Sinopec to expand capex in 2009
China Petroleum & Chemical Corp. (Sinopec) will see capital expenditure growth by CNY 4.5 bn in 2009, including
CNY 1 bn in prospecting.
A refining and ethylene project in Tianjin and the other two projects under Fujian Refining & Chemical Co. and
Zhenhai Refining & Chemical Co. (ZRCC) in Zhejiang Province come into the middle and final phases and need large
inputs.
Sinopec takes the measures to ease the impacts from the financial crisis and low crude oil prices. In the opinion of
Su Shulin, the company's chairman, the crude price will rally in the near future.
As upstream crude production make contributions to the company's profits, Sinopec has not limited production or shut
down oil wells, but the ethylene project in Wuhan and the purified terephthalic acid (PTA) project of Sinopec Yizheng
Chemical Fibre Co. in Jiangsu Province will put off construction.
