Unipec sustains annual volume rise

Unipec Singapore Pte Ltd, a trading unit of China Petroleum & Chemical Corp, or Sinopec, said it was confident that for the sixth year in a row, its oil and gas turnover will likely increase by 10 percent in 2017.

Yu Yongjun, deputy general manager of Unipec, attributed the volume uptrend to increasing cooperation with China's aerospace, shipping and heavy machinery companies with rapidly expanding overseas operations. "This year, growth will also come on the back of an expanded storage and logistics capability."

According to Sebastian Lewis, head of content, Greater China, S&P Global Platts, China is increasingly reliant on crude oil imports as domestic supply is unable to keep up with demand. So, it is unsurprising that Unipec has seen growth in turnover, and import volumes will rise in 2017 over last year.