China Petrochemical Corp. (Sinopec), plans to invest CNY 13 billion (USD 1 = CNY 8.28) in the next five years in oil and gas exploration and production in western China’s Tarim and Junggar basins. The new investment is expected to help the company raise probable crude oil reserves by 500 million metric tons by 2005. By the end of last year, the company had discovered 13 oil and gas prospects in the two basins with proven oil reserves of 195 million tons and natural gas reserves of 5.15 billion cubic metres. China Petrochemical’s unit Sinopec Star is the operator at the two basins in Xinjiang region.
