Baocai’s response comes after it was reported that energy giant Shell is looking to divest its Singapore-based Bukom oil refinery and Sinopec, and that Vitol and Trafigura were considering buying them.
However, government-backed Sinopec is interested in taking part in Saudi Arabia’s Jafurah shale gas project, according to Baocai, who was speaking at a conference in Hong Kong after the release of Sinopec’s interim results.
In May, the news agency reported that Sinopec and TotalEnergies are in separate talks with Saudi Aramco to invest in the Jafurah gas development, which is estimated to hold 200 trillion cubic feet of rich raw gas.
Baocai also said that Sinopec was one of the multinational corporations invited by the Sri Lankan Government to build a refinery there.
Sinopec and commodities trader Vitol were two companies that Sri Lanka shortlisted as potential investors in a refinery that would focus on exports in Hambantota.
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In addition, Sinopec is planning to launch a retail fuel operation in Sri Lanka the next month.
Commenting on oil purchases from Russia, Baocai said it makes up a small fraction of Sinopec’s international crude purchases.
During the six-month period ending on 30 June 2023, Sinopec reported 1.59trn yuan ($218.67bn) in revenue, a marginal 1.1% decline compared with the same period last year.
Profit before tax during the first fell by 20.4% to 51.76bn yuan from 65.04bn yuan year-on-year.