China Information

Monday, January 08, 2007

Sinopec Planned to Expand Overseas Market Continuously This Year

Sinopec Group announced that they would continue to place resource strategy at the top priority in 2007, constantly enhance the strength in oil & gas exploration and make an even bigger breakthrough at the overseas resources market.
Chen Tonghai, general manager of Sinopec Group, revealed that the estimated oil price in 2007 would still be high and it is necessary for the group to expand businesses in the upstream businesses more quickly, which step is helpful in controlling the cost and also makes it more economical to supply raw materials to the company’s own refineries than purchasing crude oil from the international market. To such end, Chen Tonghai demanded to keep on placing resource strategy at the top priority and constantly enhance the strength in oil & gas exploration.
Sinopec Group expressed earlier that it had planned to raise production volume of the upstream products by 30% in 2010, reaching around 92 buckets of oil, which is part of the five-year plan of the group.

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