ​ 1,397,716 1,067,301 1,374,680 Chemicals ​ ​ External sales 429,367 322,169 424,774 Inter-segment sales 78,478 40,702 70,242 ​ 507,845 362,871 495,016 Corporate and others ​ ​ ​ External sales 824,507 458,154 563,147 Inter-segment sales 654,337 430,073 732,356 ​ 1,478,844 888,227 1,295,503 Elimination of inter-segment sales (1,903,725) (1,371,215) (2,109,426) Sales of goods 2,899,382 2,048,654 2,679,500 ​ ​ ​ ​ ​ ​ ​ Other operating revenues ​ ​ ​ Exploration and production 10,283 5,718 6,674 Refining 5,460 4,633 5,161 Marketing and distribution 33,247 34,905 36,864 Chemicals 7,646 8,758 10,487 Corporate and others 1,850 2,056 2,198 Other operating revenues 58,486 56,070 61,384 ​ ​ ​ ​ ​ ​ ​ Sales of goods and other operating revenues 2,957,868 2,104,724 2,740,884 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2019 ​ 2020 ​ 2021 ​ RMB RMB RMB Result ​ ​ ​ ​ ​ ​ Operating income / (loss) ​ ​ ​ ​ ​ ​ By segment - Exploration and production 9,284 (16,476) 4,685 - Refining 30,706 (5,525) 65,279 - Marketing and distribution 29,107 20,828 21,204 - Chemicals 17,395 10,818 11,106 - Corporate and others 64 (393) (3,225) - Elimination (40) 4,417 (4,421) Total segment operating income 86,516 13,669 94,628 Share of profit/(loss) from associates and joint ventures ​ ​ ​ - Exploration and production 3,167 2,117 2,783 - Refining (640) (2,516) 662 - Marketing and distribution 3,309 2,200 3,731 - Chemicals 4,611 1,723 11,323 - Corporate and others 2,330 3,188 4,754 Aggregate share of profits from associates and joint ventures 12,777 6,712 23,253 Investment income ​ ​ ​ - Exploration and production (19) 13,118 55 - Refining 59 14,941 (10) - Marketing and distribution 73 8,980 3 - Chemicals 578 (61) (54) - Corporate and others 228 766 304 Aggregate investment income 919 37,744 298 Net finance costs (10,051) (9,510) (9,010) Earnings before income tax 90,161 48,615 109,169 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2019 ​ 2020 ​ 2021 ​ RMB RMB RMB Assets ​ ​ ​ ​ ​ ​ Segment assets ​ ​ ​ ​ ​ ​ - Exploration and production 410,950 354,024 371,100 - Refining 321,442 270,766 304,785 - Marketing and distribution 399,242 373,430 377,499 - Chemicals 186,028 190,789 222,803 - Corporate and others 131,686 118,458 133,961 Total segment assets 1,449,348 1,307,467 1,410,148 ​ ​ ​ ​ ​ ​ ​ Interest in associates and joint ventures 152,204 188,342 209,179 Financial assets at fair value through other comprehensive income ​ 1,521 ​ 1,525 ​ 767 Deferred tax assets 17,616 25,054 19,389 Cash and cash equivalents, time deposits with financial institutions 128,052 188,057 221,989 Other unallocated assets 16,961 28,451 27,783 Total assets 1,765,702 1,738,896 1,889,255 ​ ​ ​ ​ 　 ​ ​ ​ Liabilities ​ ​ ​ Segment liabilities ​ ​ ​ - Exploration and production 167,933 163,588 166,486 - Refining 122,371 136,980 146,763 - Marketing and distribution 226,531 234,309 228,826 - Chemicals 58,591 49,625 69,977 - Corporate and others 137,881 119,215 198,828 Total segment liabilities 713,307 703,717 810,880 ​ ​ ​ ​ ​ ​ ​ Short-term debts 40,521 23,769 35,252 Income tax payable 3,267 6,586 4,809 Long-term debts 49,208 72,037 78,300 Loans from Sinopec Group Company and fellow subsidiaries 52,915 17,042 16,563 Deferred tax liabilities 6,809 8,124 7,910 Other unallocated liabilities 17,597 19,919 20,467 Total liabilities 883,624 851,194 974,181
Schedule of capital expenditure of operating segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2019 ​ 2020 ​ 2021 ​ RMB RMB RMB Capital expenditure ​ ​ ​ ​ ​ ​ Exploration and production 61,739 56,416 68,148 Refining 31,372 24,756 22,469 Marketing and distribution 29,566 25,403 21,897 Chemicals 23,551 28,217 51,648 Corporate and others 1,979 2,312 3,786 ​ 148,207 137,104 167,948 Depreciation, depletion and amortization ​ 　 ​ ​ Exploration and production 50,732 46,273 52,880 Refining 19,718 20,090 20,743 Marketing and distribution 21,572 23,196 23,071 Chemicals 14,755 14,830 16,093 Corporate and others 2,866 3,072 2,893 ​ 109,643 107,461 115,680 Impairment losses on long-lived assets ​ 　 ​ ​ Exploration and production 3 8,495 2,467 Refining 256 1,923 860 Marketing and distribution 80 536 1,211 Chemicals 17 3,675 5,332 Corporate and others — — 165 ​ 356 14,629 10,035
Schedule of geographical information of operating segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2019 ​ 2020 ​ 2021 ​ RMB RMB RMB External sales ​ ​ ​ ​ ​ ​ Mainland China 2,122,753 1,720,695 2,166,040 Singapore ​ 505,672 ​ 215,846 ​ 278,024 Others 329,443 168,183 296,820 ​ 2,957,868 2,104,724 2,740,884 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December31, ​ ​ 2019 ​ 2020 ​ 2021 ​ RMB RMB RMB Non-current assets ​ ​ ​ ​ ​ ​ Mainland China 1,240,949 1,216,267 1,268,814 Others 52,705 36,782 40,551 ​ 1,293,654 1,253,049 1,309,365

PRINCIPAL SUBSIDIARIES (Tables)

PRINCIPAL SUBSIDIARIES (Tables)	12 Months Ended
	Dec. 31, 2021
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 3,009 100.00 — 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 Hainan Refining and Chemical Company Limited ​ RMB 9,606 ​ 100.00 ​ — ​ Manufacturing of intermediate petrochemical products and petroleum 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 Marketing Company ​ RMB 28,403 ​ 70.42 ​ 29.58 ​ Marketing and distribution of refined petroleum products Shanghai SECCO ​ RMB 500 ​ 67.59 ​ 32.41 ​ Production and sale of petrochemical products Sinopec Kantons Holdings Limited ("Sinopec Kantons") ​ HKD 248 ​ 60.33 ​ 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 ​ 59.00 ​ 41.00 ​ Production, sale, research and development of petrochemical products, ethylene and downstream byproducts Gaoqiao Petrochemical Company Limited ​ RMB 10,000 ​ 55.00 ​ 45.00 ​ Manufacturing of intermediate petrochemical products and petroleum products Baling Petrochemical ​ RMB 3,000 ​ 55.00 ​ 45.00 ​ Crude oil processing and petroleum products manufacturing Sinopec Shanghai Petrochemical Company Limited ("Shanghai Petrochemical") ​ RMB 10,824 ​ 50.44 ​ 49.56 ​ Manufacturing of synthetic fibres, resin and plastics, intermediate petrochemical products and petroleum products Fujian Petrochemical Company Limited ("Fujian Petrochemical") (i) ​ RMB 10,492 ​ 50.00 ​ 50.00 ​ Manufacturing of plastics, intermediate petrochemical products and petroleum products ​ Note: (i) 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, ​ 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 ​ RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB Current assets 172,352 159,599 22,620 22,759 17,305 20,932 1,582 1,464 4,373 4,761 ​ 10,431 ​ 6,066 3,639 6,791 Current liabilities (201,678) (193,315) (475) (1,430) (15,232) (15,796) (458) (142) (924) (196) ​ (2,783) ​ (5,434) (6,377) (8,122) Net current (liabilities)/ assets (29,326) (33,716) 22,145 21,329 2,073 5,136 1,124 1,322 3,449 4,565 ​ 7,648 ​ 632 (2,738) (1,331) Non-current assets 323,571 326,437 8,951 8,954 27,314 25,988 12,568 13,208 9,106 8,195 ​ 12,177 ​ 11,402 22,187 20,650 Non-current liabilities (59,554) (59,604) (18,270) (17,823) (52) (747) (693) (700) (170) (170) ​ (1,553) ​ (1,418) (8,509) (7,512) Net non-current assets/(liabilities) 264,017 266,833 (9,319) (8,869) 27,262 25,241 11,875 12,508 8,936 8,025 ​ 10,624 ​ 9,984 13,678 13,138 Net assets 234,691 233,117 12,826 12,460 29,335 30,377 12,999 13,830 12,385 12,590 ​ 18,272 ​ 10,616 10,940 11,807 Attributable to owners of the Company 159,205 157,557 5,876 6,341 14,727 15,254 6,499 6,915 7,454 7,579 ​ 12,352 ​ 7,175 6,455 6,966 Attributable to non-controlling interests 75,486 75,560 6,950 6,119 14,608 15,123 6,500 6,915 4,931 5,011 ​ 5,920 ​ 3,441 4,485 4,841
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, ​ 2019 ​ 2020 ​ 2021 ​ 2019 ​ 2020 ​ 2021 ​ 2019 ​ 2020 ​ 2021 ​ 2019 ​ 2020 ​ 2021 ​ 2019 ​ 2020 ​ 2021 ​ 2019 ​ 2020 ​ 2021 ​ 2019 ​ 2020 ​ 2021 ​ RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB ​ RMB RMB RMB RMB RMB Operating revenues 1,427,705 ​ 1,099,680 ​ 1,408,523 ​ 3,282 ​ 2,017 ​ 2,166 ​ 100,270 ​ 74,624 ​ 89,198 ​ 5,535 ​ 4,871 ​ 5,549 ​ 1,274 ​ 1,064 ​ 528 ​ 28,341 ​ 21,626 ​ 29,723 ​ 31,016 ​ 28,702 ​ 50,208 Net income/(loss) for the year 22,992 ​ 22,415 ​ 18,582 ​ 2,831 ​ 1,160 ​ 1,429 ​ 2,227 ​ 656 ​ 2,077 ​ 477 ​ 243 ​ 951 ​ 1,131 ​ 2,047 ​ 871 ​ 3,137 ​ 2,132 ​ 2,817 ​ 701 ​ (920) ​ 1,606 Total comprehensive income 23,362 ​ 21,149 ​ 18,439 ​ 2,693 ​ (720) ​ 1,045 ​ 2,235 ​ 645 ​ 2,218 ​ 477 ​ 243 ​ 951 ​ 1,140 ​ 1,814 ​ 677 ​ 3,137 ​ 2,132 ​ 2,817 ​ 701 ​ (920) ​ 1,606 Comprehensive income attributable to non-controlling interests 8,289 ​ 7,205 ​ 6,822 ​ 1,651 ​ (287) ​ 579 ​ 1,113 ​ 325 ​ 1,101 ​ 238 ​ 121 ​ 476 ​ 433 ​ 707 ​ 268 ​ 1,016 ​ 691 ​ 2,390 ​ 245 ​ (377) ​ 659 Dividends paid to non-controlling interests 4,830 ​ 2,766 ​ 7,064 ​ 10,926 ​ 316 ​ — ​ 1,344 ​ 649 ​ 541 ​ 650 ​ 150 ​ 64 ​ 159 ​ 175 ​ 164 ​ 822 ​ 767 ​ 1,028 ​ — ​ — ​ —
Schedule of summarized statement of cash flows	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketing Company ​ SIPL* ​ Shanghai Petrochemical ​ Fujian Petrochemical ​ Sinopec Kantons ​ Shanghai SECCO ​ Sinopec-SK Year ended December 31, ​ 2019 ​ 2020 ​ 2021 ​ 2019 ​ 2020 ​ 2021 ​ 2019 ​ 2020 ​ 2021 ​ 2019 ​ 2020 ​ 2021 ​ 2019 ​ 2020 ​ 2021 ​ 2019 ​ 2020 ​ 2021 ​ 2019 ​ 2020 ​ 2021 ​ 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 40,260 54,139 28,923 2,128 281 690 5,057 1,680 3,950 622 (244) (292) 716 586 133 ​ 4,601 ​ 3,119 ​ 3,447 5,532 (363) 5,476 Net cash (used in)/ generated from investing activities (25,923) (40,010) 2,420 678 (2,659) 15 (4,623) (3,888) (2,359) (472) (649) 420 397 3,846 1,276 ​ (91) ​ (4,335) ​ 1,534 (4,987) (2,340) (1,789) Net cash (used in)/ generated from financing activities (21,535) (12,402) (31,081) (116) 1,683 (1,172) (1,737) 1,682 (3,393) (163) 882 (142) (1,208) (1,250) (1,066) ​ (2,050) ​ (2,879) ​ (7,828) 250 2,176 (653) Net (decrease)/increase in cash and cash equivalents (7,198) 1,727 262 2,690 (695) (467) (1,303) (526) (1,802) (13) (11) (14) (95) 3,182 343 ​ 2,460 ​ (4,095) ​ (2,847) 795 (527) 3,034 Cash and cash equivalents as at January 1 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 Effect of foreign currency exchange rate changes (43) 14 95 150 (439) (164) 11 (8) (2) — — — 14 (117) (93) ​ 1 ​ (2) ​ (1) — — — Cash and cash equivalents as at December 31 6,901 8,642 8,999 8,833 7,699 7,068 7,450 6,916 5,112 79 68 54 117 3,182 3,432 ​ 9,278 ​ 5,181 ​ 2,333 1,593 1,066 4,100 *The non-controlling interests of subsidiaries which the Group holds 100% of equity interests at the end of the year are the non-controlling interests of their subsidiaries.

FINANCIAL RISK MANAGEMENT AND_2

FINANCIAL RISK MANAGEMENT AND FAIR VALUES (Tables)	12 Months Ended
	Dec. 31, 2021
FINANCIAL RISK MANAGEMENT AND FAIR VALUES
Information about the exposure to credit risk and ECLs for accounts receivable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impairment provision on ​ Impairment provision ​ ​ ​ ​ ​ individual basis ​ on provision matrix basis ​ ​ ​ ​ ​ ​ ​ ​ Impairment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ provision ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ ​ ​ on ​ Weighted- ​ ​ ​ ​ ​ ​ carrying ​ Carrying ​ individual ​ average ​ Impairment ​ Loss ​ ​ amount ​ amount ​ basis ​ loss rate ​ provision ​ allowance December 31, 2020 ​ RMB ​ RMB ​ RMB ​ % ​ RMB ​ RMB Current and within 1 year past due 34,478 5,023 117 0.0 % — 117 1 to 2 years past due 4,062 3,637 3,024 25.2 % 107 3,131 2 to 3 years past due 149 27 18 54.9 % 67 85 Over 3 years past due 610 218 182 88.0 % 345 527 Total 39,299 8,905 3,341 519 3,860 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impairment provision on ​ Impairment provision ​ ​ ​ ​ ​ ​ individual basis ​ onprovision matrix basis ​ ​ ​ ​ ​ ​ ​ ​ Impairment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ provision ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ ​ ​ on ​ Weighted- ​ ​ ​ ​ ​ ​ carrying ​ Carrying ​ individual ​ average ​ Impairment ​ Loss ​ ​ amount ​ amount ​ basis ​ loss rate ​ provision ​ allowance December 31, 2021 ​ RMB ​ RMB ​ RMB ​ % ​ RMB ​ RMB Current and within 1 year past due 34,263 4,280 26 0.2 % 57 83 1 to 2 years past due 623 500 137 35.8 % 44 181 2 to 3 years past due 3,411 3,324 3,146 50.6 % 44 3,190 Over 3 years past due 597 208 190 100.0 % 389 579 Total 38,894 8,312 3,499 534 4,033
Schedule of liquidity risk	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ 187,033 ​ 328,501 ​ 15,957 ​ 15,456 ​ 43,513 ​ 253,575 Derivative financial liabilities 4,826 4,826 4,826 — — — Trade accounts payable and bills payable 161,908 161,908 161,908 — — — Other payables 94,083 94,083 94,083 — — — ​ 560,698 713,138 ​ 308,905 ​ 28,138 ​ 114,036 ​ 262,059 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ 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 35,252 35,871 35,871 — — — Long-term debts 78,300 85,718 2,169 49,390 27,518 6,641 Loans from Sinopec Group Company and fellow subsidiaries 16,563 18,457 3,174 604 10,712 3,967 Lease liabilities ​ 185,406 ​ 296,485 ​ 15,833 ​ 12,031 ​ 35,411 ​ 233,210 Derivative financial liabilities 3,223 3,223 3,223 — — — Trade accounts payable and bills payable 215,640 215,640 215,640 — — — Other payables 131,468 131,468 131,468 — — — ​ 665,852 786,862 407,378 62,025 73,641 243,818
Schedule of fair values of financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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, 2021 ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ Total ​ RMB RMB RMB RMB Assets ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial assets: ​ ​ ​ ​ - Derivative financial assets 5,883 12,488 — 18,371 Financial assets at fair value through other comprehensive income: ​ ​ ​ ​ - Equity investments ​ 179 ​ — ​ 588 ​ 767 -Trade accounts receivable and bills receivable — — 5,939 5,939 ​ 6,062 12,488 6,527 25,077 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ Derivative financial liabilities: ​ ​ ​ ​ - Derivative financial liabilities 804 2,419 — 3,223 ​ 804 2,419 — 3,223 ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2021 ​ ​ RMB ​ RMB Carrying amount 76,674 88,593 Fair value 74,282 85,610

RESERVES (Tables)

RESERVES (Tables)	12 Months Ended
	Dec. 31, 2021
RESERVES
Schedule of reserves movement of the company	​ ​ ​ ​ ​ ​ ​ 2020 2021 ​ ​ RMB ​ RMB Capital reserve (Note (a)) ​ Balance as at January 1 ​ 34,503 ​ 34,263 Distribution to sellers in the business combination of entities under common control (Note 35) ​ (972) (6,124) Transaction with non-controlling interests ​ (138) ​ (1,396) Others ​ 870 ​ 319 Balance as at December 31 ​ 34,263 ​ 27,062 ​ ​ ​ Share premium (Note (b)) ​ Balance as at January 1 ​ 55,850 55,850 Balance as at December 31 ​ 55,850 55,850 ​ ​ ​ Statutory surplus reserve (Note (c)) ​ Balance as at January 1 ​ 90,423 92,280 Appropriation ​ 1,857 3,944 Balance as at December 31 ​ 92,280 96,224 ​ ​ ​ Discretionary surplus reserve ​ Balance as at January 1 ​ 117,000 117,000 Balance as at December 31 ​ 117,000 117,000 ​ ​ ​ Other reserves ​ Balance as at January 1 ​ 1,941 3,500 Other comprehensive income ​ 1,406 17,574 Amounts transferred to initial carrying amount of hedged items ​ (47) (19,302) Others ​ 200 ​ 723 Balance as at December 31 ​ 3,500 2,495 ​ ​ ​ ​ ​ Retained earnings (Note (d)) ​ Balance as at January 1 ​ 322,931 322,361 Net income attributable to owners of the Company ​ 33,431 71,975 Final dividend inspect of the previous year, approved and paid during the year (Note (e)) ​ (23,004) (15,739) Interim dividend (Note (f)) ​ (8,475) (19,371) Appropriation ​ (1,857) (3,944) Others ​ (665) ​ (802) Balance as at December 31 ​ 322,361 354,480 ​ ​ 625,254 ​ 653,111 ​ 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) According to the PRC Company Law and the Articles of Association of the Company, the Company is required to transfer 10% of its net income determined in accordance with the accounting policies complying with Accounting Standards for Business Enterprises (“CASs”), adopted by the Group to statutory surplus reserve. In the event that the reserve balance reaches 50% of the registered capital, no transfer is required. The transfer to this reserve must be made before distribution of a dividend to shareholders. Statutory surplus reserve can be used to make good previous years’ losses, if any, and may be converted into share capital by issuing of new shares to shareholders in proportion to their existing shareholdings or by increasing the par value of the shares currently held by them, provided that the balance after such issue is not less than 25% of the registered capital. During the years ended December 31, 2019, 2020 and 2021, the Company transferred RMB 3,745, RMB 1,857 and RMB 3,944 respectively, being 10% of the net income determined in accordance with the accounting policies complying with CASs. 43. RESERVES (Continued) Notes: (Continued) The usage of the discretionary surplus reserve is similar to that of statutory surplus reserve. (d) As at December 31, 2020 and 2021, the amount of retained earnings available for distribution was RMB 115,849 and RMB 116,440, respectively, being the amount determined in accordance with CASs. According to the Articles of Association of the Company, the amount of retained earnings available for distribution to owners of the Company is the lower of the amount determined in accordance with the accounting policies complying with CASs and the amount determined in accordance with the accounting policies complying with IFRS. Pursuant to a resolution passed at the director’s meeting on March 25, 2022, final dividends in respect of the year ended December 31, 2021 of RMB 0.31 per share totaling RMB 37,532 were proposed for shareholders’ approval at the Annual General Meeting. Final cash dividend for the year ended December 31, 2021 proposed after the date of the statement of financial position has not been recognized as a liability at the date of the statement of financial position. (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 at June 9, 2020 was approved. All dividends have been paid in the year ended December 31, 2020. Pursuant to the shareholders’ approval at the Annual General Meeting on May 25, 2021, a final dividend of RMB 0.13 per share totaling RMB 15,739 according to total shares as at June 16, 2021 was approved. All dividends have been paid in the year ended December 31, 2021. (f) Pursuant to the shareholders’ approval at the General Meeting on September 28, 2020, the interim dividends for the year ended December 31, 2020 of RMB 0.07 per share totaling RMB 8,475 were approved. Dividends were paid on October 23, 2020. Pursuant to the Company’s Articles of Association and a resolution passed at the Directors’ meeting on August 27, 2021, the directors authorized to declare the interim dividends for the year ended December 31, 2021 of RMB 0.16 per share totaling RMB 19,371. Dividends were paid on September 17, 2021.

