Some news about Sinopec lately maybe a bit relevant
2017-03-17: Sinopec and SABIC sign a strategic cooperation agreement
Under the witness of Chinese President Xi Jinping and Saudi Arabian King Salman bin Abdulaziz Al Saud, a strategic agreement was signed by Sinopec Chairman Wang Yupu and SABIC Chairman Prince Saud bin Abdullah bin Thenayan Al-Saud on March 16. According to the agreement, Sinopec and SABIC will study opportunities for joint projects in China and Saudi Arabia, to boost China’s Belt and Road Initiative and "Saudi Vision 2030" plan.
The agreement covers multiple strategic projects. Under the agreement, the both sides will develop petrochemical projects by forming joint ventures in China and Saudi Arabia, which target downstream key markets, such as automotive, electronics, lighting, building and construction, packaging, and medical equipment. The agreement also seeks to explore opportunities for further investments in the existing joint venture SINOPEC SABIC Tianjin Petrochemical Company (SSTPC), to make the way for expanding integrated cooperation and realizing long-term development.
2017-03-06: Sinopec to invest US$29 billion to upgrade four refinery and petrochemical bases
Sinopec will invest 200 billion yuan (US$29 billion) to upgrade four refinery and petrochemical bases in China’s Maoming-Zhanjiang region, Zhenhai, Shanghai and Nanjing during the 13th Five-Year Plan period (2016-20), the company announced on March 2.
“It’s a strategic move that fits the global industrial trend for clustered and scaled development and helps transform China’s petrochemical products to medium and high quality,” Sinopec Chairman Wang Yupu said.
Following the upgrade, the total refining capacity of the four bases is expected to reach 130 million tons per year. Moreover, the company anticipates ethylene production at a rate of 9 million tons per year. The bases will make up 17 percent of China’s refining capacity and 31 percent of its ethylene capacity after the remodeling.
2017-03-01: Chairman Wang meets Egyptian Prime Minister Sherif Ismail
Sinopec Chairman Wang Yupu visited Egypt at the invitation of Egyptian General Petroleum Corporation (EGPC) on February 20-22. Wang Yupu met with Egyptian Prime Minister Sherif Ismail, Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla, EGPC’s Chief Tarek al-Hadidi and SUMED’s Chairman and CEO Mohamed Abdel Hafez, exchanging in-depth views on energy cooperation. During his visit, Wang Yupu also listened to the work report of Sino-Tharwa Drilling Company.
2017-02-04: Sinopec Geophysical wins the bidding of Chad’s geophysical prospecting project
Sinopec Geophysical Corp. received an award notification letter from Chad on January 16 (local time), winning the bidding of CPC Corporation’s 370 square kilometer 3D and 404 kilometer 2D seismic survey projects in eastern BOC III block. It is the first time that Sinopec Geophysical has entered Chad’s geophysical prospecting market.
DYOR and GLTA
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