China Petrochemical Corporation (Sinopec Group) will spend more on oil and gas exploration, both at home and abroad. The increased investment aims to alleviate the company’s heavy reliance on oil imports. Between 2001 and 2005, the company intends to invest 10 billion yuan (US$1.2 billion) to explore for overseas oil and gas and purchase assets. The investment focuses on West Asia, North Africa, Central Asia, West Africa and Southeast Asia. It is expected that the company will get 2-3 million tons of oil through its overseas initiatives by the year 2005.Seeking overseas oil resources is an important method for Sinopec Group to expand its oil reserves, and the shortage of upstream oil resources has be- The increased investment aims to alleviate the company’s heavy reliance on oil imports. Between 2001 and 2005, the company intends to invest 10 billion yuan (China Petrochemical Corporation (Sinopec Group) will spend more on oil and gas exploration, both at home and abroad. US $ 1.2 billion) to explore for overseas oil and gas and purchase assets. The investment focuses on West Asia, North Africa, Central Asia, West Africa and Southeast Asia. It is expected that the company will get 2-3 million tons of oil through its overseas initiatives by the year 2005.eeking overseas oil resources is an important method for Sinopec Group to expand its oil reserves, and the shortage of upstream oil resources has be-