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Sinopec aims to double overseas oil output
By Richard Fu |
January 5, 2012, Thursday
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Online Edition
Online Edition
CHINA Petrochemical Corp aims to more than double overseas equity oil output by 2015 as the nation's second-largest oil producer continues to boost its global presence.
The company, better known as Sinopec, plans to produce equity oil from overseas projects to more than 50 million metric tons a year by 2015, up from 22.88 million tons last year, according to a newsletter received today.
Equity oil refers an oil company's share of the total amount of oil produced by a project involving other partners. This year Sinopec aims to gain 27 million tons.
Sinopec invests and operates overseas upstream projects through its subsidiary, Sinopec International Petroleum Exploration and Production Corp, which was founded in 2001.
The company, better known as Sinopec, plans to produce equity oil from overseas projects to more than 50 million metric tons a year by 2015, up from 22.88 million tons last year, according to a newsletter received today.
Equity oil refers an oil company's share of the total amount of oil produced by a project involving other partners. This year Sinopec aims to gain 27 million tons.
Sinopec invests and operates overseas upstream projects through its subsidiary, Sinopec International Petroleum Exploration and Production Corp, which was founded in 2001.
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