Sinopec sets up coal-to-chemical company
BEIJING, Sept 28
BEIJING, Sept 28 (Reuters) - Top Asian oil refiner Sinopec Corp has set up a coal-to-chemical company to develop coal and natural gas-based chemical products, the company said on Friday.
Sinopec Great Wall Energy Chemical Co Ltd was set up in Beijing on Friday, with Dai Houliang as chairman, it said in a statement.
The new company aims to become a front runner in the coal-to-chemical field in China in eight to 10 years, it said.
By 2015, Sinopec plans to build six coal-to-chemical plants in northern Inner Mongolia, northwestern Xinjiang and Ningxia regions, southwestern Guizhou, central Henan and Anhui provinces.
"Sinopec will play a bigger role in changing China's rich coal resources to chemical raw materials, which is of great significance in adjusting China's energy structure," Sinopec Chairman Fu Chengyu said in the statement.
China is the world's top energy consumer. Coal accounts for around 70 percent of China's energy mix. (Reporting by Judy Hua and Chen Aizhu)