Sinopec invests more than $95b across the globe
Updated: 2012-08-23 13:47
China Petrochemical Corp, or Sinopec, Asia's biggest refiner, has made total investments of more than 600 billion yuan ($95 billion) in sectors including trading and engineering services in 55 countries and regions, said Fu Chengyu, the company's chairman, on Wednesday at the China Overseas Investment Summit held in Hong Kong.
He said Sinopec's overseas assets had increased from 10.6 percent of its total assets in 2005 to 36.6 percent last year. The company's profits in overseas markets accounted for 0.2 percent of the total in 2005, growing to 18.7 percent in 2011.
"Global economic changes have brought both challenges and opportunities to international companies," said Fu. "Chinese companies which expand their business in foreign markets have to adjust to global operating styles and management."