Sinopec Plans Larger Retail Business

China National Petrochemical Corp. (Sinopec), the country's leading petrochemical products manufacturer, plans to invest 31.3 billion yuan (about 38 billion U.S. dollars) to expand its retail business during the 2000-2003 period.

Of this total investment, 25.1 billion will be used to purchase gas stations and build new stations in major cities and along highways, according to the China Information News.

The other 6.2 billion yuan will go to facilities for the storage and transportation of petroleum.

Sinopec expects its retail market share to rise from 40 percent in 1999 to 70 percent in 2003 after this new investment.

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