Sinopec plans to cut costs and emissions in 2008

28 January 2008 09:34  [Source: ICIS news]

SINGAPORE (ICIS news)--Energy major Sinopec plans to reduce its costs by yuan (CNY) 13.9bn ($1.9bn) and cut emissions by 3% as part of its targets for 2008 to ensure sustainable development, it said on Monday.

 

The company also planned to produce 6.8m tonnes of ethylene this year, up 1.8% from 2007, a statement by it on China’s National Development and Reform Commission website said.

 

Sinopec was likely to face challenges rising from high crude oil costs, changes in the global petrochemical demand and tougher competition in the domestic market, it said.

 

Sustainable development would also raise standards on safety and the environment, the company added.

 

The company was the world’s third largest refiner and fifth biggest ethylene maker, it said.

 

($1 = CNY7.21)

 

By: Florence Tan
+65 6780 4359

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