China's oil giant Sinopec Group is planning to invest more than $30 billion to expand in global markets, US-based financial network CNBC reported Monday, citing Dai Liqi, director of Sinopec's foreign cooperation office.
That would be about double the $16 billion that Sinopec spent from 2010-15 in outbound investment in about 30 countries and regions where the company has about 50 projects, Dai was quoted as saying in the report.
Dai did not specify the time frame for the increased investment.
"We are still quite poor in resources … in [Southwest China's] Chongqing Municipality, we have discovered this new shale gas resource," Dai said, adding that "it's still not enough to meet our needs and we have to furnish resources from abroad."
Sinopec recognized the challenges and has worked to "teach and train our own people to adapt to different countries, cultures and languages," according to Dai.
Sinopec has the money for continued overseas investment. It spent $1 billion to buy Chevron's assets in South Africa in 2016.
