Sinopec establishes coal chemical subsidiary
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Sinopec establishes coal to chemical subsidiary

7:58 AM, 1st October 2012
Sinopec establishes coal to chemical subsidiary

BEIJING, CHINA: Sinopec Corporation, China’s top oil refiner set up a coal-to-chemical subsidiary in an effort to become a leader of the country’s coal-to-chemical industry in the next few years.

Sinopec Great Wall Energy Chemical Co Ltd was established as a wholly-owned subsidiary of Sinopec, said the company. The new company will focus on the investment and operation of Sinopec’s coal-to-chemical business and strive to become a leader in China’s coal-to-chemical industry in eight to ten years, reported the news agency, Xinhua.

Fu Chengyu, Chairman of Sinopec Group, said that developing the coal-to-chemical business has great strategic significance for restructuring China’s energy structure. China has abundant reserves of coal but a lack of oil and gas and coal is likely to continue to take up a major part of China’s energy consumption in the next two to three decades, said Fu.

“As a result, we must step up adjusting the material structure for chemical products and expand the materials by developing coal- and natural gas-based businesses,” added Fu.

© WOC News

 

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