China Petroleum & Chemical Corp (Sinopec; SNP.NYSE, 0386.HKG, 600028.SHA) agreed with local authorities to build shale gas capacity at a site in southwestern China to 5 billion cubic meters a year by 2015, which would help beat the original target of 6.5 billion cubic meters by that year, Bloomberg reported, citing a report on the land ministry’s website. The project in Fuling, a district of Chongqing municipality, recorded daily production of 2.2 million cubic meters on March 2, up from 1.5 million cubic meters, according to Chongqing’s official newspaper.
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