Sinopec Announces 100m Ton Oil Discovery in Heilongjiang

China Petroleum & Chemical Corporation, or Sinopec (NYSE: SNP, SHA: 600028, HKG: 0386), Asia's largest oil refiner, has found an oil deposit of 100 million metric tons in the Tahe oilfield of Heilongjiang province in the nation's far northeast. The oilfield, the second largest operated by Sinopec, produced 6.6 million tons of oil and over 1.3 billion cubic meters of natural gas in 2009 and is expected to lift its annual oil capacity to 10 million tons by 2015.