Sinopec to ramp up overseas investment

China

BEIJING, May 15, 2017 – Sinopec will all but double investment in overseas markets, the company’s director of foreign co-operation said over the weekend.

According to Dai Liqi, Sinopec has earmarked more than USD 30 billion for investment in other countries. While he declined to offer a timeframe, the company’s investments abroad between 2010 and 2015 came out at some USD 16 billion.

The investments will be made as part of the major “One Belt, One Road” infrastructure initiative announced by Beijing this weekend.

“We think this policy is very good – we have enjoyed the benefits of China opening up over time […] For Sinopec, this presents us favourable opportunities,” Dai told CNBC.