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Sinopec May Cut 2011 Oil Processing Growth to 8.4%, Oilchem Says

Dec. 13 (Bloomberg) -- China Petroleum & Chemical Corp., Asia’s largest oil refiner, may reduce 2011 oil-processing volume growth to 8.4 percent as capacity expansion slows, according to Oilchem.net.

Oil processing will rise to about 220 million metric tons next year, or 4.4 million barrels a day, the Shandong-based industry portal said, citing an internal meeting at Sinopec, as China Petroleum is known. Sinopec said in March that it aims to increase the volume of crude it processes this year by 11 percent to 203 million tons.

China Petrochemical Corp., Sinopec’s parent, added 70.8 million tons of annual refining capacity from 2006 to 2010, or about 14 million tons a year on average, the Beijing-based group said on Dec. 7. Sinopec built 10.5 million tons of refining capacity in the second half of this year and will add 8.6 million tons in 2011, according to Oilchem.net.

Huang Wensheng, the Beijing-based spokesman at Sinopec, didn’t answer calls to his office and mobile phone.

Sinopec’s plants in Guangzhou, Nanjing, Fujian and Qingdao will conduct maintenance work in 2011, the website said, without giving details.

To contact the reporter on this story: Winnie Zhu in Shanghai at wzhu4@bloomberg.net

To contact the editor responsible for this story: Clyde Russell at crussell7@bloomberg.net.

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