Sinopec Maoming posts first-quarter gain

Sinopec Maoming Co., a subsidiary of China Petroleum and Chemical Corp. (Sinopec), posted a first-quarter revenue gain of RMB13.84 billion (US$2.03 billion), compared to the same period last year. Sinopec Maoming, one of Sinopec’s ethylene production affiliates in the southern Chinese province of Guangdong, processed 3.05 million tons of crude oil in the first quarter of 2009, with its ethylene output reaching 2.42 million tons. Meanwhile, the central Chinese government has approved Sinopec Maoming’s plan to expand its annual refining capacity from 13.5 million tons per year to 25.5 million tons. The upgrades are scheduled for completion in 2011. (May 6, 2009)