Sinopec to increase overseas oil output

Sinopec Group, Asia’s largest oil refiner by capacity, said it is planning to increase its oil output from overseas projects to 50 million metric tons by 2015, an increase of 22.8 million metric tons from its 2011 target. The Chinese oil giant announced that Sinopec International Exploration and Production Corporation (SIPC), a wholly-owned subsidiary, is expected to produce 27 million metric tons of oil in 2012. As of 2011, SIPC owned interests in 47 overseas projects in 23 countries. Sinopec Group’s retail sales of oil production in China reached a record high of 100.1 million metric tons in 2011. (January 6, 2012)