Chinese lubricant demand drives Sinopec Singapore unit

China Petrochemical Corporation's first lubricant plant outside China - Sinopec Lubricant (Singapore) Pte Ltd - has continued its rapid growth and expansion by increasing business with Chinese companies overseas, according to one of the company's senior executives.

The company said that thanks to the Belt and Road Initiative, the plant - located at Tuas in the south western tip of Singapore - has been actively supplying China's aerospace, ocean shipping and heavy machinery businesses abroad, providing these sectors with lubricant and other chemicals support.

With a line of business that includes production of lubricating oils and greases, the unit's revenue reached 1.5 billion yuan ($217.5 million) at the end of 2016.