(hydrocarbonprocessing) -- China Petrochemical Corp, or Sinopec Group, has set up an engineering and construction company specialized in building refining and petrochemical facilities, paving the way for further expansion of its businesses overseas, report company sources on Monday.
The new company, Sinopec Engineering, was set up in Beijing with capital of 3.1 billion yuan (USD488 million) through the restructuring of Sinopec Group's eight engineering and construction firms.
Sinopec Group, the parent of China Petroleum & Chemical Corp., or Sinopec, said the unit has the capacity to handle over 20 large-scale engineering, procurement and construction projects simultaneously.
Sinopec Group is one of the major petroleum companies in China, headquartered in Chaoyang District, Beijing. Sinopec's business includes oil and gas exploration, refining, and marketing; production and sales of petrochemicals, chemical fibers, chemical fertilizers, and other chemical products.
MRC