SUPPLEMENTAL INFORMATION (Table

SUPPLEMENTAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2021
SUPPLEMENTAL INFORMATION
Schedule of capitalized costs related to oil and gas producing activities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2019 ​ 2020 ​ 2021 ​ RMB RMB RMB ​ ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ Other ​ Total China countries Total China countries Total China countries ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Group ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property cost, wells and related equipments and facilities ​ 727,552 ​ 684,246 ​ 43,306 ​ 757,592 ​ 716,683 ​ 40,909 ​ 793,045 ​ 752,352 ​ 40,693 Supporting equipments and facilities ​ 202,208 ​ 202,192 ​ 16 ​ 184,638 ​ 184,621 ​ 17 ​ 188,766 ​ 188,742 ​ 24 Uncompleted wells, equipments and facilities ​ 46,712 ​ 46,526 ​ 186 ​ 37,445 ​ 37,439 ​ 6 ​ 43,349 ​ 43,236 ​ 113 Total capitalized costs ​ 976,472 ​ 932,964 ​ 43,508 ​ 979,675 ​ 938,743 ​ 40,932 ​ 1,025,160 ​ 984,330 ​ 40,830 Accumulated depreciation, depletion, amortization and impairment losses ​ (702,392) ​ (661,177) ​ (41,215) ​ (742,195) ​ (702,829) ​ (39,366) ​ (787,623) ​ (748,705) ​ (38,918) Net capitalized costs ​ 274,080 ​ 271,787 ​ 2,293 ​ 237,480 ​ 235,914 ​ 1,566 ​ 237,537 ​ 235,625 ​ 1,912 Equity method investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Share of net capitalized costs of associates and joint ventures ​ 5,743 ​ — ​ 5,743 ​ 5,843 ​ — ​ 5,843 ​ 3,521 ​ — ​ 3,521 Total of the Group’s and its equity method investments’ net capitalized costs ​ 279,823 ​ 271,787 ​ 8,036 ​ 243,323 ​ 235,914 ​ 7,409 ​ 241,058 ​ 235,625 ​ 5,433
Schedule of costs incurred in oil and gas exploration and development	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2019 ​ 2020 ​ 2021 ​ RMB RMB RMB ​ ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ Other ​ Total China countries Total China countries Total China countries ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Group ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration ​ 16,295 ​ 16,295 ​ — ​ 16,752 ​ 16,752 ​ — ​ 21,762 ​ 21,762 ​ — Development ​ 37,412 ​ 37,245 ​ 167 ​ 38,241 ​ 37,636 ​ 605 ​ 46,147 ​ 45,590 ​ 557 Total costs incurred ​ 53,707 ​ 53,540 ​ 167 ​ 54,993 ​ 54,388 ​ 605 ​ 67,909 ​ 67,352 ​ 557 Equity method investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Share of costs of exploration and development of associates and joint ventures ​ 747 ​ — ​ 747 ​ 100 ​ — ​ 100 ​ 442 ​ — ​ 442 Total of the Group’s and its equity method investments’ exploration and development costs ​ 54,454 ​ 53,540 ​ 914 ​ 55,093 ​ 54,388 ​ 705 ​ 68,351 ​ 67,352 ​ 999
Schedule of results of operations related to oil and gas producing activities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2019 ​ 2020 ​ 2021 ​ RMB RMB RMB ​ ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ Other ​ Total China countries Total China countries Total China countries ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Group ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sales ​ 59,552 ​ 59,262 ​ 290 ​ 52,354 ​ 52,354 ​ — ​ 72,953 ​ 72,953 ​ — Transfers ​ 83,633 ​ 80,641 ​ 2,992 ​ 58,069 ​ 56,052 ​ 2,017 ​ 86,650 ​ 84,484 ​ 2,166 ​ ​ 143,185 ​ 139,903 ​ 3,282 ​ 110,423 ​ 108,406 ​ 2,017 ​ 159,603 ​ 157,437 ​ 2,166 Production costs excluding taxes ​ (47,969) ​ (46,725) ​ (1,244) ​ (44,595) ​ (43,487) ​ (1,108) ​ (49,649) ​ (48,674) ​ (975) Exploration expenses ​ (10,510) ​ (10,510) ​ — ​ (9,716) ​ (9,716) ​ — ​ (12,382) ​ (12,382) ​ — Depreciation, depletion, amortization and impairment losses ​ (48,630) ​ (47,580) ​ (1,050) ​ (52,608) ​ (51,754) ​ (854) ​ (54,104) ​ (53,644) ​ (460) Taxes other than income tax ​ (9,395) ​ (9,395) ​ — ​ (7,379) ​ (7,379) ​ — ​ (11,249) ​ (11,249) ​ — Earnings before taxation ​ 26,681 ​ 25,693 ​ 988 ​ (3,875) ​ (3,930) ​ 55 ​ 32,219 ​ 31,488 ​ 731 Income tax expense ​ 338 ​ — ​ 338 ​ 188 ​ — ​ 188 ​ (8,225) ​ (7,872) ​ (353) Results of operation from producing activities ​ 27,019 ​ 25,693 ​ 1,326 ​ (3,687) ​ (3,930) ​ 243 ​ 23,994 ​ 23,616 ​ 378 Equity method investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sales ​ 9,325 ​ — ​ 9,325 ​ 4,913 ​ — ​ 4,913 ​ 8,812 ​ — ​ 8,812 ​ ​ 9,325 ​ — ​ 9,325 ​ 4,913 ​ — ​ 4,913 ​ 8,812 ​ — ​ 8,812 Production costs excluding taxes ​ (2,516) ​ — ​ (2,516) ​ (998) ​ — ​ (998) ​ (2,246) ​ — ​ (2,246) Exploration expenses ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — Depreciation, depletion, amortization and impairment losses ​ (1,124) ​ — ​ (1,124) ​ (940) ​ — ​ (940) ​ (533) ​ — ​ (533) Taxes other than income tax ​ (4,068) ​ — ​ (4,068) ​ (1,930) ​ — ​ (1,930) ​ (4,391) ​ — ​ (4,391) Earnings before taxation ​ 1,617 ​ — ​ 1,617 ​ 1,045 ​ — ​ 1,045 ​ 1,642 ​ — ​ 1,642 Income tax expense ​ (486) ​ — ​ (486) ​ (303) ​ — ​ (303) ​ (355) ​ — ​ (355) Share of net income for producing activities of associates and joint ventures ​ 1,131 ​ — ​ 1,131 ​ 742 ​ — ​ 742 ​ 1,287 ​ — ​ 1,287 Total of the Group’s and its equity method investments’ results of operations for producing activities ​ 28,150 ​ 25,693 ​ 2,457 ​ (2,945) ​ (3,930) ​ 985 ​ 25,281 ​ 23,616 ​ 1,665
Schedule of Reserve quantities information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2019 (Revised) Note 1 ​ 2020 (Revised) Note1 ​ 2021 ​ ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ Other ​ Total China countries Total China countries Total China countries ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Group ​ ​ ​ ​ ​ ​ Proved developed and Undeveloped reserves (oil) (million barrels) ​ ​ ​ ​ ​ ​ Beginning of year 1,367 1,339 28 ​ 1,450 1,433 17 ​ 1,252 1,232 20 Revisions of previous estimates 102 106 (4) ​ (161) ​ (163) ​ 2 ​ 209 ​ 200 ​ 9 Improved recovery 139 139 — ​ 100 100 — ​ 126 126 — Extensions and discoveries 98 98 — ​ 119 111 8 ​ 101 101 — Production (256) (249) (7) ​ (256) (249) (7) ​ (248) (243) (5) End of year 1,450 1,433 17 ​ 1,252 1,232 20 ​ 1,440 1,416 24 Non–controlling interest in proved developed and undeveloped reserves at the end of year 8 — 8 ​ 5 — 5 ​ 8 — 8 Proved developed reserves ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning of year 1,271 1,244 27 ​ 1,343 1,326 17 ​ 1,145 1,130 15 End of year 1,343 1,326 17 ​ 1,145 1,130 15 ​ 1,315 1,291 24 Proved undeveloped reserves ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning of year 96 95 1 ​ 107 107 — ​ 107 102 5 End of year 107 107 — ​ 107 102 5 ​ 125 125 — Proved developed and undeveloped reserves (gas) (billion cubic feet) ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning of year 6,793 6,793 — ​ 7,216 7,216 — ​ 8,181 8,181 — Revisions of previous estimates 555 555 — ​ 831 831 — ​ 662 662 — Improved recovery 37 37 — ​ 32 32 — ​ 36 36 — Extensions and discoveries 875 875 — ​ 1,171 1,171 — ​ 678 678 — Production (1,044) (1,044) — ​ (1,069) (1,069) — ​ (1,108) (1,108) — End of year 7,216 7,216 — ​ 8,181 8,181 — ​ 8,449 8,449 — Proved developed reserves ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning of year 5,822 5,822 — ​ 6,026 6,026 — ​ 6,357 6,357 — End of year 6,026 6,026 — ​ 6,357 6,357 — ​ 6,734 6,734 — Proved undeveloped reserves ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning of year 971 971 — ​ 1,190 1,190 — ​ 1,824 1,824 — End of year 1,190 1,190 — ​ 1,824 1,824 — ​ 1,715 1,715 — ​ Table IV: Reserve quantities information (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2019 (Revised) Note 1 ​ 2020 (Revised) Note1 ​ 2021 ​ ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ Other ​ Total China countries Total China countries Total China countries ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity method investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Proved developed and undeveloped reserves of associates and joint ventures (oil) (million barrels) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning of year ​ 299 ​ — ​ 299 ​ 290 ​ — ​ 290 ​ 290 ​ — ​ 290 Revisions of previous estimates ​ (6) ​ — ​ (6) ​ 12 ​ — ​ 12 ​ 33 ​ — ​ 33 Improved recovery ​ — ​ — ​ — ​ — ​ — ​ — ​ 1 ​ — ​ 1 Extensions and discoveries ​ 25 ​ — ​ 25 ​ 12 ​ — ​ 12 ​ 10 ​ — ​ 10 Production ​ (28) ​ — ​ (28) ​ (24) ​ — ​ (24) ​ (25) ​ — ​ (25) End of year ​ 290 ​ — ​ 290 ​ 290 ​ — ​ 290 ​ 309 ​ — ​ 309 Proved developed reserves ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning of year ​ 261 ​ — ​ 261 ​ 245 ​ — ​ 245 ​ 244 ​ — ​ 244 End of year ​ 245 ​ — ​ 245 ​ 244 ​ — ​ 244 ​ 263 ​ — ​ 263 Proved undeveloped reserves ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning of year ​ 38 ​ — ​ 38 ​ 45 ​ — ​ 45 ​ 46 ​ — ​ 46 End of year ​ 45 ​ — ​ 45 ​ 46 ​ — ​ 46 ​ 46 ​ — ​ 46 Proved developed and undeveloped reserves of associates and joint ventures (gas) (billion cubic feet) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning of year ​ 13 ​ — ​ 13 ​ 9 ​ — ​ 9 ​ 10 ​ — ​ 10 Revisions of previous estimates ​ (1) ​ — ​ (1) ​ 4 ​ — ​ 4 ​ 1 ​ — ​ 1 Improved recovery ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — Extensions and discoveries ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — Production ​ (3) ​ — ​ (3) ​ (3) ​ — ​ (3) ​ (4) ​ — ​ (4) End of year ​ 9 ​ — ​ 9 ​ 10 ​ — ​ 10 ​ 7 ​ — ​ 7 Proved developed reserves ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning of year ​ 13 ​ — ​ 13 ​ 9 ​ — ​ 9 ​ 8 ​ — ​ 8 End of year ​ 9 ​ — ​ 9 ​ 8 ​ — ​ 8 ​ 6 ​ — ​ 6 Proved undeveloped reserves ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning of year ​ — ​ — ​ — ​ — ​ — ​ — ​ 2 ​ — ​ 2 End of year ​ — ​ — ​ — ​ 2 ​ — ​ 2 ​ 1 ​ — ​ 1 Total of the Group and its equity method investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Proved developed and undeveloped reserves (oil) (million barrels) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning of year ​ 1,666 ​ 1,339 ​ 327 ​ 1,740 ​ 1,433 ​ 307 ​ 1,542 ​ 1,232 ​ 310 End of year ​ 1,740 ​ 1,433 ​ 307 ​ 1,542 ​ 1,232 ​ 310 ​ 1,749 ​ 1,416 ​ 333 Proved developed and undeveloped reserves (gas) (billion cubic feet) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning of year ​ 6,806 ​ 6,793 ​ 13 ​ 7,225 ​ 7,216 ​ 9 ​ 8,191 ​ 8,181 ​ 10 End of year ​ 7,225 ​ 7,216 ​ 9 ​ 8,191 ​ 8,181 ​ 10 ​ 8,456 ​ 8,449 ​ 7
Schedule of standardized measure of discounted future net cash flows	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2019 (Restated) Note 1 ​ 2020 (Restated) Note 1 ​ 2021 ​ ​ RMB ​ RMB RMB ​ ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ Other ​ Total China countries Total China countries Total China countries ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Group ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Future cash flows 869,402 856,037 13,365 ​ 595,159 589,659 5,500 ​ 941,015 930,302 10,713 Future production costs (384,417) (377,692) (6,725) ​ (275,409) (271,824) (3,585) ​ (413,006) (407,903) (5,103) Future development costs (83,253) (78,404) (4,849) ​ (80,785) (77,659) (3,126) ​ (79,562) (77,687) (1,875) Future income tax expenses (40,720) (39,634) (1,086) ​ (11,758) (10,521) (1,237) ​ (113,598) (111,178) (2,420) Undiscounted future net cash flows 361,012 360,307 705 ​ 227,207 229,655 (2,448) (2) 334,849 333,534 1,315 10% annual discount for estimated timing of cash flows (86,635) (86,607) (28) ​ (54,158) (52,706) (1,452) ​ (93,354) (93,164) (190) Standardized measure of discounted future net cash flows 274,377 273,700 677 ​ 173,049 176,949 (3,900) ​ 241,495 240,370 1,125 Discounted future net cash flows attributable to non–controlling interests 305 — 305 ​ (1,284) — (1,284) ​ 370 — 370 Equity method investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Future cash flows 41,796 — 41,796 ​ 31,259 — 31,259 ​ 49,217 — 49,217 Future production costs (13,141) — (13,141) ​ (13,050) — (13,050) ​ (18,026) — (18,026) Future development costs (5,603) — (5,603) ​ (5,712) — (5,712) ​ (6,328) — (6,328) Future income tax expenses (3,995) — (3,995) ​ (1,740) — (1,740) ​ (4,513) — (4,513) Undiscounted future net cash flows 19,057 — 19,057 ​ 10,757 — 10,757 ​ 20,350 — 20,350 10% annual discount for estimated timing of cash flows (8,852) — (8,852) ​ (4,828) — (4,828) ​ (10,201) — (10,201) Standardized measure of discounted future net cash flows 10,205 — 10,205 ​ 5,929 — 5,929 ​ 10,149 — 10,149 Total of the Group’s and its equity method investments’ results of standardized measure of discounted future net cash flows 284,582 273,700 10,882 ​ 178,978 176,949 2,029 ​ 251,644 240,370 11,274 ​ Note 1: Pursuant to Amendments to the XBRL Taxonomy, Accounting Standards Update No. 2010-03 Extractive Activities-Oil and Gas (Topic 932), the Company has restated the future development cost attributable to China for the years ended December 31, 2019 and 2020 in Table V and Table VI to include future cash flows related to the settlement of asset retirement obligations. ​ Note 2: The reason of the Group’s negative undiscounted future net cash flows attributable to the Other Countries for the year ended December 31, 2020 is that the Company has included the net asset retirement costs in the calculation of standardized measure for the Other Countries. Table V: Standardized measure of discounted future net cash flows (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2019 ​ 2020 ​ ​ RMB ​ RMB ​ ​ As Previous ​ ​ ​ ​ ​ As Previous ​ ​ ​ ​ ​ Reported Change As Restated Reported Change As Restated China ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Future cash flows 856,037 ​ 856,037 589,659 589,659 Future production costs (377,692) ​ (377,692) (271,824) (271,824) Future development costs (22,216) (56,188) (78,404) (23,902) (53,757) (77,659) Future income tax expenses (39,634) — (39,634) (10,521) — (10,521) Undiscounted future net cash flows 416,495 (56,188) 360,307 283,412 (53,757) 229,655 10% annual discount for estimated timing of cash flows (126,175) 39,568 (86,607) (86,127) 33,421 (52,706) Standardized measure of discounted future net cash flows 290,320 (16,620) 273,700 197,285 (20,336) 176,949 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Group Future cash flows 869,402 ​ 869,402 595,159 595,159 Future production costs (384,417) ​ (384,417) (275,409) (275,409) Future development costs (27,065) (56,188) (83,253) (27,028) (53,757) (80,785) Future income tax expenses (40,720) ​ (40,720) (11,758) (11,758) Undiscounted future net cash flows 417,200 (56,188) 361,012 280,964 (53,757) 227,207 10% annual discount for estimated timing of cash flows (126,203) 39,568 (86,635) (87,579) 33,421 (54,158) Standardized measure of discounted future net cash flows 290,997 (16,620) 274,377 193,385 (20,336) 173,049 ​
Schedule of changes in the standardized measure of discounted cash flows	​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2019 (Revised) Note 1 2020 (Revised) Note 1 2021 ​ ​ RMB ​ RMB RMB ​ ​ ​ ​ ​ ​ ​ The Group ​ ​ Sales and transfers of oil and gas produced, net of production costs (85,821) ​ (58,449) ​ (98,705) Net changes in prices and production costs (25,442) ​ (122,641) ​ 135,697 Net changes in estimated future development cost (10,568) ​ (11,628) ​ (7,413) Net changes due to extensions, discoveries and improved recoveries 49,605 ​ 35,292 ​ 46,425 Revisions of previous quantity estimates 24,855 ​ (1,901) ​ 42,637 Previously estimated development costs incurred during the year 9,737 ​ 6,684 ​ 5,475 Accretion of discount 32,407 ​ 31,940 ​ 16,448 Net changes in income taxes 1,547 ​ 19,375 ​ (72,118) Net changes for the year (3,680) ​ (101,328) ​ 68,446 Equity method investments ​ ​ ​ ​ ​ Sales and transfers of oil and gas produced, net of production costs (2,741) ​ (1,984) ​ (2,174) Net changes in prices and production costs (2,804) ​ (5,190) ​ 4,967 Net changes in estimated future development cost (881) ​ (299) ​ (752) Net changes due to extensions, discoveries and improved recoveries 1,215 ​ 403 ​ 503 Revisions of previous quantity estimates (317) ​ 403 ​ 1,659 Previously estimated development costs incurred during the year 355 ​ 232 ​ 287 Accretion of discount 1,438 ​ 979 ​ 1,022 Net changes in income taxes 701 ​ 1,180 ​ (1,292) Net changes for the year (3,034) ​ (4,276) ​ 4,220 Total of the Group’s and its equity method investments’ results of net changes for the year (6,714) ​ (105,604) ​ 72,666 Note 1: As revised for the years ended December 31, 2019 and 2020 due to the change shown in Table IV and Table V.

