30 October 2007 05:31 [Source: ICIS news]
SINGAPORE (ICIS news)--Chinese petrochemical major Sinopec is developing a methanol-to-olefins (MTO) and biodiesel technologies which may reduce its reliance on crude oil, a top executive said on Tuesday.
The company has built pilot plants based on the two technologies and was evaluating their feasibility, Sinopec’s chief financial officer (CFO) Dai Houliang said in a teleconference.
“We have made good progress [on the biodiesel technology],” he said in Mandarin, adding that the company was looking at commercialising the technology.
High crude oil prices have dampened the company’s refining earnings in the third quarter and it has also increased a levy paid to the government for locally produced oil.
Sinopec paid a levy of yuan (CNY) 3.5bn ($468.5m) in the third quarter, which totaled CNY7.1bn in the first nine months this year, Dai said.
Sinopec, which is developing a gas pipeline from
It has also reserved 1bn m3 of natural gas from the Puguang field in Dazhou for domestic use in
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