Sinopec Willing to Double Foreign Investment to More Than $30 Billion

China`s giant state-owned oil and gas firm Sinopec is planning to splash big money into a continued expansion abroad to shore up access to energy resources as Beijing touts its main foreign policy initiative.
Sinopec expects to boost foreign investment to more than $30 billion. Dai Liqi. director of the firm`s foreign cooperation office. told CNBC. That could mean double the $16 billion the firm spent between 2010 and 2015 in outward investment targeted in 30 countries. where the firm has 50 different projects. Dai. however. didn`t specify the time frame for the increased investment.

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