PRINCIPAL ACTIVITIES, ORGANIZ_2

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

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES - PROPERTY, PLANT AND EQUIPMENT (Details)	12 Months Ended
	Dec. 31, 2021
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, 2021
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, 2021	Dec. 31, 2020	Dec. 31, 2019
SIGNIFICANT ACCOUNTING POLICIES
Research and development expense	¥ 11,481	¥ 10,087	¥ 9,451

REVENUE FROM PRIMARY BUSINESS_2

REVENUE FROM PRIMARY BUSINESS (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of Sales of Goods [Line Items]
Revenue from primary business	¥ 2,679,500	¥ 2,048,654	¥ 2,899,382
Gasoline [member]
Disclosure of Sales of Goods [Line Items]
Revenue from primary business	726,057	557,605	699,202
Diesel [member]
Disclosure of Sales of Goods [Line Items]
Revenue from primary business	542,260	422,566	615,342
Crude oil [member]
Disclosure of Sales of Goods [Line Items]
Revenue from primary business	429,038	351,707	549,720
Basic chemical feedstock [member]
Disclosure of Sales of Goods [Line Items]
Revenue from primary business	242,532	155,397	215,563
Synthetic resin [member]
Disclosure of Sales of Goods [Line Items]
Revenue from primary business	149,208	122,368	125,739
Kerosene [member]
Disclosure of Sales of Goods [Line Items]
Revenue from primary business	112,519	72,385	191,636
Natural gas [member]
Disclosure of Sales of Goods [Line Items]
Revenue from primary business	68,443	48,099	53,817
Synthetic fiber monomers and polymers [member]
Disclosure of Sales of Goods [Line Items]
Revenue from primary business	45,464	42,388	80,952
Others [member]
Disclosure of Sales of Goods [Line Items]
Revenue from primary business	¥ 363,979	¥ 276,139	¥ 367,411

OTHER OPERATING REVENUES (Detai

OTHER OPERATING REVENUES (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
OTHER OPERATING REVENUES
Sale of materials and others	¥ 59,990	¥ 54,986	¥ 57,321
Rental income	1,394	1,084	1,165
Other operating revenues	¥ 61,384	¥ 56,070	¥ 58,486

SELLING, GENERAL AND ADMINIST_3

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Variable lease payments, low-value and short-term lease payment	¥ 2,393	¥ 2,683	¥ 1,858
Auditor's remuneration:
Audit services	59	73	70
Others	¥ 8	¥ 8	¥ 6

PERSONNEL EXPENSES (Details)

PERSONNEL EXPENSES (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
PERSONNEL EXPENSES
Salaries, wages and other benefits	¥ 91,560	¥ 78,542	¥ 71,029
Contributions to retirement schemes (Note 37)	11,932	8,983	12,025
Personnel expenses	¥ 103,492	¥ 87,525	¥ 83,054

TAXES OTHER THAN INCOME TAX (De

TAXES OTHER THAN INCOME TAX (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
TAXES OTHER THAN INCOME TAX
Consumption tax (i)	¥ 213,894	¥ 197,542	¥ 204,388
City construction tax (ii)	18,044	15,710	16,398
Education surcharge	13,409	11,678	12,119
Resources tax	6,432	4,572	5,883
Others	7,253	5,516	5,814
Taxes other than income tax	¥ 259,032	¥ 235,018	¥ 244,602

TAXES OTHER THAN INCOME TAX - C

TAXES OTHER THAN INCOME TAX - CONSUMPTION TAX (Details)	Dec. 31, 2021¥ / 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, 2021	Dec. 31, 2020	Dec. 31, 2019
OTHER OPERATING EXPENSE, NET
Government grants (i)	¥ 6,706	¥ 8,776	¥ 6,933
Ineffective portion of change in fair value of cash flow hedges	694	3,052	(222)
Net realized and unrealized gain/(loss) on derivative financial instruments not qualified as hedging	(14,873)	(1,252)	(4,384)
Impairment losses on long-lived assets (ii)	(10,035)	(14,629)	(356)
(Loss)/gain on disposal of property, plant, equipment other non-current assets, net	(3,062)	398	(1,829)
Fines, penalties and compensations	(220)	(43)	(173)
Donations	(165)	(301)	(210)
Others	(761)	(1,781)	(115)
Other operating expenses, total	¥ (21,716)	¥ (5,780)	¥ (356)

OTHER OPERATING EXPENSE, NET -

OTHER OPERATING EXPENSE, NET - IMPAIRMENT LOSSES ON LONG-LIVED ASSETS (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
OTHER OPERATING EXPENSE, NET
Impairment losses recognized on long-lived assets	¥ 10,035	¥ 14,629	¥ 356
Minimum
OTHER OPERATING EXPENSE, NET
Pre-tax discount rate	10.50%	9.87%
Maximum
OTHER OPERATING EXPENSE, NET
Pre-tax discount rate	13.90%	11.60%
Exploration and production
OTHER OPERATING EXPENSE, NET
Impairment losses recognized on long-lived assets	¥ 2,467	¥ 8,495	¥ 3
Pre-tax discount rate	10.47%	10.47%	10.47%
Estimated decrease rate of gas 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	¥ 2,467	¥ 8,435	¥ 3
Impairment loss due to estimated decrease rate of gas price	3,628	4,548	184
Impairment loss due to estimated increase rate of operating cost	2,400	2,836	180
Impairment loss due to estimated increase discount rate	180	287	7
Exploration and production | Construction in progress
OTHER OPERATING EXPENSE, NET
Impairment losses recognized on long-lived assets		60
Chemicals
OTHER OPERATING EXPENSE, NET
Impairment losses recognized on long-lived assets	5,332	3,675	17
Chemicals | Entrusted loan
OTHER OPERATING EXPENSE, NET
Impairment losses on entrusted loan written back			16
Chemicals | Property, plant and equipment
OTHER OPERATING EXPENSE, NET
Impairment losses recognized on long-lived assets	5,184	2,680	4
Chemicals | Construction in progress
OTHER OPERATING EXPENSE, NET
Impairment losses recognized on long-lived assets	62	744	29
Chemicals | Investment in associates and joint ventures
OTHER OPERATING EXPENSE, NET
Impairment losses recognized on long-lived assets	70	251
Chemicals | Intangible assets
OTHER OPERATING EXPENSE, NET
Impairment losses recognized on long-lived assets	16
Refining
OTHER OPERATING EXPENSE, NET
Impairment losses recognized on long-lived assets	860	1,923	256
Refining | Property, plant and equipment
OTHER OPERATING EXPENSE, NET
Impairment losses recognized on long-lived assets	860	226	151
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	1,211	536	80
Marketing and distribution | Property, plant and equipment
OTHER OPERATING EXPENSE, NET
Impairment losses recognized on long-lived assets	873	442	52
Marketing and distribution | Construction in progress
OTHER OPERATING EXPENSE, NET
Impairment losses recognized on long-lived assets	82	40	1
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	8	7
Marketing and distribution | Intangible assets
OTHER OPERATING EXPENSE, NET
Impairment losses recognized on long-lived assets	246	¥ 47
Marketing and distribution | Right of use assets
OTHER OPERATING EXPENSE, NET
Impairment losses recognized on long-lived assets	2
Corporate and others
OTHER OPERATING EXPENSE, NET
Impairment losses recognized on long-lived assets	165
Corporate and others | Property, plant and equipment
OTHER OPERATING EXPENSE, NET
Impairment losses recognized on long-lived assets	3
Corporate and others | Investment in associates and joint ventures
OTHER OPERATING EXPENSE, NET
Impairment losses recognized on long-lived assets	¥ 162

INTEREST EXPENSE (Details)

INTEREST EXPENSE (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Interest expense [line items]
Interest expense incurred	¥ 5,679	¥ 6,517	¥ 7,042
Less: Interest expense capitalized	(996)	(2,011)	(1,015)
Interest expense, gross amount	4,683	4,506	6,027
Interest expense on lease liabilities	9,200	9,349	9,646
Accretion expenses (Note 32)	1,135	1,343	1,418
Interest expense	¥ 15,018	¥ 15,198	¥ 17,091
Maximum
Interest expense [line items]
Interest rates per annum at which borrowing costs were capitalized for construction in progress	4.35%	4.66%	4.66%
Minimum
Interest expense [line items]
Interest rates per annum at which borrowing costs were capitalized for construction in progress	1.84%	2.60%	2.92%

INVESTMENT INCOME (Details)

INVESTMENT INCOME (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
INVESTMENT INCOME
Investment income from disposal of business and long-term equity investments	¥ 82	¥ 37,525	¥ 185
Dividend income from holding of other equity instrument investments	34	156	492
Others	182	63	242
Total investment income	¥ 298	37,744	¥ 919
Net gain from disposal of long-term equity investments		¥ 37,731

INCOME TAX EXPENSE (Details)

INCOME TAX EXPENSE (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current tax
Provision for the year	¥ 17,522	¥ 14,334	¥ 15,136
Adjustment of prior years	(462)	(117)	(467)
Deferred taxation (Note 25)	6,258	(7,873)	3,385
Actual income tax expense	¥ 23,318	¥ 6,344	¥ 18,054

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation between actual income tax expense and the expected income tax expense at applicable statutory tax rates
Earnings before income tax	¥ 109,169	¥ 48,615	¥ 90,161
Expected PRC income tax expense at a statutory tax rate of 25%	27,292	12,154	22,540
Tax effect of non-deductible expenses	5,948	3,281	2,402
Tax effect of non-taxable income	(8,096)	(8,330)	(4,458)
Tax effect of preferential tax rate (i)	(2,766)	(1,011)	(2,003)
Effect of income taxes at foreign operations	(222)	(730)	(312)
Tax effect of utilization of previously unrecognized tax losses and temporary differences	(701)	(65)	(335)
Tax effect of tax losses not recognized	1,391	1,087	498
Write-down of deferred tax assets	934	75	189
Adjustment of prior years	(462)	(117)	(467)
Actual income tax expense	¥ 23,318	¥ 6,344	¥ 18,054
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, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flow hedges:
Effective portion of changes in fair value of hedging instruments recognized during the year, before tax	¥ 15,659	¥ 9,207	¥ 5,258
Effective portion of changes in fair value of hedging instruments recognized during the year, tax effect	(3,881)	(2,295)	(974)
Effective portion of changes in fair value of hedging instruments recognized during the year, net of tax	11,778	6,912	4,284
Reclassification adjustments for amounts transferred to the consolidated income statement, before tax	8,858	198	853
Reclassification adjustments for amounts transferred to the consolidated income statement, tax effect	(1,618)	(37)	(196)
Reclassification adjustments for amounts transferred to the consolidated income statement, net of tax	7,240	161	657
Net movement during the year recognized in other comprehensive income, before tax	24,517	9,405	6,111
Net movement during the year recognized in other comprehensive income, tax effect	(5,499)	(2,332)	(1,170)
Net movement during the year recognized in other comprehensive income, net of tax	19,018	7,073	4,941
Cash flow hedge reserve	7,244	8,176
Cash flow hedge reserve attributable to owners	7,214	7,805
Changes in the fair value of instruments at fair value through other comprehensive income, before tax	(6)	(6)	(39)
Changes in the fair value of instruments at fair value through other comprehensive income, tax effect	2	(4)	8
Changes in the fair value of instruments at fair value through other comprehensive income, after tax	(4)	(10)	(31)
Transfer of loss on disposal of equity investments at fair value through other comprehensive income to retained earnings, before tax	0	(12)	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	0	(12)	0
Net movement during the year recognized in other comprehensive income, before tax	(6)	(18)	(39)
Net movement during the year recognized in other comprehensive income, tax effect	2	(4)	8
Net movement during the year recognized in other comprehensive income, net of tax	(4)	(22)	(31)
Cost of hedging reserve, before tax	(220)	162	0
Cost of hedging reserve, tax effect	0	0	0
Cost of hedging reserve, net of tax	(220)	162	0
Share of other comprehensive loss of associates and joint ventures, before tax	441	(2,441)	(810)
Share of other comprehensive loss of associates and joint ventures, tax effect	0	0	0
Share of other comprehensive loss of associates and joint ventures, net of tax	441	(2,441)	(810)
Foreign currency translation differences, before tax	(1,728)	(4,457)	1,480
Foreign currency translation differences, tax effect	0	0	0
Foreign currency translation differences, net of tax	(1,728)	(4,457)	1,480
Other comprehensive income, before tax	23,004	2,651	6,742
Other comprehensive income, tax effect	(5,497)	(2,336)	(1,162)
Total other comprehensive income	¥ 17,507	¥ 315	¥ 5,580

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings per share [abstract]
Net income attributable to owners of the Company	¥ 71,975	¥ 33,443	¥ 57,517
Net income attributable to ordinary owners of the Company (diluted)	¥ 71,975	¥ 33,443	¥ 57,517

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings per share [abstract]
Weighted average number of shares as at December 31	121,071,209,646	121,071,209,646	121,071,209,646
Weighted average number of shares (diluted) as at 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, 2021	Dec. 31, 2020
Disclosure of trade accounts receivable [line items]
Trade accounts receivable, gross amount	¥ 38,894	¥ 39,299
Less: Loss allowance for ECLs	(4,033)	(3,860)
Trade accounts receivable, net	34,861	35,439
Sinopec Group Company and fellow subsidiaries.
Disclosure of trade accounts receivable [line items]
Trade accounts receivable, gross amount	2,199	12,045
Associates and joint ventures
Disclosure of trade accounts receivable [line items]
Trade accounts receivable, gross amount	6,536	4,781
Third parties
Disclosure of trade accounts receivable [line items]
Trade accounts receivable, gross amount	¥ 30,159	¥ 22,473

TRADE ACCOUNTS RECEIVABLE - AGE

TRADE ACCOUNTS RECEIVABLE - AGEING ANALYSIS OF TRADE ACCOUNTS AND BILLS RECEIVABLES (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of financial assets that are either past due or impaired [line items]
Trade accounts receivable and bills receivable	¥ 34,861	¥ 35,439
Within one year
Disclosure of financial assets that are either past due or impaired [line items]
Trade accounts receivable and bills receivable	34,180	34,361
Between one and two years
Disclosure of financial assets that are either past due or impaired [line items]
Trade accounts receivable and bills receivable	442	931
Between two and three years
Disclosure of financial assets that are either past due or impaired [line items]
Trade accounts receivable and bills receivable	221	64
Over three years
Disclosure of financial assets that are either past due or impaired [line items]
Trade accounts receivable and bills receivable	¥ 18	¥ 83

TRADE ACCOUNTS RECEIVABLE - IMP

TRADE ACCOUNTS RECEIVABLE - IMPAIRMENT LOSSES FOR BAD AND DOUBTFUL DEBTS (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of financial assets that are either past due or impaired [line items]
Balance as at January 1	¥ 3,860
Balance as at December 31	4,033	¥ 3,860
Financial assets neither past due nor impaired
Disclosure of financial assets that are either past due or impaired [line items]
Balance as at January 1	3,860	1,848	¥ 606
Provision for the year	436	2,173	1,566
Written back for the year	(127)	(68)	(283)
Written off for the year	(30)	(23)	(41)
Others	(106)	(70)
Balance as at December 31	¥ 4,033	¥ 3,860	¥ 1,848

INVENTORIES (Details)

INVENTORIES (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
INVENTORIES
Crude oil and other raw materials	¥ 109,940	¥ 60,379
Work in progress	15,701	13,066
Finished goods	84,174	78,481
Spare parts and consumables	2,515	3,372
Inventories, book value	212,330	155,298
Less: Allowance for diminution in value of inventories	(4,897)	(3,107)	¥ (2,597)	¥ (6,401)
Inventories	¥ 207,433	¥ 152,191

INVENTORIES - ALLOWANCE FOR DIM

INVENTORIES - ALLOWANCE FOR DIMINUTION IN VALUE OF INVENTORIES (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
INVENTORIES
Balance at beginning of year	¥ 3,107	¥ 2,597	¥ 6,401
Allowance for the year	3,148	11,689	1,616
Reversal of allowance	(18)	(333)	(199)
Written off	(1,300)	(10,795)	(5,233)
Others	(40)	(51)	12
Balance at end of year	4,897	3,107	2,597
Costs of inventories recognized as an expense	¥ 2,177,141	¥ 1,657,227	¥ 2,438,298

PREPAID EXPENSES AND OTHER CU_3

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2021	Dec. 31, 2020
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Receivables	¥ 35,918	¥ 35,096
Advances to suppliers	9,267	4,857
Value-added input tax to be deducted	19,137	18,625
Prepaid income tax	5,109	131
Prepaid expenses and other current assets	¥ 69,431	¥ 58,709

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	¥ 593,615	¥ 630,320
Balance at end of year	598,925	593,615	¥ 630,320
Provision of obligations for dismantlement of oil and gas properties, current	2,163	1,563	1,408
Gross carrying amount
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	1,892,844	1,887,203
Additions	7,878	7,116
Transferred from construction in progress	111,026	141,606
Reclassifications	0	0
Invest into the joint ventures and associated companies	(196)	(115)
Reclassification to other long-term assets	(1,714)	(1,090)
Disposals	(24,309)	(138,703)
Exchange adjustments	(1,092)	(3,173)
Balance at end of year	1,984,437	1,892,844	1,887,203
Accumulated depreciation:
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	(1,299,229)	(1,256,883)
Reclassifications	0	0
Invest into the joint ventures and associated companies	138	54
Reclassification to other long-term assets	259	169
Exchange adjustments	990	2,890
Depreciation for the year	(92,824)	(85,494)
Impairment losses for the year	(9,420)	(11,783)
Written back on disposals	14,574	51,818
Balance at end of year	(1,385,512)	(1,299,229)	(1,256,883)
Plants and buildings
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	75,010	71,258
Balance at end of year	74,999	75,010	71,258
Plants and buildings | Gross carrying amount
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	138,550	132,327
Additions	509	390
Transferred from construction in progress	5,487	10,965
Reclassifications	646	1,443
Invest into the joint ventures and associated companies	(8)	0
Reclassification to other long-term assets	(665)	(38)
Disposals	(1,297)	(6,396)
Exchange adjustments	(57)	(141)
Balance at end of year	143,165	138,550	132,327
Plants and buildings | Accumulated depreciation:
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	(63,540)	(61,069)
Reclassifications	(185)	(393)
Invest into the joint ventures and associated companies	5	0
Reclassification to other long-term assets	82	8
Exchange adjustments	29	49
Depreciation for the year	(4,586)	(4,680)
Impairment losses for the year	(742)	(684)
Written back on disposals	771	3,229
Balance at end of year	(68,166)	(63,540)	(61,069)
Oil and gas properties
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	136,872	140,360
Impairment losses for the year	2,467	8,435
Balance at end of year	132,207	136,872	140,360
Oil and gas properties | Gross carrying amount
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	757,592	727,552
Additions	2,192	1,563
Transferred from construction in progress	40,357	32,214
Reclassifications	(617)	(125)
Invest into the joint ventures and associated companies	0	0
Reclassification to other long-term assets	(22)	0
Disposals	(5,517)	(806)
Exchange adjustments	(940)	(2,806)
Balance at end of year	793,045	757,592	727,552
Oil and gas properties | Accumulated depreciation:
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	(620,720)	(587,192)
Reclassifications	410	98
Invest into the joint ventures and associated companies	0	0
Reclassification to other long-term assets	7	0
Exchange adjustments	904	2,703
Depreciation for the year	(39,670)	(32,054)
Impairment losses for the year	(1,904)	(4,739)
Written back on disposals	135	464
Balance at end of year	(660,838)	(620,720)	(587,192)
Equipment, machinery and others
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	381,733	418,702
Balance at end of year	391,719	381,733	418,702
Equipment, machinery and others | Gross carrying amount
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	996,702	1,027,324
Additions	5,177	5,163
Transferred from construction in progress	65,182	98,427
Reclassifications	(29)	(1,318)
Invest into the joint ventures and associated companies	(188)	(115)
Reclassification to other long-term assets	(1,027)	(1,052)
Disposals	(17,495)	(131,501)
Exchange adjustments	(95)	(226)
Balance at end of year	1,048,227	996,702	1,027,324
Equipment, machinery and others | Accumulated depreciation:
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	(614,969)	(608,622)
Reclassifications	(225)	295
Invest into the joint ventures and associated companies	133	54
Reclassification to other long-term assets	170	161
Exchange adjustments	57	138
Depreciation for the year	(48,568)	(48,760)
Impairment losses for the year	(6,774)	(6,360)
Written back on disposals	13,668	48,125
Balance at end of year	¥ (656,508)	¥ (614,969)	¥ (608,622)

