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Sinopec parent oil processing rises 39% to meet demand

December 28/2010

(Bloomberg) -- China Petrochemical Corp., the nations largest refiner, said oil processing volume may rise 39 percent in 2010 compared with five years earlier as refining capacity expanded to meet surging fuel demand.

 

Refining rates may increase to 212 million metric tons, or 4.26 million barrels a day, from 153 million tons, Sinopec Group, as China Petrochemical is known, said in an e-mailed statement today. Processing capacity may climb 39 percent to 224 million tons by the year-end, making the group the worlds second-biggest refiner, according to the statement.

 

Oil-product sales may rise 42 percent from five years earlier to 149 million tons as the number of Sinopec service stations increases to 29,200, the refiner said.

 

Sinopec Groups domestic crude production rose 8 percent from five years earlier to 42.56 million tons, while natural-gas output doubled to 12.3 billion cubic meters. Ethylene output surged 67 percent to 9.19 million tons, the parent of Hong Kong- listed China Petroleum & Chemical Corp. said in the statement.

 

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