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  • May 16 05:07
    Sinopec Planning $30 Billion Global Investment Push: Report

    China’s oil giant Sinopec Group is planning to invest more than $30 billion to expand in global markets, US-based financial network CNBC reported late Monday, citing Dai Liqi, director of Sinopec’s foreign cooperation office.

    That would be about double the $16 billion that Sinopec spent from 2010-15 in outbound investment in about 30 countries and regions where the company has about 50 projects, Dai was quoted as saying in the report.

    Sinopec has the money for continued overseas investment. It spent $1 billion to buy Chevron’s assets in South Africa in 2016, the Global Times reported Tuesday.

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