Sinopec to add more than 100 gas stations in Chongqing

Nov. 16, 2009 (China Knowledge) - Sinopec<600028><0386><SNP>, the largest refiner in Asia by capacity, plans to build more than 100 gasoline stations in Chongqing by 2015, sources reported.

Around 80 of the new stations will be located in urban districts. At present, Sinopec has more than 90 gas stations in the city, while rival PetroChina Co Ltd<601857><0857><PTR> has more than 400.

Last year, PetroChina inked a memorandum of understanding with a local real estate developer to buy land in Chongqing for another 60 gas stations to be completed within three years.

Sinopec Group, the parent of Sinopec, has denied reports that it has discovered Asia's largest natural gas field in Chongqing, a field with potential reserves of 12 billion cubic meters.

Spokesman Huang Wensheng said that the exploration work is still at a preliminary stage.

According to an earlier report from China Knowledge, Sinopec issued RMB 15 billion in one-year financing bills on the interbank market on Nov. 12. On Jul. 28, the oil giant issued RMB 10 billion in financing bills with a maturity of 365 days, the first short-term financing bills it issued this year.