China Petrochemical Corp yesterday said the government's stimulus package will help its business and the company may seek to acquire resources assets overseas amid the financial turmoil.
The oil giant, also known as Sinopec Group, parent of Asia's biggest refiner, said in a company newsletter that it plans to boost major domestic infrastructure projects.
The government spending package will also benefit the oil group's subsidiaries that specialize in construction and its own asphalt business, according to the newsletter.
The global financial crisis has made many foreign resources companies eager to sell assets, which offers a competitive climate for Chinese companies to look overseas, the newsletter said.
"Sinopec will grasp opportunities in the crisis and boost market share with chances brought about by the government spending," said the document. "We also will ensure a steady supply of energy."
Fuel demand has been shrinking fast since September, and Sinopec said it has cut crude oil processing by 10 percent this month from July's record figure.
China National Petroleum Corp, parent of PetroChina Co, said at the weekend that it had been hit by the crisis.
(Shanghai Daily November 18, 2008)
