The company, known as Sinopec, said operating income last year was 1.93 trillion yuan ($280.51 billion), down from 2.02 trillion yuan the previous year.

Oil and gas production came to 431.29 million barrels of oil equivalent (BOE), versus 471.91 million a year earlier. Refinery throughput fell 0.4 percent, the company said in a statement to the Shanghai Stock Exchange.

Copyright Reuters, 2017