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international operations

by the end of 2019, we had 51 overseas oil and gas exploration and production projects in 25 countries. efforts were made to develop the potential resources and good results were yielded through highly efficient exploration. in 2019, we accomplished test on 61 exploration and evaluation wells, among which, 35 wells harvested commercial oil and gas flow with 66% success rate. we had 9 oil and gas discoveries in the wapiti area in canada, angola 15/06 project, powder river basin of the us sda project, ima block in cameron and egypt deep oil and gas exploration project. newly-added 2p reserve and 2c resource reached 16.04 million tonnes of oil equivalent, hitting a record high in nearly four years. we progressed with development and production steadily and exceeded production targets successfully with a dramatic increase in the proportion of profitable production. we stepped up efforts in new project development and existing asset management. major projects in qatar, russia and the us were making stable progress at the early stage. we vigorously reduced cost, increased efficiency and strengthen risk prevention and control. our international upstream business was showing steady progress, quality improvement and good momentum.

remarkable results were achieved in optimizing the layout of overseas markets. we have strengthened and expanded our market presence in key markets such as saudi arabia, kuwait, ecuador and algeria. by the end of 2019, we had executed 507 upstream service projects in 43 countries, with a total contract value of usd 19.946 billion. in 2019, the contract value of new orders was usd 3.43 billion and the completed contract value was usd 2.353 billion.

in 2019, operation was steady and smooth for sinopec’s overseas refining and chemical business as well as storage and logistics investment projects in 5 countries, namely yasref in saudi arabia, the equity participation project in sibur in russia, krasnoyarskiy nbr jv project in russia, the lubricants plant and supporting jetty project in singapore, the fujairah storage project in uae, and vesta storage project in the netherlands. by the end of 2019, our cumulative initial investment had reached usd 4.7 billion and possessed overseas refining capacity of 7.5 million tonnes/year, storage capacity of 1.36 million cubic meters, lubricant grease production capacity of 80 thousand tonnes/year, and nbr production capacity of 10.5 thousand tonnes/year. key projects like amur natural gas chemical project and sebs project both in russia were advanced as planned.

in 2019, we accomplished newly-signed overseas contracts with a total value of usd 965 million. we made breakthrough and signed new contracts in countries and regions like oman and uzbekistan. our projects progressed on schedule smoothly and yielded good results through proper contract management. 9 subsidiaries executed 63 projects (87 contracts) in 15 countries, with a total contractual amount of usd 6.947 billion. throughout the year, the value for completed contracts was usd 1.277 billion, representing 128% of the usd 1 billion annual target. project execution has become an important contributor to the profit growth for the company.

we imported 221 million tonnes of crude oil in 2019, up by 1.85 million tonnes. while ensuring the supply safety of domestic oil products, we made reasonable arrangement of the export volume and grade of oil products. total oil product export increased by 4.08 million tonnes to 26.50 million tonnes. we seized the favorable opportunity in the international lng market and vigorously expanded spot and short-term trades in lng imports. the lng import in 2019 stood at 15.241 million tonnes, equaling to 21.62 billion cubic meters of natural gas which rose by 8.34 billion cubic meters or 62.8%.

in general trade, the realized annual international trade volume for petrochemical products, equipment and materials reached usd 5.88 billion, up by 106.56%. transaction value on the epec international business platform reached usd 17.9 billion, up by 122%.we established cooperation with 125 suppliers and 154 purchasers in 59 countries along the belt and road and realized industrial trade worth of usd 11.2 billion, up by 124%. our trade value with the brics countries was usd 1.43 billion, up by 170%. the chemical sales business accelerated expansion in overseas markets and cooperated with world’s renowned chemical companies to step up efforts in developing overseas branches. our catalyst products entered new markets like canada, south africa, korea and thailand for the first time, featuring more reasonable product export structure. the fuel oil business released its production and supply plan to the world, aiming to promote the green growth of the global low-sulfur bunker fuels. the lubricant business promoted global strategic cooperation with international top-tier manufacturers and further uplifted its brand recognition around the world.

in refining and chemicals we signed refining and chemical integrated complex joint venture agreement with sk group from korea and successfully injected the refining business of sinopec wuhan company into sinopec-sk (wuhan) petrochemical company ltd. witnessed by the chinese premier and the russian prime minister, we singed the mou on nbr cooperation in china with the russian company sibur. a batch of new projects were implemented such as the neopentyl glycol project in basf-ypc, air separation project between sinopec yanshan petrochemical company and the french company air liquid, the second po/sm joint venture project between zrcc and lyondellbasell, and the phase 2 air separation project between zrcc and linde. the technical joint venture with ineos was also established.

in energy witness by heads of states of china and russia, we signed the key term agreement on establishing natural gas and lng trading joint venture in china with the russian company novatek. we also signed a framework agreement on joint development of hydrogen business with air liquid. positive progress was achieved in the shale oil joint study project in dongying depression with shell and the shale gas joint study in fuling with conocophillips.