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Sinochem,China’s fourth biggest oil company aims to nearly quadruple its overseas oil and gas output to 300,000 barrels oil equivalent per day by 2020,building three production hubs in Colombia,Brazil and the Middle East,according to the company’s sources.The plan will require billions of dollars in investment and may prove a tough task for the state-run company that is largely a trader of oil and fertiliser and a property developer.Its oil and gas assets are dwarfed by“big oil”firms such as Sinopec Corp.PetroChina and CNOOC Ltd.
Sinochem, China’s fourth biggest oil company aims to nearly quadruple its overseas oil and gas output to 300,000 barrels oil equivalent per day by 2020, building three production hubs in Colombia, Brazil and the Middle East, according to the company’s sources. The plan will require billions of dollars in investment and may prove a tough task for the state-run company that is largely a trader of oil and fertilizer and a property developer. Its oil and gas assets are dwarfed by “big oil ” firms such as Sinopec Corp .PetroChina and CNOOC Ltd.