China Petroleum & Chemical Corporation (Sinopec) has commenced production from the West Sichuan Gas Field in China’s Sichuan province, reported Reuters.
The new field is expected to contribute an annual output of 2bcm.
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The West Sichuan Gas Field project is estimated to contain total reserves of 100bcm of natural gas.
Furthermore, it is anticipated to yield 130,000 tonnes of sulphur each year.
The company’s presence in the basin is substantial, with proven natural gas reserves close to three trillion cubic metres and a current annual production rate of 26bcm.
Recently, Reuters reported that Geneva-based trading house Montfort Group was in talks to sell part or all of its refining facility in the United Arab Emirates to Sinopec’s fuel oil arm, Sinopec Fuel Oil.
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By GlobalDataThis potential deal could significantly enhance Sinopec’s efforts to expand its sales at the world’s third-largest bunker fuel hub. The facility, located in Fujairah’s port, boasts a processing capacity of 65,000 barrels per day of crude.
The talks come as Sinopec seeks international expansion, driven by slowing domestic demand in China due to economic headwinds and a shift towards electric vehicles.
Last year, Sinopec reportedly received approval from the Sri Lankan Government for its proposal to build a $4.5bn (32bn yuan) refining facility.
The facility, which will focus on exports, will be built at the Hambantota port in the south of the country.
