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Sinopec to double overseas oil output to 50 mln tons in 2015

Jan. 6, 2012 (China Knowledge) - Sinopec Group, the parent company of Sinopec<600028><0386>, Asia's largest oil refiner, said on Thursday that it plans to increase its oil output from overseas projects to 50 million metric tons in 2015.

The target was more than twice the 22.88 million metric tons produced in 2011.

The Chinese oil giant said in a statement that Sinopec International Exploration and Production Corp, a wholly-owned subsidiary, aims to produce 27 million metric tons of oil this year.

Sinopec International Exploration and Production Corp, the sole professional company of Sinopec engaged in overseas upstream investments and operations, owned interests in 47 overseas projects in 23 countries as of the end of last year.

Sinopec Group saw its retail sales of oil products in China hit a record 100.1 million metric tons last year.

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