Sinopec to focus on foreign acquisitions

The acquisition of foreign oil and gas assets will be central to Sinopec’s strategy over the next two years, according to a statement posted on the company’s website, the Wall Street Journal reported. Speaking at the energy giant’s internal annual meeting, Su Shulin, Sinopec’s general manager, said the company should combine its competitive advantages to obtain more foreign assets while also increasing domestic exploration. Sinopec’s last biggest domestic discovery came in 2006 with identification of the Puguang gas field in the southwestern province of Sichuan. Sinopec is China’s second-largest oil company and recently signed a US$2 billion agreement with Iran to develop the Yadavaran oil field.