Sinopec aims to raise refining output 10 pct by 2011

HONG KONG, Aug 24 - China's Sinopec Corp., the world's No. 2 oil refiner, said on Monday it plans to raise its crude oil and refining output by up to 10 percent by 2011, as part of a broader overseas expansion.

The newly announced targets for Sinopec, behind only Exxon Mobil by capacity, come a day after the company posted record quarterly profits that widely exceeded expectations, sending its shares up as much as 4.9 percent to an 11-month high on Monday..

Sinopec -- whose state-run parent engineered China's largest overseas buyout deal with its $7.24 billion bid for Swiss oil explorer Addax Petroleum Corp -- said it will "actively explore overseas oil and gas resources to enhance its overseas oil and gas production and profitability."

In a statement to the Shanghai Stock Exchange, Sinopec said it aims to refine 202 million metric tonnes of crude oil per year by 2011. That represents an increase of 9.8 percent from its 2009 target of 184 million tonnes of crude oil.

The company, China's second-largest oil producer after PetroChina, is targeting crude oil output of 43 million tonnes and natural gas production of 17 billion cubic metres by 2011. Earlier this year, Sinopec said it aims to produce 42.4 million tonnes of crude oil and 10 billion cubic metres of natural gas in 2009.

It estimates domestic oil product sales will reach 135 million tonnes in 2011.

Shares of Sinopec were up 1.2 percent at HK$7 midway through the Hong Kong trading day. Sinopec will hold a media briefing in Hong Kong at 0730 GMT.

On Sunday, Sinopec announced first-half profit figures, showing it earned 22.0 billion yuan ($3.22 billion) in net profit in the second quarter, based on Reuters calculations.