CONSTRUCTION IN PROGRESS (Detai

CONSTRUCTION IN PROGRESS (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	¥ 593,615	¥ 630,320
Dry hole costs written off	7,702	5,928	¥ 5,831
Balance at end of year	598,925	593,615	630,320
Construction in progress [member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	125,525	176,119
Additions	159,729	131,099
Dry hole costs written off	(7,702)	(5,928)
Transferred to property, plant and equipment	(111,026)	(141,606)
Reclassification to other long-term assets	(10,302)	(11,464)
Impairment losses for the year	(144)	(844)
Disposals and others	(107)	(21,798)
Exchange adjustments	(34)	(53)
Balance at end of year	¥ 155,939	¥ 125,525	¥ 176,119

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of net changes in capitalized cost of exploratory wells in exploration and production segment [line items]
Balance at beginning of year	¥ 11,129	¥ 8,961
Dry hole costs written off	7,702	5,928	¥ 5,831
Balance at end of year	12,255	11,129	8,961
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	11,129	8,961	7,296
Additions, pending the determination of proved reserves	12,666	10,779	8,528
Transferred to oil and gas properties based on the determination of proved reserves	(6,208)	(3,687)	(2,822)
Dry hole costs written off	(5,332)	(4,924)	(4,041)
Balance at end of year	¥ 12,255	¥ 11,129	¥ 8,961

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of aging of capitalized exploratory well costs based on drilling completion date [line items]
Capitalized exploratory well costs	¥ 12,255	¥ 11,129	¥ 8,961
Geological and geophysical costs	4,174	3,166	4,024
Within one year
Disclosure of aging of capitalized exploratory well costs based on drilling completion date [line items]
Capitalized exploratory well costs	11,168	10,586	7,794
Over one year [member]
Disclosure of aging of capitalized exploratory well costs based on drilling completion date [line items]
Capitalized exploratory well costs	¥ 1,087	¥ 543	¥ 1,167

RIGHT-OF-USE ASSETS (Details)

RIGHT-OF-USE ASSETS (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	¥ 266,012	¥ 268,160
Balance at the end	268,408	266,012
Gross carrying amount
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	294,056	282,963
Additions	22,913	24,023
Decreases	(6,292)	(12,930)
Balance at the end	310,677	294,056
Accumulated depreciation:
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	(28,044)	(14,803)
Additions	(16,829)	(15,712)
Decreases	2,604	2,471
Balance at the end	(42,269)	(28,044)
Land
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	235,792	239,674
Balance at the end	236,634	235,792
Land | Gross carrying amount
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	253,355	248,775
Additions	13,263	14,370
Decreases	(2,862)	(9,790)
Balance at the end	263,756	253,355
Land | Accumulated depreciation:
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	(17,563)	(9,101)
Additions	(9,966)	(9,358)
Decreases	407	896
Balance at the end	(27,122)	(17,563)
Other than Land
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	30,220	28,486
Balance at the end	31,774	30,220
Other than Land | Gross carrying amount
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	40,701	34,188
Additions	9,650	9,653
Decreases	(3,430)	(3,140)
Balance at the end	46,921	40,701
Other than Land | Accumulated depreciation:
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	(10,481)	(5,702)
Additions	(6,863)	(6,354)
Decreases	2,197	1,575
Balance at the end	¥ (15,147)	¥ (10,481)

GOODWILL - IMPAIRMENT TESTS FOR

GOODWILL - IMPAIRMENT TESTS FOR CASH-GENERATING UNITS CONTAINING GOODWILL (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill	¥ 8,594	¥ 8,620
Gross carrying amount
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill	16,455	16,481
Accumulated impairment
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, 2021	Dec. 31, 2020
Disclosure of information for cash-generating units [line items]
Goodwill	¥ 8,594	¥ 8,620
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	¥ 1,006	¥ 1,032

GOODWILL - RECOVERABLE AMOUNTS

GOODWILL - RECOVERABLE AMOUNTS OF CASH-GENERATING UNITS - NARRATIVE (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
GOODWILL
Explanation of period over which management has projected cash flows	one-year
Maximum
GOODWILL
Pre-tax discount rates applied to cash flow projections	11.70%	13.40%
Minimum
GOODWILL
Pre-tax discount rates applied to cash flow projections	11.40%	11.40%

INTEREST IN ASSOCIATES - PRINCI

INTEREST IN ASSOCIATES - PRINCIPAL ASSOCIATES (Details) ₽ in Millions, ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021CNY (¥)	Dec. 31, 2021RUB (₽)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)
Disclosure of associates [line items]
Particulars of issued and paid up capital	¥ 121,071			¥ 121,071
PipeChina (i)
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")
Disclosure of associates [line items]
Particulars of issued and paid up capital	¥ 18,000
Percentage of equity held by the Company	49.00%
Sinopec Capital Co.,Ltd. ("Sinopec Capital")
Disclosure of associates [line items]
Particulars of issued and paid up capital | ₽		₽ 10,000
Percentage of equity held by the Company	49.00%
Zhongtian Synergetic Energy Company Limited ("Zhongtian Synergetic Energy")
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")
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, 2021	Dec. 31, 2020
INTEREST IN ASSOCIATES
Current assets	¥ 558,024	¥ 455,660
Non-current assets	1,331,231	1,283,236
Current liabilities	(641,280)	(522,995)
Non-current liabilities	(332,901)	(328,199)
Net assets attributable to owners of the Company	774,182	746,325
Net assets attributable to non-controlling interests	140,892	141,377
PipeChina (i)
INTEREST IN ASSOCIATES
Current assets	86,335	74,012
Non-current assets	768,161	655,982
Current liabilities	(136,150)	(55,562)
Non-current liabilities	(103,243)	(104,150)
Net assets	615,103	570,282
Net assets attributable to owners of the Company	526,241	505,336
Net assets attributable to non-controlling interests	88,862	64,946
Share of net assets from associates	73,674	70,747
Carrying Amounts	73,674	70,747
Sinopec Finance Company Limited ("Sinopec Finance")
INTEREST IN ASSOCIATES
Current assets	194,458	175,139
Non-current assets	55,086	53,008
Current liabilities	(217,987)	(197,872)
Non-current liabilities	(602)	(514)
Net assets	30,955	29,761
Net assets attributable to owners of the Company	30,955	29,761
Share of net assets from associates	15,168	14,583
Carrying Amounts	15,168	14,583
Sinopec Capital Co.,Ltd. ("Sinopec Capital")
INTEREST IN ASSOCIATES
Current assets	13,140	11,871
Non-current assets	102	106
Current liabilities	(28)	(18)
Non-current liabilities	(676)	(411)
Net assets	12,538	11,548
Net assets attributable to owners of the Company	12,538	11,548
Share of net assets from associates	6,144	5,659
Carrying Amounts	6,144	5,659
Zhongtian Synergetic Energy Company Limited ("Zhongtian Synergetic Energy")
INTEREST IN ASSOCIATES
Current assets	3,532	3,721
Non-current assets	51,331	53,124
Current liabilities	(8,577)	(8,315)
Non-current liabilities	(22,216)	(28,422)
Net assets	24,070	20,108
Net assets attributable to owners of the Company	24,070	20,108
Share of net assets from associates	9,327	7,792
Carrying Amounts	9,327	7,792
Caspian Investments Resources Ltd. ("CIR")
INTEREST IN ASSOCIATES
Current assets	576	2,402
Non-current assets	870	903
Current liabilities	(822)	(699)
Non-current liabilities	(144)	(286)
Net assets	480	2,320
Net assets attributable to owners of the Company	480	2,320
Share of net assets from associates	240	1,160
Carrying Amounts	¥ 240	¥ 1,160

INTEREST IN ASSOCIATES - SUMM_2

INTEREST IN ASSOCIATES - SUMMARIZED STATEMENT OF COMPREHENSIVE INCOME (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of associates [line items]
Operating revenues	¥ 2,740,884	¥ 2,104,724	¥ 2,957,868
Net income for the year	85,851	42,271	72,107
Other comprehensive income	17,507	315	5,580
Total comprehensive income	103,358	42,586	77,687
PipeChina (i)
Disclosure of associates [line items]
Operating revenues	101,572	22,766
Net income for the year	29,776	6,444
Other comprehensive income	2
Total comprehensive income	29,778	6,444
Dividends declared by associates	442
Share of net income from associates	3,205	709
Carrying Amounts	73,674	70,747
Sinopec Finance Company Limited ("Sinopec Finance")
Disclosure of associates [line items]
Operating revenues	5,177	4,742	4,966
Net income for the year	2,168	2,027	2,234
Other comprehensive income	26	(372)	411
Total comprehensive income	2,194	1,655	2,645
Dividends declared by associates	490
Share of net income from associates	1,062	993	1,095
Share of other comprehensive income from associates (iii)	13	(182)	201
Carrying Amounts	15,168	14,583
Sinopec Capital Co.,Ltd. ("Sinopec Capital")
Disclosure of associates [line items]
Operating revenues	2	2
Net income for the year	990	1,278	232
Total comprehensive income	990	1,278	232
Share of net income from associates	485	626	114
Carrying Amounts	6,144	5,659
Zhongtian Synergetic Energy Company Limited ("Zhongtian Synergetic Energy")
Disclosure of associates [line items]
Operating revenues	16,959	11,707	13,329
Net income for the year	4,184	551	1,994
Total comprehensive income	4,184	551	1,994
Dividends declared by associates	86	284	219
Share of net income from associates	1,621	214	773
Carrying Amounts	9,327	7,792
Caspian Investments Resources Ltd. ("CIR")
Disclosure of associates [line items]
Operating revenues	1,826	1,252	2,334
Net income for the year	461	181	424
Other comprehensive income	3	(308)	151
Total comprehensive income	464	(127)	575
Dividends declared by associates	1,152	2,517
Share of net income from associates	231	91	212
Share of other comprehensive income from associates (iii)	2	(154)	76
Carrying Amounts	240	1,160
Aggregated individually immaterial associates
Disclosure of associates [line items]
Share of net income from associates	7,283	3,444	6,198
Share of other comprehensive income from associates (iii)	271	1,101	¥ 299
Carrying Amounts	¥ 44,176	¥ 36,222

INTEREST IN JOINT VENTURES - PR

INTEREST IN JOINT VENTURES - PRINCIPAL JOINT VENTURES (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)
Disclosure of joint ventures [line items]
Particulars of issued and paid up capital	¥ 121,071,000		¥ 121,071,000
FREP
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
Disclosure of joint ventures [line items]
Particulars of issued and paid up capital	¥ 12,704,000
Percentage of equity held by the Company	30.00%
Percentage of equity held by Company's subsidiaries	10.00%	10.00%
Taihu
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%
YASREF
Disclosure of joint ventures [line items]
Particulars of issued and paid up capital | $		$ 1,560,000,000
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, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	¥ 108,590	¥ 87,559	¥ 60,438	¥ 111,927
Total current assets	558,024	455,660
Non-current assets	1,331,231	1,283,236
Current liabilities
Total current liabilities	(641,280)	(522,995)
Non-current liabilities
Other non-current liabilities	(19,243)	(18,968)
Total non-current liabilities	(332,901)	(328,199)
Net assets attributable to owners of the Company	774,182	746,325
Net assets attributable to non-controlling interests	140,892	141,377
FREP
Current assets
Cash and cash equivalents	6,562	7,448
Other current assets	9,217	7,492
Total current assets	15,779	14,940
Non-current assets	13,744	15,237
Current liabilities
Current financial liabilities	(1,177)	(1,203)
Other current liabilities	(5,008)	(5,147)
Total current liabilities	(6,185)	(6,350)
Non-current liabilities
Non-current financial liabilities	(6,857)	(8,761)
Other non-current liabilities	(242)	(235)
Total non-current liabilities	(7,099)	(8,996)
Net assets	16,239	14,831
Net assets attributable to owners of the Company	16,239	14,831
Share of net assets from joint ventures	8,120	7,416
Carrying Amounts	8,120	7,416
BASF-YPC
Current assets
Cash and cash equivalents	5,375	1,838
Other current assets	6,953	4,777
Total current assets	12,328	6,615
Non-current assets	9,336	9,993
Current liabilities
Current financial liabilities	(77)	(456)
Other current liabilities	(2,546)	(2,190)
Total current liabilities	(2,623)	(2,646)
Non-current liabilities
Other non-current liabilities	(92)	(42)
Total non-current liabilities	(92)	(42)
Net assets	18,949	13,920
Net assets attributable to owners of the Company	18,949	13,920
Share of net assets from joint ventures	7,580	5,568
Carrying Amounts	7,580	5,568
Taihu
Current assets
Cash and cash equivalents	1,258	1,280
Other current assets	2,188	1,223
Total current assets	3,446	2,503
Non-current assets	14,032	12,531
Current liabilities
Current financial liabilities	(32)	(38)
Other current liabilities	(1,931)	(1,043)
Total current liabilities	(1,963)	(1,081)
Non-current liabilities
Non-current financial liabilities	(85)	(85)
Other non-current liabilities	(1,439)	(2,017)
Total non-current liabilities	(1,524)	(2,102)
Net assets	13,991	11,851
Net assets attributable to owners of the Company	13,523	11,439
Net assets attributable to non-controlling interests	468	412
Share of net assets from joint ventures	6,626	5,605
Carrying Amounts	6,626	5,605
YASREF
Current assets
Cash and cash equivalents	5,441	1,408
Other current assets	12,404	7,516
Total current assets	17,845	8,924
Non-current assets	41,947	45,413
Current liabilities
Current financial liabilities	(9,549)	(9,520)
Other current liabilities	(15,844)	(8,644)
Total current liabilities	(25,393)	(18,164)
Non-current liabilities
Non-current financial liabilities	(30,903)	(29,650)
Other non-current liabilities	(1,723)	(2,008)
Total non-current liabilities	(32,626)	(31,658)
Net assets	1,773	4,515
Net assets attributable to owners of the Company	1,773	4,515
Sinopec SABIC Tianjin
Current assets
Cash and cash equivalents	4,820	5,259
Other current assets	3,437	2,665
Total current assets	8,257	7,924
Non-current assets	18,835	18,258
Current liabilities
Current financial liabilities	(597)	(998)
Other current liabilities	(3,547)	(3,052)
Total current liabilities	(4,144)	(4,050)
Non-current liabilities
Non-current financial liabilities	(7,599)	(6,773)
Other non-current liabilities	(382)	(378)
Total non-current liabilities	(7,981)	(7,151)
Net assets	14,967	14,981
Net assets attributable to owners of the Company	14,967	14,981
Share of net assets from joint ventures	7,484	7,491
Carrying Amounts	¥ 7,484	¥ 7,491

INTEREST IN JOINT VENTURES - _2

INTEREST IN JOINT VENTURES - SUMMARIZED STATEMENT OF COMPREHENSIVE INCOME (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of joint ventures [line items]
Operating revenues	¥ 2,740,884	¥ 2,104,724	¥ 2,957,868
Depreciation, depletion and amortization	(115,680)	(107,461)	(109,643)
Interest Income	5,732	4,803	7,210
Interest expense	(15,018)	(15,198)	(17,091)
Earning/(loss) before income tax	109,169	48,615	90,161
Tax expense	(23,318)	(6,344)	(18,054)
Net income/(loss) for the year	85,851	42,271	72,107
Other comprehensive income	17,507	315	5,580
Total comprehensive income	103,358	42,586	77,687
FREP
Disclosure of joint ventures [line items]
Operating revenues	47,224	38,691	57,047
Depreciation, depletion and amortization	(2,789)	(2,222)	(2,541)
Interest Income	147	118	124
Interest expense	(411)	(535)	(597)
Earning/(loss) before income tax	2,261	520	964
Tax expense	(597)	(87)	(197)
Net income/(loss) for the year	1,664	433	767
Total comprehensive income	1,664	433	767
Dividends declared by joint ventures	128	300	1,400
Share of net income/(loss) from joint ventures	832	217	384
Carrying Amounts	8,120	7,416
BASF-YPC
Disclosure of joint ventures [line items]
Operating revenues	27,499	15,701	19,590
Depreciation, depletion and amortization	(1,467)	(1,244)	(1,474)
Interest Income	52	27	32
Interest expense	(5)	(16)	(26)
Earning/(loss) before income tax	8,218	1,518	2,314
Tax expense	(2,054)	(379)	(579)
Net income/(loss) for the year	6,164	1,139	1,735
Total comprehensive income	6,164	1,139	1,735
Dividends declared by joint ventures	454	691	1,224
Share of net income/(loss) from joint ventures	2,466	456	694
Carrying Amounts	7,580	5,568
Taihu
Disclosure of joint ventures [line items]
Operating revenues	15,190	9,528	15,222
Depreciation, depletion and amortization	(667)	(541)	(629)
Interest Income	451	291	94
Interest expense	(107)	(20)	(265)
Earning/(loss) before income tax	2,864	2,304	3,320
Tax expense	(601)	(378)	(708)
Net income/(loss) for the year	2,263	1,926	2,612
Other comprehensive income	(123)	(3,368)	(1,105)
Total comprehensive income	2,140	(1,442)	1,507
Share of net income/(loss) from joint ventures	1,081	911	1,235
Share of other comprehensive income/(loss) from joint ventures	(60)	(1,593)	(522)
Carrying Amounts	6,626	5,605
YASREF
Disclosure of joint ventures [line items]
Operating revenues	68,548	37,337	75,940
Depreciation, depletion and amortization	(3,224)	(3,140)	(3,048)
Interest Income	6	17	58
Interest expense	(945)	(1,136)	(1,470)
Earning/(loss) before income tax	(2,868)	(7,193)	(1,292)
Tax expense	332	1,057	(8)
Net income/(loss) for the year	(2,536)	(6,136)	(1,300)
Other comprehensive income	(206)	(584)	(261)
Total comprehensive income	(2,742)	(6,720)	(1,561)
Share of net income/(loss) from joint ventures		(2,301)	(488)
Share of other comprehensive income/(loss) from joint ventures		(219)	(98)
Sinopec SABIC Tianjin
Disclosure of joint ventures [line items]
Operating revenues	24,631	14,881	20,541
Depreciation, depletion and amortization	(1,164)	(1,085)	(1,094)
Interest Income	209	183	171
Interest expense	(89)	(131)	(134)
Earning/(loss) before income tax	1,393	954	2,178
Tax expense	(407)	(236)	(533)
Net income/(loss) for the year	986	718	1,645
Total comprehensive income	986	718	1,645
Dividends declared by joint ventures	500		1,750
Share of net income/(loss) from joint ventures	493	359	823
Carrying Amounts	7,484	7,491
Aggregated individually immaterial joint ventures
Disclosure of joint ventures [line items]
Share of net income/(loss) from joint ventures	4,494	993	1,737
Share of other comprehensive income/(loss) from joint ventures	215	808	¥ (168)
Carrying Amounts	¥ 30,640	¥ 26,099

FINANCIAL ASSETS AT FAIR VALU_3

FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2021	Dec. 31, 2020
Non-current assets
Non-current financial assets at fair value through other comprehensive income	¥ 767	¥ 1,525
Current assets
Total financial assets at fair value through other comprehensive income	6,706	10,260
Unlisted equity instruments
Non-current assets
Non-current financial assets at fair value through other comprehensive income	588	1,376
Listed equity instruments
Non-current assets
Non-current financial assets at fair value through other comprehensive income	179	149
Trade accounts receivable and bills receivable
Current assets
Current financial assets at fair value through other comprehensive income	¥ 5,939	¥ 8,735

