Sinopec to Bet on Shale Gas for Growth to Offset Refining Losses

- August 29th, 2011

Bloomberg reports that China Petroleum & Chemical Corp. (NYSE:SNP) decided to collaborate with overseas companies to step up search for shale-gas resources.

Bloomberg reports that China Petroleum & Chemical Corp. (NYSE:SNP) decided to collaborate with overseas companies to step up search for shale-gas resources.

The market news is quoted as saying:

Sinopec will join rival PetroChina Co.’s parent and Cnooc Ltd. (883) to seek technology through partnerships as China, estimated to hold more gas trapped in shale than the U.S., opens new areas to exploration.

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