Sinopec Group misses output goals

China Petrochemical Corp. (Sinopec Group) has announced output figures slightly short of targets, notably in the petrochemical segment, which has been pummeled by the global economic slump. The parent company of China Petroleum and Chemical Corp. (Sinopec) recorded total crude oil output of 41.8 million tons in 2008, up 1.75% from 2007. Sinopec’s crude oil output is 0.5% short of Sinopec’s target of 42 million tons announced in April last year. (January 20, 2009)