DEFERRED TAX ASSETS AND LIABI_3

DEFERRED TAX ASSETS AND LIABILITIES (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	¥ 30,596	¥ 35,969
Deferred tax liabilities	(19,117)	(19,039)
Receivables and inventories
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	3,763	2,411
Payables
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	2,858	1,286
Cash flow hedges
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	258	1,790
Deferred tax liabilities	(2,709)	(4,420)
Property, plant and equipment
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	16,777	15,793
Deferred tax liabilities	(15,037)	(13,415)
Tax losses carried forward
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	4,749	13,322
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	127
Deferred tax liabilities	(9)	(11)
Intangible assets
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	1,008	869
Deferred tax liabilities	(492)	(517)
Others
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	1,056	371
Deferred tax liabilities	¥ (870)	¥ (676)

DEFERRED TAX ASSETS AND LIABI_4

DEFERRED TAX ASSETS AND LIABILITIES - Consolidated elimination amount (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2021	Dec. 31, 2020
DEFERRED TAX ASSETS AND LIABILITIES
Deferred tax assets	¥ 11,207	¥ 10,915
Deferred tax liabilities	¥ 11,207	¥ 10,915

DEFERRED TAX ASSETS AND LIABI_5

DEFERRED TAX ASSETS AND LIABILITIES - Amounts after the consolidated elimination adjustments (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2021	Dec. 31, 2020
DEFERRED TAX ASSETS AND LIABILITIES
Deferred tax assets	¥ 19,389	¥ 25,054
Deferred tax liabilities	¥ 7,910	¥ 8,124

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, 2021	Dec. 31, 2020
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deductible tax losses carried forward	¥ 18,342	¥ 17,718
Write-down of deferred tax assets related to expiration of tax loss	5,564	¥ 4,349
Within one year
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deductible tax losses carried forward	4,135
Between one and two years
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deductible tax losses carried forward	2,308
Between two and three years
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deductible tax losses carried forward	1,986
Between three and four years [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deductible tax losses carried forward	4,349
Later than four years
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deductible tax losses carried forward	¥ 5,564

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Balance at beginning of year	¥ 16,930	¥ 10,807	¥ 15,746
Recognized in consolidated statement of income	(6,258)	7,873	(3,385)
Recognized in other comprehensive income	(5,504)	(2,265)	(1,237)
Others	430	519	(67)
Transferred from reserve	5,881	(4)	(250)
Balance at end of year	11,479	16,930	10,807
Receivables and inventories
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Balance at beginning of year	2,411	2,546	2,563
Recognized in consolidated statement of income	1,378	(122)	(17)
Recognized in other comprehensive income	(26)	(12)
Others		(1)
Balance at end of year	3,763	2,411	2,546
Payables
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Balance at beginning of year	1,286	1,142	1,808
Recognized in consolidated statement of income	1,572	144	(667)
Others			1
Balance at end of year	2,858	1,286	1,142
Cash flow hedges
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Balance at beginning of year	(2,630)	(268)	1,104
Recognized in consolidated statement of income	(203)	(42)	73
Recognized in other comprehensive income	(5,499)	(2,316)	(1,195)
Transferred from reserve	5,881	(4)	(250)
Balance at end of year	(2,451)	(2,630)	(268)
Property, plant and equipment
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Balance at beginning of year	2,378	4,146	6,761
Recognized in consolidated statement of income	(1,004)	(2,244)	(2,575)
Recognized in other comprehensive income	41	127	(39)
Others	325	349	(1)
Balance at end of year	1,740	2,378	4,146
Tax losses carried forward
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Balance at beginning of year	13,322	3,594	3,709
Recognized in consolidated statement of income	(8,554)	9,960	(151)
Recognized in other comprehensive income	(19)	(84)	38
Others		(148)	(2)
Balance at end of year	4,749	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]
Balance at beginning of year	116	124	116
Recognized in consolidated statement of income		(4)
Recognized in other comprehensive income	2	(4)	8
Balance at end of year	118	116	124
Intangible assets.
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Balance at beginning of year	352	87	(61)
Recognized in consolidated statement of income	63	19	148
Others	101	246
Balance at end of year	516	352	87
Others
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Balance at beginning of year	(305)	(564)	(254)
Recognized in consolidated statement of income	490	162	(196)
Recognized in other comprehensive income	(3)	24	(49)
Others	4	73	(65)
Balance at end of year	¥ 186	¥ (305)	¥ (564)

LONG-TERM PREPAYMENTS AND OTH_3

LONG-TERM PREPAYMENTS AND OTHER ASSETS (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about long-term prepayments and other assets [line items]
Operating rights of service stations	¥ 29,714	¥ 31,856
Others (i)	31,326	34,025
Balance as of end of year	70,030	74,543
Third parties
Disclosure of detailed information about long-term prepayments and other assets [line items]
Prepayments for construction projects to third parties	7,470	5,861
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	¥ 1,520	¥ 2,801

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, 2021	Dec. 31, 2020
Disclosure of detailed information about operating rights of service stations [line items]
Balance as at beginning of year	¥ 31,856
Balance as at end of year	29,714	¥ 31,856
Gross carrying amount
Disclosure of detailed information about operating rights of service stations [line items]
Balance as at beginning of year	53,567	53,549
Additions	912	493
Decreases	(688)	(475)
Balance as at end of year	53,791	53,567
Accumulated depreciation:
Disclosure of detailed information about operating rights of service stations [line items]
Balance as at beginning of year	(21,711)	(19,536)
Additions	(2,699)	(2,365)
Decreases	333	190
Balance as at end of year	¥ (24,077)	¥ (21,711)

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, 2021	Dec. 31, 2020
Disclosure of detailed information about short-term debts and loans [line items]
Short-term debts	¥ 35,252	¥ 23,769
Loans from Sinopec Group Company and fellow subsidiaries	2,873	5,264
Total short-term debts	¥ 38,125	¥ 29,033
Weighted interest rates on short-term loans	2.72%	2.53%
Third parties
Disclosure of detailed information about short-term debts and loans [line items]
Short-term bank loans	¥ 24,959	¥ 16,111
Short-term other loans		3
Current portion of long-term bank loans	3,293	4,637
Current portion of long-term corporate bonds	7,000
Current portion of long-term debts	10,293	4,637
Corporate bonds		3,018
Short-term debts	35,252	23,769
Sinopec Group Company and fellow subsidiaries.
Disclosure of detailed information about short-term debts and loans [line items]
Current portion of long-term debts	466	622
Loans from Sinopec Group Company and fellow subsidiaries	2,873	5,264
Total short-term debts	2,407	4,642
RMB denominated | Third parties
Disclosure of detailed information about short-term debts and loans [line items]
Short-term bank loans	24,959	16,111
Short-term other loans		3
Current portion of long-term bank loans	3,281	4,613
Current portion of long-term corporate bonds	7,000
Corporate bonds		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	466	622
Total short-term debts	1,320	1,141
USD | Third parties
Disclosure of detailed information about short-term debts and loans [line items]
Current portion of long-term bank loans	12	24
USD | Sinopec Group Company and fellow subsidiaries.
Disclosure of detailed information about short-term debts and loans [line items]
Total short-term debts	934	3,298
HKD | Sinopec Group Company and fellow subsidiaries.
Disclosure of detailed information about short-term debts and loans [line items]
Total short-term debts		31
EUR | Sinopec Group Company and fellow subsidiaries.
Disclosure of detailed information about short-term debts and loans [line items]
Total short-term debts	¥ 153	¥ 172

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 (¥)	Dec. 27, 2021	Aug. 06, 2021	Aug. 05, 2021	Jul. 26, 2021	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about long-term debts and loans [line items]
Long-term debts					¥ 78,300,000,000	¥ 72,037,000,000
Loans from Sinopec Group Company and fellow subsidiaries					13,690,000,000	11,778,000,000
Total long-term debts					91,990,000,000	83,815,000,000
Third parties
Disclosure of detailed information about long-term debts and loans [line items]
Long-term bank loans					38,944,000,000	38,318,000,000
Corporate bonds (i)					49,649,000,000	38,356,000,000
Total third parties' long-term debts					88,593,000,000	76,674,000,000
Less: Current portion					(10,293,000,000)	(4,637,000,000)
Long-term debts					78,300,000,000	72,037,000,000
Sinopec Group Company and fellow subsidiaries.
Disclosure of detailed information about long-term debts and loans [line items]
Less: Current portion					(466,000,000)	(622,000,000)
Loans from Sinopec Group Company and fellow subsidiaries					13,690,000,000	11,778,000,000
Corporate bond, one | Third parties
Disclosure of detailed information about long-term debts and loans [line items]
Par value				¥ 100
Term of the debt				5 years
Total amount issued				¥ 5,000,000,000
Interest rate percentage				3.20%
Corporate bond, two | Third parties
Disclosure of detailed information about long-term debts and loans [line items]
Par value			¥ 100
Term of the debt			3 years
Total amount issued			¥ 2,000,000,000
Interest rate percentage			2.95%
Corporate bond, three | Third parties
Disclosure of detailed information about long-term debts and loans [line items]
Par value		¥ 100
Term of the debt		2 years
Total amount issued		¥ 2,000,000,000
Interest rate percentage		2.80%
Corporate bond, four | Third parties
Disclosure of detailed information about long-term debts and loans [line items]
Par value	¥ 100
Term of the debt	3 years
Total amount issued	¥ 2,550,000,000
Interest rate percentage	2.50%
RMB denominated | Third parties
Disclosure of detailed information about long-term debts and loans [line items]
Long-term bank loans					38,880,000,000	38,226,000,000
Corporate bonds (i)					¥ 38,522,000,000	26,977,000,000
RMB denominated | Third parties | Maximum
Disclosure of detailed information about long-term debts and loans [line items]
Weighted interest rates on long-term loans					4.00%
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					¥ (466,000,000)	(622,000,000)
Loans from Sinopec Group Company and fellow subsidiaries					¥ 12,988,000,000	11,013,000,000
RMB denominated | Sinopec Group Company and fellow subsidiaries. | Third parties | Maximum
Disclosure of detailed information about long-term debts and loans [line items]
Weighted interest rates on long-term loans					5.23%
RMB denominated | Sinopec Group Company and fellow subsidiaries. | Third parties | Minimum
Disclosure of detailed information about long-term debts and loans [line items]
Weighted interest rates on long-term loans					1.08%
USD | Third parties
Disclosure of detailed information about long-term debts and loans [line items]
Long-term bank loans					¥ 64,000,000	92,000,000
Corporate bonds (i)					¥ 11,127,000,000	11,379,000,000
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					¥ 1,168,000,000	¥ 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					1.65%

LEASE LIABILITIES (Details)

LEASE LIABILITIES (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2021	Dec. 31, 2020
LEASE LIABILITIES
Current lease liabilities	¥ 15,173	¥ 15,293
Non-current lease liabilities	170,233	171,740
Total lease liabilities	¥ 185,406	¥ 187,033

TRADE ACCOUNTS AND BILLS PAYA_3

TRADE ACCOUNTS AND BILLS PAYABLE (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of trade accounts and bills payable [line items]
Trade accounts payable	¥ 203,919	¥ 151,514
Bills payable	11,721	10,394
Trade accounts payable and bills payable measured at amortized cost	215,640	161,908
Sinopec Group Company and fellow subsidiaries.
Disclosure of trade accounts and bills payable [line items]
Trade accounts payable	4,227	11,512
Associates and joint ventures
Disclosure of trade accounts and bills payable [line items]
Trade accounts payable	6,145	7,746
Third parties
Disclosure of trade accounts and bills payable [line items]
Trade accounts payable	¥ 193,547	¥ 132,256

CONTRACT LIABILITIES (Details)

CONTRACT LIABILITIES (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
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, 2021	Dec. 31, 2020
OTHER PAYABLES
Salaries and welfare payable	¥ 14,048	¥ 7,129
Interest payable	822	667
Payables for constructions	54,596	42,027
Other payables	93,764	59,023
Financial liabilities carried at amortized costs	163,230	108,846
Taxes other than income tax	76,458	70,262
Other payables, total	¥ 239,688	¥ 179,108

PROVISIONS (Details)

PROVISIONS (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
PROVISIONS
Balance at beginning of the year	¥ 43,713	¥ 42,438	¥ 42,007
Provision for the year	2,163	1,563	1,408
Accretion expenses	1,135	1,343	1,418
Decrease for the year	(6,435)	(1,490)	(2,439)
Exchange adjustments	(81)	(141)	44
Balance at end of the year	¥ 40,495	¥ 43,713	¥ 42,438

SHARE CAPITAL - REGISTERED, ISS

SHARE CAPITAL - REGISTERED, ISSUED AND FULLY PAID (Details) - CNY (¥) ¥ / shares in Units, ¥ in Millions	Dec. 31, 2021	Dec. 31, 2020	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, 2021¥ / shares

Dec. 31, 2020¥ / 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 [member]

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 [member] | 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 [member]

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 [member] | 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 [member] | Global initial public offering | Sinopec Group Company [member]

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 [member] | 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 [member]

Disclosure of classes of share capital [line items]

Number of shares issued

19,500,000,000

Maximum | Outside PRC [member] | Sinopec Group Company [member]

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, 2021	Dec. 31, 2020
SHARE CAPITAL
Debt-to-capital ratio	10.60%	10.10%
Liability-to-asset ratio	51.60%	49.00%

COMMITMENTS AND CONTINGENT LI_3

COMMITMENTS AND CONTINGENT LIABILITIES - CAPITAL COMMITMENTS (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2021	Dec. 31, 2020
Capital commitments [abstract]
Authorized and contracted for (i)	¥ 184,430	¥ 171,597
Authorized but not contracted for	90,227	33,997
Total capital commitments	274,657	205,594
Investment Commitments	¥ 3,648	¥ 13,172

COMMITMENTS AND CONTINGENT LI_4

COMMITMENTS AND CONTINGENT LIABILITIES - EXPLORATION AND PRODUCTION LICENSES (Details) ¥ in Millions	12 Months Ended
	Dec. 31, 2021CNY (¥)item	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)
Licences
Disclosure of exploration and production licenses [line items]
Payments incurred of exploration licenses fee and production right usage fees | ¥	¥ 181	¥ 231	¥ 179
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, 2021	Dec. 31, 2020
Disclosure of estimated future annual payments [line items]
estimated future annual payments	¥ 1,535	¥ 1,498
Within one year
Disclosure of estimated future annual payments [line items]
estimated future annual payments	301	390
Between one and two years
Disclosure of estimated future annual payments [line items]
estimated future annual payments	112	99
Between two and three years
Disclosure of estimated future annual payments [line items]
estimated future annual payments	110	66
Between three and four years [member]
Disclosure of estimated future annual payments [line items]
estimated future annual payments	102	63
Between four and five years [member]
Disclosure of estimated future annual payments [line items]
estimated future annual payments	64	56
Thereafter [member]
Disclosure of estimated future annual payments [line items]
estimated future annual payments	¥ 846	¥ 824

COMMITMENTS AND CONTINGENT LI_6

COMMITMENTS AND CONTINGENT LIABILITIES - CONTINGENT LIABILITIES (Details) - CNY (¥)	Dec. 31, 2021	Dec. 31, 2020
Disclosure of contingent liabilities in business combination [line items]
Guarantees	¥ 14,863,000,000	¥ 14,840,000,000
Liability accrued for a loss under guarantee	0	0
Joint ventures
Disclosure of contingent liabilities in business combination [line items]
Guarantees	9,117,000,000	6,390,000,000
Zhongan United Coal Chemical Co. Ltd
Disclosure of contingent liabilities in business combination [line items]
Guarantees	5,680,000,000	6,390,000,000
Guarantee in respect to standby credit facilities granted by banks	7,100,000,000
Amur Gas
Disclosure of contingent liabilities in business combination [line items]
Guarantees	3,264,000,000	0
Guarantee payment for construction	173,000,000	0
Guarantee in respect to standby credit facilities granted by banks	23,208,000,000
Amur Gas | Raw material supply agreement
Disclosure of contingent liabilities in business combination [line items]
Guarantees	15,493,000,000
Amur Gas | Engineering services agreement
Disclosure of contingent liabilities in business combination [line items]
Guarantees	3,012,000,000
Associates
Disclosure of contingent liabilities in business combination [line items]
Guarantees	5,746,000,000	8,450,000,000
Zhongtian Synergetic Energy
Disclosure of contingent liabilities in business combination [line items]
Guarantees	5,746,000,000	¥ 8,450,000,000
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, 2021	Dec. 31, 2020	Dec. 31, 2019
COMMITMENTS AND CONTINGENT LIABILITIES
pollutant discharge fees	¥ 10,968	¥ 11,368	¥ 9,278

BUSINESS COMBINATIONS (Details)

BUSINESS COMBINATIONS (Details) - CNY (¥) ¥ / shares in Units, ¥ in Millions	12 Months Ended			14 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2021	Mar. 26, 2021
Summarized consolidated income statement
Revenue	¥ 2,740,884	¥ 2,104,724	¥ 2,957,868
Net income attributable to owners of the Company	71,975	33,443	57,517
Net income attributable to non-controlling interests	¥ 13,876	¥ 8,828	¥ 14,590
Basic earnings per share (RMB)	¥ 0.59	¥ 0.276	¥ 0.4751
Diluted earnings per share (RMB)	¥ 0.59	¥ 0.276	¥ 0.4751
Summarized consolidated statement of financial position
Current assets	¥ 558,024	¥ 455,660		¥ 558,024
Total assets	1,889,255	1,738,896	¥ 1,765,702	1,889,255
Current liabilities	641,280	522,995		641,280
Total liabilities	974,181	851,194	883,624	974,181
Total equity attributable to owners of the Company	774,182	746,325		774,182
Non-controlling interests	140,892	141,377		¥ 140,892
Summarized consolidated statement of cash flows
Net cash generated from/(used in) operating activities	225,174	168,520	154,380
Net cash used in investing activities	(145,198)	(102,650)	(121,314)
Net cash used in from financing activities	(57,942)	(37,510)	(84,702)
Net increase in cash and cash equivalents	¥ 22,034	28,360	(51,636)
Baling Petrochemical (i)
Disclosure of detailed information about business combination [line items]
Percentage of voting rights held				55.00%
Summarized consolidated statement of cash flows
Non-controlling interest, ownership percentage	45.00%
Sinopec Baling Petrochemical CO. Ltd [Member]
Summarized consolidated income statement
Revenue			2,959,799
Net income attributable to owners of the Company			57,493
Net income attributable to non-controlling interests			¥ 14,590
Basic earnings per share (RMB)			¥ 0.48
Diluted earnings per share (RMB)			¥ 0.48
Summarized consolidated statement of financial position
Current assets			¥ 447,310
Total assets			1,760,286
Current liabilities			579,978
Total liabilities			882,982
Total equity attributable to owners of the Company			738,946
Non-controlling interests			138,358
Summarized consolidated statement of cash flows
Net cash generated from/(used in) operating activities			153,619
Net cash used in investing activities			(121,051)
Net cash used in from financing activities			(84,204)
Net increase in cash and cash equivalents			(51,636)
Previously reported
Summarized consolidated income statement
Revenue		2,105,984	2,959,799
Net income attributable to owners of the Company		33,096	57,493
Net income attributable to non-controlling interests		¥ 8,828	¥ 14,590
Basic earnings per share (RMB)		¥ 0.273	¥ 0.4749
Diluted earnings per share (RMB)		¥ 0.273	¥ 0.4749
Summarized consolidated statement of financial position
Current assets		¥ 455,395
Total assets		1,733,805
Current liabilities		522,190
Total liabilities		850,947
Total equity attributable to owners of the Company		741,494
Non-controlling interests		141,364
Summarized consolidated statement of cash flows
Net cash generated from/(used in) operating activities		167,518	¥ 153,619
Net cash used in investing activities		(102,203)	(121,051)
Net cash used in from financing activities		(36,955)	(84,204)
Net increase in cash and cash equivalents		28,360	(51,636)
Previously reported | Sinopec Baling Petrochemical CO. Ltd [Member]
Summarized consolidated income statement
Revenue			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
Summarized consolidated statement of financial position
Current assets			¥ 455,856
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
Summarized consolidated statement of cash flows
Net cash generated from/(used in) operating activities			153,420
Net cash used in investing activities			(120,463)
Net cash used in from financing activities			(84,713)
Net increase in cash and cash equivalents			(51,756)
Elimination and Adjustment
Summarized consolidated income statement
Revenue		(13,493)	(14,849)
Summarized consolidated statement of financial position
Current assets		(215)
Total assets		(784)
Current liabilities		(215)
Total liabilities		(784)
Elimination and Adjustment | Sinopec Baling Petrochemical CO. Ltd [Member]
Summarized consolidated income statement
Revenue			(23,300)
Net income attributable to owners of the Company			(22)
Net income attributable to non-controlling interests			22
Summarized consolidated statement of financial position
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 | Sinopec Baling Petrochemical CO. Ltd [Member]
Summarized consolidated income statement
Revenue			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
Summarized consolidated statement of financial position
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
Summarized consolidated statement of cash flows
Net cash generated from/(used in) operating activities			199
Net cash used in investing activities			(588)
Net cash used in from financing activities			509
Net increase in cash and cash equivalents			120
SAMC
Disclosure of detailed information about business combination [line items]
Consideration transferred					¥ 6,124
Summarized consolidated income statement
Revenue		12,233	12,918
Net income attributable to owners of the Company		¥ 347	¥ 24
Basic earnings per share (RMB)		¥ 0.003	¥ 0.0002
Diluted earnings per share (RMB)		¥ 3	¥ 0.0002
Summarized consolidated statement of financial position
Current assets		¥ 480
Total assets		5,875
Current liabilities		1,020
Total liabilities		1,031
Total equity attributable to owners of the Company		4,831
Non-controlling interests		13
Summarized consolidated statement of cash flows
Net cash generated from/(used in) operating activities		1,002	¥ 761
Net cash used in investing activities		(447)	(263)
Net cash used in from financing activities		¥ (555)	¥ (498)

