BEIJING (Dow Jones)--China Petroleum & Chemical Corp. (SNP), known as Sinopec Corp., plans to process 205 million metric tons of crude oil at its refineries this year, Chairman Su Shulin said Friday.
The planned throughput is 11.4% higher than 184 million tons of crude run through the company's plants in 2009, Su said on the sidelines of China's National People's Congress.
Sinopec--Asia's largest listed refiner by capacity--brought several new refining units on stream last year.
These include an expanded 240,000-barrel-a-day refinery in southern Fujian province with partners Saudi Arabian Oil Co., ExxonMobil Corp. and the Fujian provincial government.
Asked whether Sinopec will give its refineries a subsidy to encourage them to export more oil products and bring down a domestic stock overhang, Su said, "No, we won't."
Sinopec is the Hong Kong and Shanghai-listed unit of China Petrochemical Corp.
-Jing Yang contributed to this article; Dow Jones Newswires; (8621) 6120 1200; jing.yang@dowjones.com
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