China's second largest oil producer, China Petroleum and Chemical (Sinopec), said it aims to double natural gas production to 10bn cubic metres in 2005 from 2002 levels. An investment plan of up to Yn14bn to develop proven reserves over this period will also increase crude oil production by 6.5 per cent, to 40m-41m tonnes a year.
The company posted a net profit of Yn10.1bn in the first nine months of 2002, a year-on-year fall of 2.8 per cent. The slip in revenues was due largely to a 14 per cent fall in the realised oil sales price over the period.