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of transactions between related parties [line items]
Interest income	¥ 5,732	¥ 4,803	¥ 7,210
Interest expense	15,018	15,198	17,091
Interest expense on lease liabilities	9,200	9,349	9,646
Guarantees	14,863	14,840
Sinopec Group Company and fellow subsidiaries, associates and joint ventures [member]
Disclosure of transactions between related parties [line items]
Sales of goods	297,381	228,307	279,784
Purchases	191,888	151,300	181,944
Transportation and storage	19,443	8,734	8,097
Exploration and development services	33,930	31,444	33,310
Production related services	44,405	31,915	38,603
Ancillary and social services	1,730	2,952	3,017
Agency commission income	194	160	116
Interest income	715	704	1,066
Interest expense	385	919	1,334
Net deposits withdrawn from/(placed with) related parties	(8,265)	(17,585)	5,230
Net funds obtained from/(repaid with) related parties	30,305	(31,144)	3,438
Interest expense on lease liabilities	7,863	8,160
Rental paid for land	10,834	11,090	11,333
Rental paid for buildings	572	571	518
Rental paid for others	269	330	¥ 468
Guarantees	0	0
Finance companies
Disclosure of transactions between related parties [line items]
deposits placed with related parties	¥ 61,682	¥ 53,417

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 [member]
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 [member]
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, 2021	Dec. 31, 2020
Disclosure of transactions between related parties [line items]
Trade accounts receivable	¥ 34,861	¥ 35,439
Financial assets at fair value through other comprehensive income	6,706	10,260
Prepaid expenses and other current assets	69,431	58,709
Long-term prepayments and other assets	70,030	74,543
Contract liabilities	124,622	126,241
Other payables	239,688	179,108
Other long-term liabilities	19,243	18,968
Long-term loans excluding current portion from Sinopec Group Company and fellow subsidiaries	13,690	11,778
Lease liabilities (including to be paid within one year)	185,406	187,033
Sinopec Group Company and fellow subsidiaries, associates and joint ventures [member]
Disclosure of transactions between related parties [line items]
Trade accounts receivable	8,655	16,777
Financial assets at fair value through other comprehensive income	186	760
Prepaid expenses and other current assets	14,537	19,422
Long-term prepayments and other assets	3,116	6,435
Total	26,494	43,394
Trade accounts payable and bills payable	14,170	22,792
Contract liabilities	4,677	5,937
Other payables	50,649	12,759
Other long-term liabilities	2,779	3,010
Short-term loans and current portion of long-term loans from Sinopec Group Company and fellow subsidiaries	2,873	5,264
Long-term loans excluding current portion from Sinopec Group Company and fellow subsidiaries	13,690	11,778
Lease liabilities (including to be paid within one year)	158,761	162,048
Total	¥ 247,599	¥ 223,588

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, 2021	Dec. 31, 2020	Dec. 31, 2019
RELATED PARTY TRANSACTIONS
Short-term employee benefits	¥ 4,612	¥ 5,753	¥ 9,209
Retirement scheme contributions	379	342	536
Total	¥ 4,991	¥ 6,095	¥ 9,745

EMPLOYEE BENEFITS PLAN (Details

EMPLOYEE BENEFITS PLAN (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of contribution retirement plan [line items]
Contributions	¥ 11,932	¥ 8,983	¥ 12,025
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, 2021CNY (¥)segment	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)
Disclosure of operating segments [line items]
Number of reportable segments | segment	5
Sales of goods	¥ 2,679,500	¥ 2,048,654	¥ 2,899,382
Other operating revenues	61,384	56,070	58,486
Sales of goods and other operating revenues	2,740,884	2,104,724	2,957,868
Total segment operating income	94,628	13,669	86,516
Aggregate share of profits from associates and joint ventures	23,253	6,712	12,777
Aggregate investment income	298	37,744	919
Net finance costs	(9,010)	(9,510)	(10,051)
Earnings before income tax	109,169	48,615	90,161
Deferred tax assets	19,389	25,054
Total assets	1,889,255	1,738,896	1,765,702
Income tax payable	4,809	6,586
Long-term debts	78,300	72,037
Loans from Sinopec Group Company and fellow subsidiaries	16,563	17,042
Deferred tax liabilities	7,910	8,124
Total liabilities	974,181	851,194	883,624
Capital expenditure	167,948	137,104	148,207
Depreciation, depletion and amortization	115,680	107,461	109,643
Impairment losses on long-lived assets	10,035	14,629	356
Non-current assets	1,309,365	1,253,049	1,293,654
Mainland China
Disclosure of operating segments [line items]
Sales of goods and other operating revenues	2,166,040	1,720,695	2,122,753
Non-current assets	1,268,814	1,216,267	1,240,949
Singapore
Disclosure of operating segments [line items]
Sales of goods and other operating revenues	278,024	215,846	505,672
Others
Disclosure of operating segments [line items]
Sales of goods and other operating revenues	296,820	168,183	329,443
Non-current assets	40,551	36,782	52,705
Operating segment
Disclosure of operating segments [line items]
Total assets	1,410,148	1,307,467	1,449,348
Total liabilities	810,880	703,717	713,307
Elimination of inter-segment sales
Disclosure of operating segments [line items]
Sales of goods	(2,109,426)	(1,371,215)	(1,903,725)
Total segment operating income	(4,421)	4,417	(40)
Unallocated amounts
Disclosure of operating segments [line items]
Interest in associates and joint ventures	209,179	188,342	152,204
Financial assets at fair value through other comprehensive income	767	1,525	1,521
Deferred tax assets	19,389	25,054	17,616
Cash and cash equivalents, time deposits with financial institutions	221,989	188,057	128,052
Other unallocated assets	27,783	28,451	16,961
Short-term debts	35,252	23,769	40,521
Income tax payable	4,809	6,586	3,267
Long-term debts	78,300	72,037	49,208
Loans from Sinopec Group Company and fellow subsidiaries	16,563	17,042	52,915
Deferred tax liabilities	7,910	8,124	6,809
Other unallocated liabilities	20,467	19,919	17,597
Exploration and production
Disclosure of operating segments [line items]
Sales of goods	156,026	104,524	111,114
Other operating revenues	6,674	5,718	10,283
Aggregate share of profits from associates and joint ventures	2,783	2,117	3,167
Aggregate investment income	55	13,118	(19)
Capital expenditure	68,148	56,416	61,739
Depreciation, depletion and amortization	52,880	46,273	50,732
Impairment losses on long-lived assets	2,467	8,495	3
Exploration and production | Operating segment
Disclosure of operating segments [line items]
Sales of goods	243,324	162,037	200,429
Total segment operating income	4,685	(16,476)	9,284
Total assets	371,100	354,024	410,950
Total liabilities	166,486	163,588	167,933
Exploration and production | Elimination of inter-segment sales
Disclosure of operating segments [line items]
Sales of goods	87,298	57,513	89,315
Refining
Disclosure of operating segments [line items]
Sales of goods	167,948	113,214	140,837
Other operating revenues	5,161	4,633	5,460
Aggregate share of profits from associates and joint ventures	662	(2,516)	(640)
Aggregate investment income	(10)	14,941	59
Capital expenditure	22,469	24,756	31,372
Depreciation, depletion and amortization	20,743	20,090	19,718
Impairment losses on long-lived assets	860	1,923	256
Refining | Operating segment
Disclosure of operating segments [line items]
Sales of goods	1,380,403	939,433	1,218,273
Total segment operating income	65,279	(5,525)	30,706
Total assets	304,785	270,766	321,442
Total liabilities	146,763	136,980	122,371
Refining | Elimination of inter-segment sales
Disclosure of operating segments [line items]
Sales of goods	1,212,455	826,219	1,077,436
Marketing and distribution
Disclosure of operating segments [line items]
Sales of goods	1,367,605	1,062,447	1,393,557
Other operating revenues	36,864	34,905	33,247
Aggregate share of profits from associates and joint ventures	3,731	2,200	3,309
Aggregate investment income	3	8,980	73
Capital expenditure	21,897	25,403	29,566
Depreciation, depletion and amortization	23,071	23,196	21,572
Impairment losses on long-lived assets	1,211	536	80
Marketing and distribution | Operating segment
Disclosure of operating segments [line items]
Sales of goods	1,374,680	1,067,301	1,397,716
Total segment operating income	21,204	20,828	29,107
Total assets	377,499	373,430	399,242
Total liabilities	228,826	234,309	226,531
Marketing and distribution | Elimination of inter-segment sales
Disclosure of operating segments [line items]
Sales of goods	7,075	4,854	4,159
Chemicals
Disclosure of operating segments [line items]
Sales of goods	424,774	322,169	429,367
Other operating revenues	10,487	8,758	7,646
Aggregate share of profits from associates and joint ventures	11,323	1,723	4,611
Aggregate investment income	(54)	(61)	578
Capital expenditure	51,648	28,217	23,551
Depreciation, depletion and amortization	16,093	14,830	14,755
Impairment losses on long-lived assets	5,332	3,675	17
Chemicals | Operating segment
Disclosure of operating segments [line items]
Sales of goods	495,016	362,871	507,845
Total segment operating income	11,106	10,818	17,395
Total assets	222,803	190,789	186,028
Total liabilities	69,977	49,625	58,591
Chemicals | Elimination of inter-segment sales
Disclosure of operating segments [line items]
Sales of goods	70,242	40,702	78,478
Corporate and others
Disclosure of operating segments [line items]
Sales of goods	563,147	458,154	824,507
Other operating revenues	2,198	2,056	1,850
Aggregate share of profits from associates and joint ventures	4,754	3,188	2,330
Aggregate investment income	304	766	228
Capital expenditure	3,786	2,312	1,979
Depreciation, depletion and amortization	2,893	3,072	2,866
Impairment losses on long-lived assets	165
Corporate and others | Operating segment
Disclosure of operating segments [line items]
Sales of goods	1,295,503	888,227	1,478,844
Total segment operating income	(3,225)	(393)	64
Total assets	133,961	118,458	131,686
Total liabilities	198,828	119,215	137,881
Corporate and others | Elimination of inter-segment sales
Disclosure of operating segments [line items]
Sales of goods	¥ 732,356	¥ 430,073	¥ 654,337

PRINCIPAL SUBSIDIARIES (Details

PRINCIPAL SUBSIDIARIES (Details) ¥ in Millions, $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2021HKD ($)	Dec. 31, 2020CNY (¥)
Disclosure of subsidiaries [line items]
Particulars of issued and paid up capital	¥ 121,071			¥ 121,071
Interests held by the Company	100.00%
Sinopec Great Wall Energy & Chemical Company Limited [member]
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 | $		$ 3,009
Interests held by the Company	100.00%
Principal activities	Investment holding of overseas business
SIPL [member]
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	100.00%
Principal activities	Manufacturing of intermediate petrochemical products and petroleum products
Marketing Company [member]
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	¥ 500
Interests held by the Company	67.59%
Interests held by non-controlling interests	32.41%
Principal activities	Production and sale of petrochemical products
Sinopec Kantons [member]
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 (Wuhan) Petrochemical Company Limited ("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 [member]
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 (i)
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 [member]
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 [member]
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, 2021	Dec. 31, 2020
Disclosure of summarized consolidated balance sheet [line items]
Current assets	¥ 558,024	¥ 455,660
Current liabilities	(641,280)	(522,995)
Non-current assets	1,331,231	1,283,236
Non-current liabilities	(332,901)	(328,199)
Net assets attributable to owners of the Company	774,182	746,325
Net assets attributable to non-controlling interests	140,892	141,377
Marketing Company [member]
Disclosure of summarized consolidated balance sheet [line items]
Current assets	159,599	172,352
Current liabilities	(193,315)	(201,678)
Net current (liabilities)/assets	(33,716)	(29,326)
Non-current assets	326,437	323,571
Non-current liabilities	(59,604)	(59,554)
Net non-current assets/ (liabilities)	266,833	264,017
Net assets	233,117	234,691
Net assets attributable to owners of the Company	157,557	159,205
Net assets attributable to non-controlling interests	75,560	75,486
SIPL [member]
Disclosure of summarized consolidated balance sheet [line items]
Current assets	22,759	22,620
Current liabilities	(1,430)	(475)
Net current (liabilities)/assets	21,329	22,145
Non-current assets	8,954	8,951
Non-current liabilities	(17,823)	(18,270)
Net non-current assets/ (liabilities)	(8,869)	(9,319)
Net assets	12,460	12,826
Net assets attributable to owners of the Company	6,341	5,876
Net assets attributable to non-controlling interests	6,119	6,950
Shanghai Petrochemical [member]
Disclosure of summarized consolidated balance sheet [line items]
Current assets	20,932	17,305
Current liabilities	(15,796)	(15,232)
Net current (liabilities)/assets	5,136	2,073
Non-current assets	25,988	27,314
Non-current liabilities	(747)	(52)
Net non-current assets/ (liabilities)	25,241	27,262
Net assets	30,377	29,335
Net assets attributable to owners of the Company	15,254	14,727
Net assets attributable to non-controlling interests	15,123	14,608
Fujian Petrochemical [member]
Disclosure of summarized consolidated balance sheet [line items]
Current assets	1,464	1,582
Current liabilities	(142)	(458)
Net current (liabilities)/assets	1,322	1,124
Non-current assets	13,208	12,568
Non-current liabilities	(700)	(693)
Net non-current assets/ (liabilities)	12,508	11,875
Net assets	13,830	12,999
Net assets attributable to owners of the Company	6,915	6,499
Net assets attributable to non-controlling interests	6,915	6,500
Sinopec Kantons [member]
Disclosure of summarized consolidated balance sheet [line items]
Current assets	4,761	4,373
Current liabilities	(196)	(924)
Net current (liabilities)/assets	4,565	3,449
Non-current assets	8,195	9,106
Non-current liabilities	(170)	(170)
Net non-current assets/ (liabilities)	8,025	8,936
Net assets	12,590	12,385
Net assets attributable to owners of the Company	7,579	7,454
Net assets attributable to non-controlling interests	5,011	4,931
Shanghai SECCO
Disclosure of summarized consolidated balance sheet [line items]
Current assets	6,066	10,431
Current liabilities	(5,434)	(2,783)
Net current (liabilities)/assets	632	7,648
Non-current assets	11,402	12,177
Non-current liabilities	(1,418)	(1,553)
Net non-current assets/ (liabilities)	9,984	10,624
Net assets	10,616	18,272
Net assets attributable to owners of the Company	7,175	12,352
Net assets attributable to non-controlling interests	3,441	5,920
Sinopec-SK (Wuhan) Petrochemical Company Limited ("Sinopec-SK")
Disclosure of summarized consolidated balance sheet [line items]
Current assets	6,791	3,639
Current liabilities	(8,122)	(6,377)
Net current (liabilities)/assets	(1,331)	(2,738)
Non-current assets	20,650	22,187
Non-current liabilities	(7,512)	(8,509)
Net non-current assets/ (liabilities)	13,138	13,678
Net assets	11,807	10,940
Net assets attributable to owners of the Company	6,966	6,455
Net assets attributable to non-controlling interests	¥ 4,841	¥ 4,485

PRINCIPAL SUBSIDIARIES - SUMM_2

PRINCIPAL SUBSIDIARIES - SUMMARIZED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of summarized consolidated statement of comprehensive income [line items]
Operating revenues	¥ 2,740,884	¥ 2,104,724	¥ 2,957,868
Net income/(loss) for the year	85,851	42,271	72,107
Total comprehensive income/(loss)	103,358	42,586	77,687
Comprehensive income/(loss) attributable to non-controlling interests	13,809	7,749	14,755
Marketing Company [member]
Disclosure of summarized consolidated statement of comprehensive income [line items]
Operating revenues	1,408,523	1,099,680	1,427,705
Net income/(loss) for the year	18,582	22,415	22,992
Total comprehensive income/(loss)	18,439	21,149	23,362
Comprehensive income/(loss) attributable to non-controlling interests	6,822	7,205	8,289
Dividends paid to non-controlling interests	7,064	2,766	4,830
SIPL [member]
Disclosure of summarized consolidated statement of comprehensive income [line items]
Operating revenues	2,166	2,017	3,282
Net income/(loss) for the year	1,429	1,160	2,831
Total comprehensive income/(loss)	1,045	(720)	2,693
Comprehensive income/(loss) attributable to non-controlling interests	579	(287)	1,651
Dividends paid to non-controlling interests		316	10,926
Shanghai Petrochemical [member]
Disclosure of summarized consolidated statement of comprehensive income [line items]
Operating revenues	89,198	74,624	100,270
Net income/(loss) for the year	2,077	656	2,227
Total comprehensive income/(loss)	2,218	645	2,235
Comprehensive income/(loss) attributable to non-controlling interests	1,101	325	1,113
Dividends paid to non-controlling interests	541	649	1,344
Fujian Petrochemical [member]
Disclosure of summarized consolidated statement of comprehensive income [line items]
Operating revenues	5,549	4,871	5,535
Net income/(loss) for the year	951	243	477
Total comprehensive income/(loss)	951	243	477
Comprehensive income/(loss) attributable to non-controlling interests	476	121	238
Dividends paid to non-controlling interests	64	150	650
Sinopec Kantons [member]
Disclosure of summarized consolidated statement of comprehensive income [line items]
Operating revenues	528	1,064	1,274
Net income/(loss) for the year	871	2,047	1,131
Total comprehensive income/(loss)	677	1,814	1,140
Comprehensive income/(loss) attributable to non-controlling interests	268	707	433
Dividends paid to non-controlling interests	164	175	159
Shanghai SECCO
Disclosure of summarized consolidated statement of comprehensive income [line items]
Operating revenues	29,723	21,626	28,341
Net income/(loss) for the year	2,817	2,132	3,137
Total comprehensive income/(loss)	2,817	2,132	3,137
Comprehensive income/(loss) attributable to non-controlling interests	2,390	691	1,016
Dividends paid to non-controlling interests	1,028	767	822
Sinopec-SK (Wuhan) Petrochemical Company Limited ("Sinopec-SK")
Disclosure of summarized consolidated statement of comprehensive income [line items]
Operating revenues	50,208	28,702	31,016
Net income/(loss) for the year	1,606	(920)	701
Total comprehensive income/(loss)	1,606	(920)	701
Comprehensive income/(loss) attributable to non-controlling interests	¥ 659	¥ (377)	¥ 245

