Sinopec expects to become an international company

China's leading refined products and petrochemical producer expects to become an international company while supplying China's growing economy, the vice chairman of Sinopec said.
"Our objective by 2010 is to build Sinopec into an internationally competitive, world-class integrated energy company," said Sinopec's vice chairman, Wang Jiming.

China's growing demand for oil and refined products is already shaking world energy markets and is given as part of the reason world supply is tight, pushing crude prices toward $ 60 a barrel.
In the past year, Chinese companies have sought oilfield development deals with Venezuela, Canada, Iran and Sudan, financed by $ 600 bn in foreign currency reserves. China is also discussing energy cooperation agreements with neighbours Russia and India.

The International Energy Agency estimates that by 2020, China will control 2 % of global supply.
"By 2010, demand for oil products and synthetic products will increase by a big margin," Wang said in a speech to the International Petrochemical Conference sponsored by the National Petrochemical & Refiners Association.

Sinopec has already announced plans to build seven refineries with processing capacity of about 200,000 bpd, Wang said. The company plans to add three more refineries of similar capacity. Also, four of the refinery sites should include integrated chemical plants.
The company will "expedite" pipeline projects throughout China, he said, as well as expand existing oilfield production. Sinopec will continue to seek out joint ventures with other international oil companies, Wang said.