Sinopec buys five refineries, boost output by 45%
02 January 2008 03:59 [Source: ICIS news]
SINGAPORE (ICIS news)--Sinopec has boosted its annual refining capacity by 45% to 25.6m tonnes after buying five units from its parent for yuan (CNY) 3.66bn ($501.4m), a company official said on Wednesday.
These refineries were more affordable now as they were suffering losses from high crude oil costs, the official with the Chinese energy major said.
The purchases included a 100% interest in Sinopec Hangzhou Oil Refinery plant, a 59.47% stake in Yangzhou Petrochemical Plant and a 75% share in Zhangjiang Dongxing Petrochemical, the company said in a statement on its website.
Sinopec’s wholly owned subsidiary Yangzi Petrochemical will buy Jiangsu Taizhou Petrochemical and Sinopec Qingjiang Petrochemical, the company added.
The country’s largest refiner will also acquire from Sinopec Sales & Industrial Co its legal rights to operate 63 gas stations and service centres, it said.
($1=CNY7.30)
By: Florence Tan
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