PRINCIPAL SUBSIDIARIES - SUMM_3

PRINCIPAL SUBSIDIARIES - SUMMARIZED CONSOLIDATED STATEMENT OF CASH FLOWS (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of summarized statement of cash flows [line items]
Net cash generated from/(used in) operating activities	¥ 225,174	¥ 168,520	¥ 154,380
Net cash generated from (used in) investing activities	(145,198)	(102,650)	(121,314)
Net cash (used in)/generated from financing activities	(57,942)	(37,510)	(84,702)
Net increase/(decrease) in cash and cash equivalents	22,034	28,360	(51,636)
Cash and cash equivalents as at January 1	87,559	60,438	111,927
Effect of foreign currency exchange rate changes	(1,003)	(1,239)	147
Cash and cash equivalents as at December 31	108,590	87,559	60,438
Marketing Company [member]
Disclosure of summarized statement of cash flows [line items]
Net cash generated from/(used in) operating activities	28,923	54,139	40,260
Net cash generated from (used in) investing activities	2,420	(40,010)	(25,923)
Net cash (used in)/generated from financing activities	(31,081)	(12,402)	(21,535)
Net increase/(decrease) in cash and cash equivalents	262	1,727	(7,198)
Cash and cash equivalents as at January 1	8,642	6,901	14,142
Effect of foreign currency exchange rate changes	95	14	(43)
Cash and cash equivalents as at December 31	8,999	8,642	6,901
SIPL [member]
Disclosure of summarized statement of cash flows [line items]
Net cash generated from/(used in) operating activities	690	281	2,128
Net cash generated from (used in) investing activities	15	(2,659)	678
Net cash (used in)/generated from financing activities	(1,172)	1,683	(116)
Net increase/(decrease) in cash and cash equivalents	(467)	(695)	2,690
Cash and cash equivalents as at January 1	7,699	8,833	5,993
Effect of foreign currency exchange rate changes	(164)	(439)	150
Cash and cash equivalents as at December 31	7,068	7,699	8,833
Shanghai Petrochemical [member]
Disclosure of summarized statement of cash flows [line items]
Net cash generated from/(used in) operating activities	3,950	1,680	5,057
Net cash generated from (used in) investing activities	(2,359)	(3,888)	(4,623)
Net cash (used in)/generated from financing activities	(3,393)	1,682	(1,737)
Net increase/(decrease) in cash and cash equivalents	(1,802)	(526)	(1,303)
Cash and cash equivalents as at January 1	6,916	7,450	8,742
Effect of foreign currency exchange rate changes	(2)	(8)	11
Cash and cash equivalents as at December 31	5,112	6,916	7,450
Fujian Petrochemical [member]
Disclosure of summarized statement of cash flows [line items]
Net cash generated from/(used in) operating activities	(292)	(244)	622
Net cash generated from (used in) investing activities	420	(649)	(472)
Net cash (used in)/generated from financing activities	(142)	882	(163)
Net increase/(decrease) in cash and cash equivalents	(14)	(11)	(13)
Cash and cash equivalents as at January 1	68	79	92
Cash and cash equivalents as at December 31	54	68	79
Sinopec Kantons [member]
Disclosure of summarized statement of cash flows [line items]
Net cash generated from/(used in) operating activities	133	586	716
Net cash generated from (used in) investing activities	1,276	3,846	397
Net cash (used in)/generated from financing activities	(1,066)	(1,250)	(1,208)
Net increase/(decrease) in cash and cash equivalents	343	3,182	(95)
Cash and cash equivalents as at January 1	3,182	117	198
Effect of foreign currency exchange rate changes	(93)	(117)	14
Cash and cash equivalents as at December 31	3,432	3,182	117
Shanghai SECCO
Disclosure of summarized statement of cash flows [line items]
Net cash generated from/(used in) operating activities	3,447	3,119	4,601
Net cash generated from (used in) investing activities	1,534	(4,335)	(91)
Net cash (used in)/generated from financing activities	(7,828)	(2,879)	(2,050)
Net increase/(decrease) in cash and cash equivalents	(2,847)	(4,095)	2,460
Cash and cash equivalents as at January 1	5,181	9,278	6,817
Effect of foreign currency exchange rate changes	(1)	(2)	1
Cash and cash equivalents as at December 31	2,333	5,181	9,278
Sinopec-SK (Wuhan) Petrochemical Company Limited ("Sinopec-SK")
Disclosure of summarized statement of cash flows [line items]
Net cash generated from/(used in) operating activities	5,476	(363)	5,532
Net cash generated from (used in) investing activities	(1,789)	(2,340)	(4,987)
Net cash (used in)/generated from financing activities	(653)	2,176	250
Net increase/(decrease) in cash and cash equivalents	3,034	(527)	795
Cash and cash equivalents as at January 1	1,066	1,593	798
Cash and cash equivalents as at December 31	¥ 4,100	¥ 1,066	¥ 1,593

PRINCIPAL SUBSIDIARIES -Additio

PRINCIPAL SUBSIDIARIES -Additional information (Details)	12 Months Ended
	Dec. 31, 2021
PRINCIPAL SUBSIDIARIES
Ownership interest in subsidiary	100.00%

FINANCIAL RISK MANAGEMENT AND_3

FINANCIAL RISK MANAGEMENT AND FAIR VALUES - CREDIT RISK (Details) - customer	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
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 other receivables expected loss	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, 2021	Dec. 31, 2020
FINANCIAL RISK MANAGEMENT AND FAIR VALUES
Borrowings on unsecured basis due to standby credit facilities	¥ 441,559	¥ 443,966
Weighted average interest rate per annum	2.81%	2.85%
Outstanding borrowings under PRC financial institutions	¥ 11,700	¥ 4,041

FINANCIAL RISK MANAGEMENT AND_5

FINANCIAL RISK MANAGEMENT AND FAIR VALUES - LIQUIDITY RISK (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Short-term debts	¥ 35,252	¥ 23,769
Long-term debts	78,300	72,037
Loans from Sinopec Group Company and fellow subsidiaries	16,563	17,042
Lease liabilities	185,406	187,033
Derivative financial liabilities	3,223	4,826
Trade accounts payable and bills payable	215,640	161,908
Other payables	131,468	94,083
Financial liabilities with contractual maturities	665,852	560,698
Short-term debts, undiscounted cash flows	35,871	25,280
Long-term debts, undiscounted cash flows	85,718	80,562
Loans from Sinopec Group Company and fellow subsidiaries, undiscounted cash flows	18,457	17,978
Lease liabilities, undiscounted cash flows	296,485	328,501
Derivative financial liabilities, undiscounted cash flows	3,223	4,826
Trade accounts payable and bills payable, undiscounted cash flow	215,640	161,908
Other payables, undiscounted cash flow	131,468	94,083
Total contractual undiscounted cash flows	786,862	713,138
Within one year
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Short-term debts, undiscounted cash flows	35,871	25,280
Long-term debts, undiscounted cash flows	2,169	1,339
Loans from Sinopec Group Company and fellow subsidiaries, undiscounted cash flows	3,174	5,512
Lease liabilities, undiscounted cash flows	15,833	15,957
Derivative financial liabilities, undiscounted cash flows	3,223	4,826
Trade accounts payable and bills payable, undiscounted cash flow	215,640	161,908
Other payables, undiscounted cash flow	131,468	94,083
Total contractual undiscounted cash flows	407,378	308,905
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	49,390	11,753
Loans from Sinopec Group Company and fellow subsidiaries, undiscounted cash flows	604	929
Lease liabilities, undiscounted cash flows	12,031	15,456
Total contractual undiscounted cash flows	62,025	28,138
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	27,518	60,414
Loans from Sinopec Group Company and fellow subsidiaries, undiscounted cash flows	10,712	10,109
Lease liabilities, undiscounted cash flows	35,411	43,513
Total contractual undiscounted cash flows	73,641	114,036
Thereafter [member]
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Long-term debts, undiscounted cash flows	6,641	7,056
Loans from Sinopec Group Company and fellow subsidiaries, undiscounted cash flows	3,967	1,428
Lease liabilities, undiscounted cash flows	233,210	253,575
Total contractual undiscounted cash flows	¥ 243,818	¥ 262,059

FINANCIAL RISK MANAGEMENT AND_6

FINANCIAL RISK MANAGEMENT AND FAIR VALUES - INTEREST RATE RISK (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
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	¥ 254,000,000	¥ 245,000,000

FINANCIAL RISK MANAGEMENT AND_7

FINANCIAL RISK MANAGEMENT AND FAIR VALUES - COMMODITY RISK (Details) ¥ in Millions	12 Months Ended
	Dec. 31, 2021CNY (¥)$ / bbl	Dec. 31, 2020CNY (¥)$ / bbl
FINANCIAL RISK MANAGEMENT AND FAIR VALUES
Derivative financial assets	¥ 18,359	¥ 12,353
Derivative financial liabilities	¥ 3,214	¥ 4,808
Increase/decrease in basic price of derivative financial instruments | $ / bbl	10	10
Increase / Decrease In Net Income Attributed To Commodity Price Risk	¥ 2,996	¥ 3,592
Decrease/Increase in other reserves attributed to commodity price risk	¥ 1,160	¥ 10,379

FINANCIAL RISK MANAGEMENT AND_8

FINANCIAL RISK MANAGEMENT AND FAIR VALUES - FINANCIAL INSTRUMENTS CARRIED AT FAIR VALUE - ASSETS AND LIABILITIES (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of fair value measurement of assets [line items]
Assets	¥ 1,889,255	¥ 1,738,896	¥ 1,765,702
Liabilities	974,181	851,194	¥ 883,624
Financial assets at fair value
Disclosure of fair value measurement of assets [line items]
Assets	25,077	22,789
Financial liabilities at fair value
Disclosure of fair value measurement of assets [line items]
Liabilities	3,223	4,826
Level 1 of fair value hierarchy | Financial assets at fair value
Disclosure of fair value measurement of assets [line items]
Assets	6,062	9,778
Level 1 of fair value hierarchy | Financial liabilities at fair value
Disclosure of fair value measurement of assets [line items]
Liabilities	804	2,471
Level 2 of fair value hierarchy | Financial assets at fair value
Disclosure of fair value measurement of assets [line items]
Assets	12,488	2,900
Level 2 of fair value hierarchy | Financial liabilities at fair value
Disclosure of fair value measurement of assets [line items]
Liabilities	2,419	2,355
Level 3 of fair value hierarchy | Financial assets at fair value
Disclosure of fair value measurement of assets [line items]
Assets	6,527	10,111
Derivative financial liabilities | Financial assets at fair value
Disclosure of fair value measurement of assets [line items]
Assets	18,371
Derivative financial liabilities | Financial liabilities at fair value
Disclosure of fair value measurement of assets [line items]
Liabilities	3,223	4,826
Derivative financial liabilities | Level 1 of fair value hierarchy | Financial assets at fair value
Disclosure of fair value measurement of assets [line items]
Assets	5,883
Derivative financial liabilities | Level 1 of fair value hierarchy | Financial liabilities at fair value
Disclosure of fair value measurement of assets [line items]
Liabilities	804	2,471
Derivative financial liabilities | Level 2 of fair value hierarchy | Financial assets at fair value
Disclosure of fair value measurement of assets [line items]
Assets	12,488
Derivative financial liabilities | Level 2 of fair value hierarchy | Financial liabilities at fair value
Disclosure of fair value measurement of assets [line items]
Liabilities	2,419	2,355
Equity investments | Financial assets at fair value through other comprehensive income
Disclosure of fair value measurement of assets [line items]
Assets	767	1,525
Equity investments | Financial assets at fair value through profit or loss
Disclosure of fair value measurement of assets [line items]
Assets		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	179	149
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
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	588	1,376
Derivative financial liabilities | Financial assets at fair value
Disclosure of fair value measurement of assets [line items]
Assets		12,528
Derivative financial liabilities | Level 1 of fair value hierarchy | Financial assets at fair value
Disclosure of fair value measurement of assets [line items]
Assets		9,628
Derivative financial liabilities | Level 2 of fair value hierarchy | Financial assets at fair value
Disclosure of fair value measurement of assets [line items]
Assets		2,900
Trade accounts receivable and bills receivable | Financial assets at fair value through other comprehensive income
Disclosure of fair value measurement of assets [line items]
Assets	5,939	8,735
Trade accounts receivable and bills receivable | 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	¥ 5,939	¥ 8,735

FINANCIAL RISK MANAGEMENT AND_9

FINANCIAL RISK MANAGEMENT AND FAIR VALUES - FINANCIAL INSTRUMENTS CARRIED OTHER THAN FAIR VALUE (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about fair values of financial instruments carried at other than fair value [line items]
Carrying amount	¥ 88,593	¥ 76,674
Fair value	¥ 85,610	¥ 74,282
Minimum
Disclosure of detailed information about fair values of financial instruments carried at other than fair value [line items]
Current market interest rates	0.30%	0.77%
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%	4.65%

FINANCIAL RISK MANAGEMENT AN_10

FINANCIAL RISK MANAGEMENT AND FAIR VALUES - Exposure to Credit Risk and ECLs for Accounts Receivable (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of credit risk exposure [line items]
Loss allowance	¥ 4,033	¥ 3,860
Trade accounts receivable and bills receivable
Disclosure of credit risk exposure [line items]
Loss allowance	4,033	3,860
Trade accounts receivable and bills receivable | Within one year
Disclosure of credit risk exposure [line items]
Loss allowance	83	117
Trade accounts receivable and bills receivable | Between one and two years
Disclosure of credit risk exposure [line items]
Loss allowance	181	3,131
Trade accounts receivable and bills receivable | Between two and three years
Disclosure of credit risk exposure [line items]
Loss allowance	3,190	85
Trade accounts receivable and bills receivable | Over three years
Disclosure of credit risk exposure [line items]
Loss allowance	¥ 579	¥ 527
Expected credit loss collectively assessed | Trade accounts receivable and bills receivable | Within one year
Disclosure of credit risk exposure [line items]
Weighted-average loss rate	0.20%	0.00%
Expected credit loss collectively assessed | Trade accounts receivable and bills receivable | Between one and two years
Disclosure of credit risk exposure [line items]
Weighted-average loss rate	35.80%	25.20%
Expected credit loss collectively assessed | Trade accounts receivable and bills receivable | Between two and three years
Disclosure of credit risk exposure [line items]
Weighted-average loss rate	50.60%	54.90%
Expected credit loss collectively assessed | Trade accounts receivable and bills receivable | Over three years
Disclosure of credit risk exposure [line items]
Weighted-average loss rate	100.00%	88.00%
Gross carrying amount | Trade accounts receivable and bills receivable
Disclosure of credit risk exposure [line items]
Financial assets	¥ 38,894	¥ 39,299
Gross carrying amount | Trade accounts receivable and bills receivable | Within one year
Disclosure of credit risk exposure [line items]
Financial assets	34,263	34,478
Gross carrying amount | Trade accounts receivable and bills receivable | Between one and two years
Disclosure of credit risk exposure [line items]
Financial assets	623	4,062
Gross carrying amount | Trade accounts receivable and bills receivable | Between two and three years
Disclosure of credit risk exposure [line items]
Financial assets	3,411	149
Gross carrying amount | Trade accounts receivable and bills receivable | Over three years
Disclosure of credit risk exposure [line items]
Financial assets	597	610
Gross carrying amount | Expected credit loss individually assessed | Trade accounts receivable and bills receivable
Disclosure of credit risk exposure [line items]
Financial assets	8,312	8,905
Gross carrying amount | Expected credit loss individually assessed | Trade accounts receivable and bills receivable | Within one year
Disclosure of credit risk exposure [line items]
Financial assets	4,280	5,023
Gross carrying amount | Expected credit loss individually assessed | Trade accounts receivable and bills receivable | Between one and two years
Disclosure of credit risk exposure [line items]
Financial assets	500	3,637
Gross carrying amount | Expected credit loss individually assessed | Trade accounts receivable and bills receivable | Between two and three years
Disclosure of credit risk exposure [line items]
Financial assets	3,324	27
Gross carrying amount | Expected credit loss individually assessed | Trade accounts receivable and bills receivable | Over three years
Disclosure of credit risk exposure [line items]
Financial assets	208	218
Accumulated impairment | Expected credit loss individually assessed | Trade accounts receivable and bills receivable
Disclosure of credit risk exposure [line items]
Financial assets	(3,499)	(3,341)
Accumulated impairment | Expected credit loss individually assessed | Trade accounts receivable and bills receivable | Within one year
Disclosure of credit risk exposure [line items]
Financial assets	(26)	(117)
Accumulated impairment | Expected credit loss individually assessed | Trade accounts receivable and bills receivable | Between one and two years
Disclosure of credit risk exposure [line items]
Financial assets	(137)	(3,024)
Accumulated impairment | Expected credit loss individually assessed | Trade accounts receivable and bills receivable | Between two and three years
Disclosure of credit risk exposure [line items]
Financial assets	(3,146)	(18)
Accumulated impairment | Expected credit loss individually assessed | Trade accounts receivable and bills receivable | Over three years
Disclosure of credit risk exposure [line items]
Financial assets	(190)	(182)
Accumulated impairment | Expected credit loss collectively assessed | Trade accounts receivable and bills receivable
Disclosure of credit risk exposure [line items]
Financial assets	(534)	(519)
Accumulated impairment | Expected credit loss collectively assessed | Trade accounts receivable and bills receivable | Within one year
Disclosure of credit risk exposure [line items]
Financial assets	(57)
Accumulated impairment | Expected credit loss collectively assessed | Trade accounts receivable and bills receivable | Between one and two years
Disclosure of credit risk exposure [line items]
Financial assets	(44)	(107)
Accumulated impairment | Expected credit loss collectively assessed | Trade accounts receivable and bills receivable | Between two and three years
Disclosure of credit risk exposure [line items]
Financial assets	(44)	(67)
Accumulated impairment | Expected credit loss collectively assessed | Trade accounts receivable and bills receivable | Over three years
Disclosure of credit risk exposure [line items]
Financial assets	¥ (389)	¥ (345)

RESERVES (Details)

RESERVES (Details) - CNY (¥) ¥ in Millions	May 25, 2021	May 19, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Balance at beginning of year			¥ 625,254
Distribution to sellers in the business combination of entities under common control (Note 35)			(6,124)
Net income attributable to owners of the Company			71,975	¥ 33,443	¥ 57,517
Final dividend inspect of the previous year, approved and paid during the year (Note (e))	¥ (15,739)	¥ (23,004)	(15,739)	(23,004)	(31,479)
Interim dividend (Note (f))			(19,371)	(8,475)	(14,529)
Transaction with non-controlling interests			(8,192)	(125)
Amounts transferred to initial carrying amount of hedged items			(19,950)	1	1,093
Other comprehensive income			17,507	315	5,580
Others			399	(1,958)	72
Balance at end of year			653,111	625,254
Capital reserve
Distribution to sellers in the business combination of entities under common control (Note 35)			(6,124)
Transaction with non-controlling interests			(1,396)	(138)	2,933
Others			319	870	53
Statutory surplus reserve
Appropriation			3,944	1,857	3,745
Other reserves
Amounts transferred to initial carrying amount of hedged items			(19,302)	(47)	1,038
Other comprehensive income			17,574	1,406	5,415
Others			723	200	(35)
Retained earnings
Final dividend inspect of the previous year, approved and paid during the year (Note (e))			(15,739)	(23,004)	(31,479)
Interim dividend (Note (f))			(19,371)	(8,475)	(14,529)
Appropriation			(3,944)	(1,857)	(3,745)
Other comprehensive income				(12)
Others			(802)	(665)
The Company
Balance at beginning of year			625,254
Balance at end of year			653,111	625,254
The Company | Capital reserve
Balance at beginning of year			34,263	34,503
Distribution to sellers in the business combination of entities under common control (Note 35)			(6,124)	(972)
Transaction with non-controlling interests			(1,396)	(138)
Others			319	870
Balance at end of year			27,062	34,263	34,503
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			92,280	90,423
Appropriation			3,944	1,857	3,745
Balance at end of year			96,224	92,280	90,423
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			3,500	1,941
Amounts transferred to initial carrying amount of hedged items			(19,302)	(47)
Other comprehensive income			17,574	1,406
Others			723	200
Balance at end of year			2,495	3,500	1,941
The Company | Retained earnings
Balance at beginning of year			322,361	322,931
Net income attributable to owners of the Company			71,975	33,431
Final dividend inspect of the previous year, approved and paid during the year (Note (e))			(15,739)	(23,004)
Interim dividend (Note (f))			(19,371)	(8,475)
Appropriation			(3,944)	(1,857)
Others			(802)	(665)
Balance at end of year			¥ 354,480	¥ 322,361	¥ 322,931

RESERVES - NARRATIVE (Details)

