Unipec's Crude-Oil Trade Surpassed 200 Million Tons In 2011
10/18/2012| 10:48pm US/Eastern
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By Wayne Ma
BEIJING--China Petroleum & Chemical Corp., known as Sinopec Corp. (>> China Petroleum & Chemical Corp. (ADR)), said Friday that its trading unit China International United Petroleum & Chemical Co., or Unipec, saw its combined sales and purchases of crude oil surpass 200 million metric tons for the first time in 2011.
The record was achieved due to higher domestic refining rates in the first half of the year and a lack of imports from South Sudan because of a pipeline dispute with its northern neighbor Sudan, which prompted Unipec to seek more supplies from South America and West Africa, Sinopec said in an in-house newsletter.
Unipec's crude-oil trading volume rose 10% in the January to July period of this year compared with the same period a year earlier, it said, without providing the amount.
Write to Wayne Ma at wayne.ma@dowjones.com
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