BEIJING (AFX) - Sinopec Shanghai Petrochemical Co Ltd (SHA 600688; HK 0338; NYSE SHI) plans to boost production volume by about six pct in 2005, The Standard reported, citing senior executives at the company.
The Hong Kong-based newspaper said the company will also launch measures to curb raw material costs, which it expects to keep rising on high oil prices.
Shanghai Petrochemical, a unit of China Petroleum & Chemical Corporation (Sinopec), plans to process 9.7 mln tons of oil this year, up from 9.1 mln tons in 2004.
Production volume of ethylene may rise to 960,000 tons, from 956,000 tons a year ago.
Other items such as plastics, oil products and synthetic fibers will also increase.
The paper said the company will continue cost-cutting efforts to help offset rising oil prices, including ongoing staff reductions and using more higher-sulfur imported crude oil at its refinery, which is cheaper than low-sulfur.
bjburo@xinhuafinance.com
amj/dk
For more information and to contact AFX: www.afxnews.com and www.afxpress.com
The Hong Kong-based newspaper said the company will also launch measures to curb raw material costs, which it expects to keep rising on high oil prices.
Shanghai Petrochemical, a unit of China Petroleum & Chemical Corporation (Sinopec), plans to process 9.7 mln tons of oil this year, up from 9.1 mln tons in 2004.
Production volume of ethylene may rise to 960,000 tons, from 956,000 tons a year ago.
Other items such as plastics, oil products and synthetic fibers will also increase.
The paper said the company will continue cost-cutting efforts to help offset rising oil prices, including ongoing staff reductions and using more higher-sulfur imported crude oil at its refinery, which is cheaper than low-sulfur.
bjburo@xinhuafinance.com
amj/dk
For more information and to contact AFX: www.afxnews.com and www.afxpress.com
© 2005 AFX News
