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Sinopec to sell its chemicals business to boost upstream

According to an interview of Mr Fu Chengyu, who became chairman of Sinopec‘s parent in April, to Bloomberg, Sinopec is considering to sell its chemical assets in the next five years in order to finance its overseas development.

Benchmarking the Majors like ExxonMobil or Shell, Sinopec wants to balance it Upstream activities and Downstream business.

With profitability being squeezed in the refining activities with diesel and gasoline market prices under the state control, Sinopec has decided to bring its overseas oil & gas assets to its 76.38% subsidiary China Petroleum & Chemical Corp.

In 2012 Sinopec will spend $12.4 billion capital expenditures. 50% will go to upgrade and boost fuel quality to meet international standards.

The other 50% will go mainly to Shengli oil blocks, Yuanba and Ordos gas fields, Anhui shale gas and Henan coal seam gas development.

For more information and data about oil and gas and petrochemical projects go to Project Smart Explorer

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