Sinopec subsidiary to manage groups oil reserves

China Petroleum and Chemical Corporation (Sinopec) is launching a new company, Sinopec Commercial Oil Reserves Co., Ltd., that will engage in managing the group’s oil reserves. The wholly owned subsidiary will be responsible for importing crude oil and natural gas for the Sinopec Group. China’s first energy law, which is still being drafted, may require state-owned companies to establish corporate reserves. Last year, Sinopec imported 70% of the crude oil it processed. (May 21, 2007)