| Sinopec to raise its gas output in Sichuan |
| Monday,June 18,2007 Posted: 07:49 BJT(2349 GMT) Shanghai Daily |
BEIJING, June 18 -- Sinopec, one of China's two leading onshore oil and gas producers and the nation's largest oil refiner, has decided to increase its natural gas output goal in southwest China's Sichuan Province to three billion cubic meters for this year, company sources said Sunday. The figure is 25 percent higher than the original goal. The revised output would be 36 percent higher than the company's natural gas production in Sichuan last year, the sources said. In 2006 Sinopec produced around 2.2 billion cubic meters of natural gas in Sichuan, or 30.6 percent of the company's total gas output of 7.2 billion cubic meters. That was also 12.3 percent of China's total. To achieve the revised goal, the company plans to start drilling 40 new gas wells in the coming 100 days and build an additional annual production capacity of 189 million cubic meters. Industry observers said the company has discovered large, promising oil and gas-bearing geological structures in northern and northeastern areas of Sichuan. The Puguang Gas Field is so far the largest marine-origin gas field in China, with verified deposits of 356 billion cubic meters in 2006. The company is planning to build a 1,702-km-long pipeline by 2010 to transport natural gas from Sichuan to the eastern part of China, with a designed annual transport capacity of 12 billion cubic meters. The cost of the project is estimated at 65.7 billion yuan (8.6 billion U.S.dollars). The natural gas supply is for Sichuan, Hubei, Jiangxi, Anhui, Jiangsu and Zhejiang provinces and Chongqing and Shanghai municipalities. Sinopec, listed in Shanghai, Hong Kong, New York and London, reported 50.7 billion yuan in net profits last year, a growth of 28.1 percent on the previous year. |
 | Sinopec nominates new board director 2007-06-26 05:44 |
| Water treatment firm to raise investment in China 2007-06-22 06:12 |
| Sinopec readjusts output goal in gas fields in SW China 2007-06-18 07:51 |
| Sinopec Makes Oil Find in Xinjiang 2007-06-01 06:16 |
| Sinopec prepares record bond issue for China's largest gas field 2007-05-31 07:10 |
| China to raise benchmark interest rates, bank reserve requirement 2007-05-21 07:56 |
| Gov't to raise export taxes 2007-05-18 07:19 |
| Chinese refiner Sinopec issues corporate bonds amid concerns over rate hikes 2007-05-10 06:54 |
| 'Still room' to raise reserve ratio 2007-05-08 06:22 |
All articles marked with "Article type: Original" posted on the website of the Ministry of Commerce and its sub-sites are copyrighted by this Website and its sub-sites. Any reproduction or use by any other websites, media or individuals must be attached with a clear indication of "Source: Ministry of Commerce Website".
All articles posted on this website or its sub-sites marked with "Article type: reproduced" or "Article type: translated" and "Article type: redistributed" come from other media, and are provided solely for the user's information, which does not mean this Website or its sub-sites endorse the ideas thereof or assume any legal liability or responsibility for their authenticity. Any other media, websites or individuals must maintain the source of information indication on this Website or its sub-sites when using the information, and shall assume legal liability for the use.