RESERVES - NARRATIVE (Details) - CNY (¥) ¥ / shares in Units, ¥ in Millions	May 25, 2021	May 19, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stated rate of net income transferred to statutory surplus reserve			10.00%
Amount of retained earnings available for distribution			¥ 116,440	¥ 115,849
Final dividend per share in respect of the year proposed			¥ 0.31
Final dividend per share in respect of the year approved	¥ 0.13	¥ 0.19
Final dividend in respect of the year proposed			¥ 37,532
Final dividend in respect of the year approved	¥ 15,739	¥ 23,004	¥ 15,739	¥ 23,004	¥ 31,479
Interim dividend per share for the year			¥ 0.16	¥ 0.07
Interim dividend			¥ 19,371	¥ 8,475	14,529
Statutory surplus reserve
Stated rate of net income transferred to statutory surplus reserve			10.00%
Appropriation			¥ 3,944	1,857	3,745
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			¥ 3,944	¥ 1,857	¥ 3,745

SUPPLEMENTAL INFORMATION - Oil

SUPPLEMENTAL INFORMATION - Oil and gas producing activities (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Ifrs Capitalized Costs, Oil and Gas Producing Activities, Gross [Abstract]
Total of the Group's and its equity method investments' net capitalized costs	¥ 241,058	¥ 243,323	¥ 279,823
Group
Ifrs Capitalized Costs, Oil and Gas Producing Activities, Gross [Abstract]
Property cost, wells and related equipment's and facilities	793,045	757,592	727,552
Supporting equipment's and facilities	188,766	184,638	202,208
Uncompleted wells, equipment's and facilities	43,349	37,445	46,712
Total capitalized costs	1,025,160	979,675	976,472
Accumulated depreciation, depletion, amortization and impairment losses	(787,623)	(742,195)	(702,392)
Net capitalized costs	237,537	237,480	274,080
Equity method investments
Ifrs Capitalized Costs, Oil and Gas Producing Activities, Gross [Abstract]
Net capitalized costs	3,521	5,843	5,743
Mainland China
Ifrs Capitalized Costs, Oil and Gas Producing Activities, Gross [Abstract]
Total of the Group's and its equity method investments' net capitalized costs	235,625	235,914	271,787
Mainland China | Group
Ifrs Capitalized Costs, Oil and Gas Producing Activities, Gross [Abstract]
Property cost, wells and related equipment's and facilities	752,352	716,683	684,246
Supporting equipment's and facilities	188,742	184,621	202,192
Uncompleted wells, equipment's and facilities	43,236	37,439	46,526
Total capitalized costs	984,330	938,743	932,964
Accumulated depreciation, depletion, amortization and impairment losses	(748,705)	(702,829)	(661,177)
Net capitalized costs	235,625	235,914	271,787
Other countries
Ifrs Capitalized Costs, Oil and Gas Producing Activities, Gross [Abstract]
Total of the Group's and its equity method investments' net capitalized costs	5,433	7,409	8,036
Other countries | Group
Ifrs Capitalized Costs, Oil and Gas Producing Activities, Gross [Abstract]
Property cost, wells and related equipment's and facilities	40,693	40,909	43,306
Supporting equipment's and facilities	24	17	16
Uncompleted wells, equipment's and facilities	113	6	186
Total capitalized costs	40,830	40,932	43,508
Accumulated depreciation, depletion, amortization and impairment losses	(38,918)	(39,366)	(41,215)
Net capitalized costs	1,912	1,566	2,293
Other countries | Equity method investments
Ifrs Capitalized Costs, Oil and Gas Producing Activities, Gross [Abstract]
Net capitalized costs	¥ 3,521	¥ 5,843	¥ 5,743

SUPPLEMENTAL INFORMATION - Oi_2

SUPPLEMENTAL INFORMATION - Oil and gas exploration and development (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Ifrs Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Total costs incurred	¥ 68,351	¥ 55,093	¥ 54,454
Mainland China
Ifrs Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Total costs incurred	67,352	54,388	53,540
Other countries
Ifrs Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Total costs incurred	999	705	914
Group
Ifrs Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Exploration	21,762	16,752	16,295
Development	46,147	38,241	37,412
Total costs incurred	67,909	54,993	53,707
Group | Mainland China
Ifrs Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Exploration	21,762	16,752	16,295
Development	45,590	37,636	37,245
Total costs incurred	67,352	54,388	53,540
Group | Other countries
Ifrs Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Development	557	605	167
Total costs incurred	557	605	167
Equity method investments
Ifrs Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Total costs incurred	442	100	747
Equity method investments | Other countries
Ifrs Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Total costs incurred	¥ 442	¥ 100	¥ 747

SUPPLEMENTAL INFORMATION - Oper

SUPPLEMENTAL INFORMATION - Operations related to oil and gas producing activities (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Ifrs Results of Operations, Expense from Oil and Gas Producing Activities [Abstract]
Results of operation from producing activities	¥ 25,281	¥ (2,945)	¥ 28,150
Mainland China
Ifrs Results of Operations, Expense from Oil and Gas Producing Activities [Abstract]
Results of operation from producing activities	23,616	(3,930)	25,693
Other countries
Ifrs Results of Operations, Expense from Oil and Gas Producing Activities [Abstract]
Results of operation from producing activities	1,665	985	2,457
Group
Revenues
Sales	72,953	52,354	59,552
Transfers	86,650	58,069	83,633
Total Revenue	159,603	110,423	143,185
Ifrs Results of Operations, Expense from Oil and Gas Producing Activities [Abstract]
Production costs excluding taxes	(49,649)	(44,595)	(47,969)
Exploration expenses	(12,382)	(9,716)	(10,510)
Depreciation, depletion, amortization and impairment losses	(54,104)	(52,608)	(48,630)
Taxes other than income tax	(11,249)	(7,379)	(9,395)
Earnings before taxation	32,219	(3,875)	26,681
Income tax expense	(8,225)	188	338
Results of operation from producing activities	23,994	(3,687)	27,019
Group | Mainland China
Revenues
Sales	72,953	52,354	59,262
Transfers	84,484	56,052	80,641
Total Revenue	157,437	108,406	139,903
Ifrs Results of Operations, Expense from Oil and Gas Producing Activities [Abstract]
Production costs excluding taxes	(48,674)	(43,487)	(46,725)
Exploration expenses	(12,382)	(9,716)	(10,510)
Depreciation, depletion, amortization and impairment losses	(53,644)	(51,754)	(47,580)
Taxes other than income tax	(11,249)	(7,379)	(9,395)
Earnings before taxation	31,488	(3,930)	25,693
Income tax expense	(7,872)
Results of operation from producing activities	23,616	(3,930)	25,693
Group | Other countries
Revenues
Sales			290
Transfers	2,166	2,017	2,992
Total Revenue	2,166	2,017	3,282
Ifrs Results of Operations, Expense from Oil and Gas Producing Activities [Abstract]
Production costs excluding taxes	(975)	(1,108)	(1,244)
Depreciation, depletion, amortization and impairment losses	(460)	(854)	(1,050)
Earnings before taxation	731	55	988
Income tax expense	(353)	188	338
Results of operation from producing activities	378	243	1,326
Equity method investments
Revenues
Total Revenue	8,812	4,913	9,325
Ifrs Results of Operations, Expense from Oil and Gas Producing Activities [Abstract]
Production costs excluding taxes	(2,246)	(998)	(2,516)
Depreciation, depletion, amortization and impairment losses	(533)	(940)	(1,124)
Taxes other than income tax	(4,391)	(1,930)	(4,068)
Earnings before taxation	1,642	1,045	1,617
Income tax expense	(355)	(303)	(486)
Results of operation from producing activities	1,287	742	1,131
Equity method investments | Other countries
Revenues
Total Revenue	8,812	4,913	9,325
Ifrs Results of Operations, Expense from Oil and Gas Producing Activities [Abstract]
Production costs excluding taxes	(2,246)	(998)	(2,516)
Depreciation, depletion, amortization and impairment losses	(533)	(940)	(1,124)
Taxes other than income tax	(4,391)	(1,930)	(4,068)
Earnings before taxation	1,642	1,045	1,617
Income tax expense	(355)	(303)	(486)
Results of operation from producing activities	¥ 1,287	¥ 742	¥ 1,131

SUPPLEMENTAL INFORMATION - Net

SUPPLEMENTAL INFORMATION - Net reserve and quantities information (Details)	12 Months Ended
	Dec. 31, 2021BcfeMMBbls	Dec. 31, 2020BcfeMMBbls	Dec. 31, 2019BcfeMMBbls
Proved developed and undeveloped reserves (oil) (million barrels)
Beginning of year	1,542	1,740	1,666
End of year	1,749	1,542	1,740
Proved developed and undeveloped reserves (gas) (billion cubic feet
Beginning of year | Bcfe	8,191	7,225	6,806
End of year | Bcfe	8,456	8,191	7,225
Group
Proved developed and undeveloped reserves (oil) (million barrels)
Beginning of year	1,252	1,450	1,367
Revisions of previous estimates	209	(161)	102
Improved recovery	126	100	139
Extensions and discoveries	101	119	98
Production	(248)	(256)	(256)
End of year	1,440	1,252	1,450
Non-controlling interest in proved developed and undeveloped reserves at the end of year	8	5	8
Proved developed reserves
Beginning of year	1,145	1,343	1,271
End of year	1,315	1,145	1,343
Proved undeveloped reserves
Beginning of year	107	107	96
End of year	125	107	107
Proved developed and undeveloped reserves (gas) (billion cubic feet
Beginning of year | Bcfe	8,181	7,216	6,793
Revisions of previous estimates | Bcfe	662	831	555
Improved recovery | Bcfe	36	32	37
Extensions and discoveries | Bcfe	678	1,171	875
Production | Bcfe	(1,108)	(1,069)	(1,044)
End of year | Bcfe	8,449	8,181	7,216
Proved developed reserves
Beginning of year | Bcfe	6,357	6,026	5,822
End of year | Bcfe	6,734	6,357	6,026
Proved undeveloped reserves
Beginning of year | Bcfe	1,824	1,190	971
End of year | Bcfe	1,715	1,824	1,190
Equity method investments
Proved developed and undeveloped reserves (oil) (million barrels)
Beginning of year	290	290	299
Revisions of previous estimates	33	12	(6)
Improved recovery	1
Extensions and discoveries	10	12	25
Production	(25)	(24)	(28)
End of year	309	290	290
Proved developed reserves
Beginning of year	244	245	261
End of year	263	244	245
Proved undeveloped reserves
Beginning of year	46	45	38
End of year	46	46	45
Proved developed and undeveloped reserves (gas) (billion cubic feet
Beginning of year | Bcfe	10	9	13
Revisions of previous estimates | Bcfe	1	4	(1)
Production | Bcfe	(4)	(3)	(3)
End of year | Bcfe	7	10	9
Proved developed reserves
Beginning of year | Bcfe	8	9	13
End of year | Bcfe	6	8	9
Proved undeveloped reserves
Beginning of year | Bcfe	2
End of year | Bcfe	1	2
Mainland China
Proved developed and undeveloped reserves (oil) (million barrels)
Beginning of year	1,232	1,433	1,339
End of year	1,416	1,232	1,433
Proved developed and undeveloped reserves (gas) (billion cubic feet
Beginning of year | Bcfe	8,181	7,216	6,793
End of year | Bcfe	8,449	8,181	7,216
Mainland China | Group
Proved developed and undeveloped reserves (oil) (million barrels)
Beginning of year	1,232	1,433	1,339
Revisions of previous estimates	200	(163)	106
Improved recovery	126	100	139
Extensions and discoveries	101	111	98
Production	(243)	(249)	(249)
End of year	1,416	1,232	1,433
Proved developed reserves
Beginning of year	1,130	1,326	1,244
End of year	1,291	1,130	1,326
Proved undeveloped reserves
Beginning of year	102	107	95
End of year	125	102	107
Proved developed and undeveloped reserves (gas) (billion cubic feet
Beginning of year | Bcfe	8,181	7,216	6,793
Revisions of previous estimates | Bcfe	662	831	555
Improved recovery | Bcfe	36	32	37
Extensions and discoveries | Bcfe	678	1,171	875
Production | Bcfe	(1,108)	(1,069)	(1,044)
End of year | Bcfe	8,449	8,181	7,216
Proved developed reserves
Beginning of year | Bcfe	6,357	6,026	5,822
End of year | Bcfe	6,734	6,357	6,026
Proved undeveloped reserves
Beginning of year | Bcfe	1,824	1,190	971
End of year | Bcfe	1,715	1,824	1,190
Other countries
Proved developed and undeveloped reserves (oil) (million barrels)
Beginning of year	310	307	327
End of year	333	310	307
Proved developed and undeveloped reserves (gas) (billion cubic feet
Beginning of year | Bcfe	10	9	13
End of year | Bcfe	7	10	9
Other countries | Group
Proved developed and undeveloped reserves (oil) (million barrels)
Beginning of year	20	17	28
Revisions of previous estimates	9	2	(4)
Extensions and discoveries		8
Production	(5)	(7)	(7)
End of year	24	20	17
Non-controlling interest in proved developed and undeveloped reserves at the end of year	8	5	8
Proved developed reserves
Beginning of year	15	17	27
End of year	24	15	17
Proved undeveloped reserves
Beginning of year	5		1
End of year		5
Other countries | Equity method investments
Proved developed and undeveloped reserves (oil) (million barrels)
Beginning of year	290	290	299
Revisions of previous estimates	33	12	(6)
Improved recovery	1
Extensions and discoveries	10	12	25
Production	(25)	(24)	(28)
End of year	309	290	290
Proved developed reserves
Beginning of year	244	245	261
End of year	263	244	245
Proved undeveloped reserves
Beginning of year	46	45	38
End of year	46	46	45
Proved developed and undeveloped reserves (gas) (billion cubic feet
Beginning of year | Bcfe	10	9	13
Revisions of previous estimates | Bcfe	1	4	(1)
Production | Bcfe	(4)	(3)	(3)
End of year | Bcfe	7	10	9
Proved developed reserves
Beginning of year | Bcfe	8	9	13
End of year | Bcfe	6	8	9
Proved undeveloped reserves
Beginning of year | Bcfe	2
End of year | Bcfe	1	2

SUPPLEMENTAL INFORMATION - Chan

SUPPLEMENTAL INFORMATION - Changes in the standardized measure of discounted cash flows (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Standardized measure of undiscounted future net cash flows
Discounted future net cash flows attributable to non-controlling interests	¥ 251,644	¥ 178,978	¥ 284,582
Changes in the standardized measure of discounted cash flows
Net changes for the year	72,666	(105,604)	(6,714)
Group
Standardized measure of undiscounted future net cash flows
Future cash flows	941,015	595,159	869,402
Future production costs	(413,006)	(275,409)	(384,417)
Future development costs	(79,562)	(80,785)	(83,253)
Future income tax expenses	(113,598)	(11,758)	(40,720)
Undiscounted future net cash flows	334,849	227,207	361,012
10% annual discount for estimated timing of cash flows	(93,354)	(54,158)	(86,635)
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Total	241,495	173,049	274,377
Discounted future net cash flows attributable to non-controlling interests	370	(1,284)	305
Changes in the standardized measure of discounted cash flows
Sales and transfers of oil and gas produced, net of production costs	(98,705)	(58,449)	(85,821)
Net changes in prices and production costs	135,697	(122,641)	(25,442)
Net changes in estimated future development cost	(7,413)	(11,628)	(10,568)
Net changes due to extensions, discoveries and improved recoveries	46,425	35,292	49,605
Revisions of previous quantity estimates	42,637	(1,901)	24,855
Previously estimated development costs incurred during the year	5,475	6,684	9,737
Accretion of discount	16,448	31,940	32,407
Net changes in income taxes	(72,118)	19,375	1,547
Net changes for the year	68,446	(101,328)	(3,680)
Group | Previously stated
Standardized measure of undiscounted future net cash flows
Future cash flows		595,159	869,402
Future production costs		(275,409)	(384,417)
Future development costs		(27,028)	(27,065)
Future income tax expenses		(11,758)	(40,720)
Undiscounted future net cash flows		280,964	417,200
10% annual discount for estimated timing of cash flows		(87,579)	(126,203)
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Total		193,385	290,997
Group | Change in accounting policy
Standardized measure of undiscounted future net cash flows
Future development costs		(53,757)	(56,188)
Undiscounted future net cash flows		(53,757)	(56,188)
10% annual discount for estimated timing of cash flows		33,421	39,568
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Total		(20,336)	(16,620)
Group | As Restated
Standardized measure of undiscounted future net cash flows
Future cash flows		595,159	869,402
Future production costs		(275,409)	(384,417)
Future development costs		(80,785)	(83,253)
Future income tax expenses		(11,758)	(40,720)
Undiscounted future net cash flows		227,207	361,012
10% annual discount for estimated timing of cash flows		(54,158)	(86,635)
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Total		173,049	274,377
Equity method investments
Standardized measure of undiscounted future net cash flows
Future cash flows	49,217	31,259	41,796
Future production costs	(18,026)	(13,050)	(13,141)
Future development costs	(6,328)	(5,712)	(5,603)
Future income tax expenses	(4,513)	(1,740)	(3,995)
Undiscounted future net cash flows	20,350	10,757	19,057
10% annual discount for estimated timing of cash flows	(10,201)	(4,828)	(8,852)
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Total	10,149	5,929	10,205
Changes in the standardized measure of discounted cash flows
Sales and transfers of oil and gas produced, net of production costs	(2,174)	(1,984)	(2,741)
Net changes in prices and production costs	4,967	(5,190)	(2,804)
Net changes in estimated future development cost	(752)	(299)	(881)
Net changes due to extensions, discoveries and improved recoveries	503	403	1,215
Revisions of previous quantity estimates	1,659	403	(317)
Previously estimated development costs incurred during the year	287	232	355
Accretion of discount	1,022	979	1,438
Net changes in income taxes	(1,292)	1,180	701
Net changes for the year	4,220	(4,276)	(3,034)
Mainland China
Standardized measure of undiscounted future net cash flows
Discounted future net cash flows attributable to non-controlling interests	240,370	176,949	273,700
Mainland China | Previously stated
Standardized measure of undiscounted future net cash flows
Future cash flows		589,659	856,037
Future production costs		(271,824)	(377,692)
Future development costs		(23,902)	(22,216)
Future income tax expenses		(10,521)	(39,634)
Undiscounted future net cash flows		283,412	416,495
10% annual discount for estimated timing of cash flows		(86,127)	(126,175)
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Total		197,285	290,320
Mainland China | Change in accounting policy
Standardized measure of undiscounted future net cash flows
Future development costs		(53,757)	(56,188)
Undiscounted future net cash flows		(53,757)	(56,188)
10% annual discount for estimated timing of cash flows		33,421	39,568
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Total		(20,336)	(16,620)
Mainland China | As Restated
Standardized measure of undiscounted future net cash flows
Future cash flows		589,659	856,037
Future production costs		(271,824)	(377,692)
Future development costs		(77,659)	(78,404)
Future income tax expenses		(10,521)	(39,634)
Undiscounted future net cash flows		229,655	360,307
10% annual discount for estimated timing of cash flows		(52,706)	(86,607)
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Total		176,949	273,700
Mainland China | Group
Standardized measure of undiscounted future net cash flows
Future cash flows	930,302	589,659	856,037
Future production costs	(407,903)	(271,824)	(377,692)
Future development costs	(77,687)	(77,659)	(78,404)
Future income tax expenses	(111,178)	(10,521)	(39,634)
Undiscounted future net cash flows	333,534	229,655	360,307
10% annual discount for estimated timing of cash flows	(93,164)	(52,706)	(86,607)
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Total	240,370	176,949	273,700
Other countries
Standardized measure of undiscounted future net cash flows
Discounted future net cash flows attributable to non-controlling interests	11,274	2,029	10,882
Other countries | Group
Standardized measure of undiscounted future net cash flows
Future cash flows	10,713	5,500	13,365
Future production costs	(5,103)	(3,585)	(6,725)
Future development costs	(1,875)	(3,126)	(4,849)
Future income tax expenses	(2,420)	(1,237)	(1,086)
Undiscounted future net cash flows	1,315	(2,448)	705
10% annual discount for estimated timing of cash flows	(190)	(1,452)	(28)
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Total	1,125	(3,900)	677
Discounted future net cash flows attributable to non-controlling interests	370	(1,284)	305
Other countries | Equity method investments
Standardized measure of undiscounted future net cash flows
Future cash flows	49,217	31,259	41,796
Future production costs	(18,026)	(13,050)	(13,141)
Future development costs	(6,328)	(5,712)	(5,603)
Future income tax expenses	(4,513)	(1,740)	(3,995)
Undiscounted future net cash flows	20,350	10,757	19,057
10% annual discount for estimated timing of cash flows	(10,201)	(4,828)	(8,852)
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Total	¥ 10,149	¥ 5,929	¥ 10,205