Sinopec discovers gas field

Shanghai, September 18th, 2011 - Energy giant Sinopec has discovered a natural gas field with nearly 160 billion cubic meters of proven reserves deposited close to 7 kilometers underground, a company subsidiary said yesterday.

The Yuanba gas field in Sichuan Province is the deepest gas field in marine strata found in China, with deposits as deep as 6,950 meters, according to Sichuan-based Sinopec Exploration Southern Company.

The field contains 159.25 billion cubic meters of reserves. Planned annual output will be 3.4 billion cubic meters by 2015, the company said.

Taking forecast reserves into account, total reserves at Yuanba could reach 828.6 billion cubic meters, said Guo Xusheng, general manager of the subsidiary company.

Sinopec discovered Puguang, the country's second-largest gas field, in Sichuan. Shanghai Daily

Sinopec heads list for 7 consecutive years

Shanghai, 5th September, 2011 - China Petrochemical Corp, or better known as Sinopec, with sales of US$309 billion, headed the nation's top 500 enterprises list for the seventh consecutive year in 2010, according to a ranking released over the weekend.

The company, known as Sinopec Group and the parent of listed Sinopec Corp, was followed by China National Petroleum Corp and the State Grid Corp of China, in a list released by the China Enterprise Confederation and the China Enterprise Directors Association.

The companies which made the top 10 are state giants from industries such as energy, telecom and banking.

In July, Fortune China magazine released a similar list, but that tracked listed firms only and companies which didn't have listed arms, like State Grid, were not included in its list.

The entry threshold for the top 500 Chinese companies climbed to 14.2 billion yuan of annual sales from 11 billion yuan in the previous year, according to the CEC/CEDA list.

Wang Jiming, vice president of the China Association of Enterprises, noted an improvement in innovation among the 500 companies.

The companies had contributed 220,000 patents, an increase of 21 percent from the year before. - Shanghai Daily