"Our refineries are running steadily, with refining rates and refined products' inventory staying at a fairly high level," said Ma Yongsheng, Sinopec's chairman, during an interview with the state-backed China News Agency.

State-backed Sinopec is the biggest refiner in Asia with an annual refining capacity of about 300 million tonnes or 6 million barrels per day .

"No matter how the market situation changes, Sinopec...is capable and determined to ensure oil product supply," said Ma.

Benchmark oil prices have surged more than 30% since Russia invaded Ukraine in late February and have touched the highest level since July 2008 of nearly $140 a barrel. [O/R]

Ma said the refined oil inventory at Sinopec's marketing firms are at a "reasonably high level", and that the group has strong anti-risk capability as it has a complete upstream, midstream and downstream industrial chain.

Beijing has told Chinese state refiners to consider suspending exports of gasoline and diesel in April as the Ukraine war heightens concern of shortages, according to sources on Wednesday.

Ma also said during the interview that Sinopec will step up exploitation and development of petroleum and gas, and accelerate the construction of "green hydrogen" projects.

(Reporting by Muyu Xu and Chen Aizhu; Editing by Christopher Cushing and Shivani Singh)

By Muyu Xu and Chen Aizhu