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Sinopec In Talks with US, Canada Cos for Unconventional Oil

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Sinopec In Talks with US, Canada Cos for Unconventional Oil

BEIJING - China Petroleum and Chemical Corp., or Sinopec Corp., is continuously in talks with U.S. and Canadian companies to secure unconventional sources of oil and gas, Chairman Fu Chengyu said Friday.

Sinopec is speaking to companies besides Chesapeake Energy, Fu said. Rival China National Offshore Oil Corp. recently bought stakes in Chesapeake's U.S. shale gas blocks.

Separately, Sinopec spokesman Huang Wensheng said the company has been maintaining maximum output of refined oil products at its refineries to ensure domestic supply.

Although China cut the retail price of gasoline and diesel this week, Sinopec's refineries are still maintaining full levels of production, he said.

Sinopec's refining costs are near equilibrium when margins are at minus $4 a barrel, Huang said, adding that margins are helped by the declining value in the U.S. dollar.

Copyright (c) 2012 Dow Jones & Company, Inc.

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