Sinopec to Bet on Shale for Growth to Offset Refining Losses
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China Petroleum & Chemical Corp., Asia’s biggest refiner, will collaborate with overseas companies to step up its search for shale gas resources as it seeks to diversify away from unprofitable crude processing.
“Future growth will mainly come from unconventional gas,” Fu Chengyu, chairman of the company known as Sinopec, said in Hong Kong yesterday. “Our technology and experience still lags behind western oil companies, but we don’t have to wait until our technologies mature. We can hire them to work for us.”