Chinese energy giant Sinopec, the world’s largest oil refiner, said yesterday its annual profit for 2018 soared by almost a quarter thanks to growing domestic demand for natural gas.

Sinopec’s profit grew 23.4 percent to 63.1 billion yuan ($9.4 billion) in 2018, the company said in a report submitted to the Shanghai Stock Exchange.  

Sinopec, whose official name is China Petroleum & Chemical Corporation, said domestic consumption of natural gas rose 18.1 per cent to 280.3 billion cubic metres as the country’s environmental regulations became “more stringent”.

The company has benefited from a policy shift under President Xi Jinping aimed at raising natural gas consumption and reducing reliance on heavily polluting coal.

“We will make vigorous efforts in pollution prevention and environmental protection to raise the level of our green development,” Sinopec chairman Dai Houliang said in the annual report.

Demand for chemicals “kept strong momentum” in 2018 while refined oil products such as gasoline, diesel and kerosene consumption gained 6.0 percent.