China Petrochemical Corp. (Sinopec Group) forecasts that its 2018 profit jumped over 50% on the back of lower costs and rising sales as the group improved efficiency despite a tough economic environment. Sinopec made big strides in 2018 in expanding market share both at home and abroad. In the domestic oil & gas exploration and production business, Sinopec stabilized and revived the upstream production of crude oil, and effectively scaled up production of natural gas, while slashing the total cost of production per unit through improved efficiency. Domestic sales of oil products also increased amid fierce competition as the group enhanced collaboration between production and sales segments.