Sinopec to Invest in Gas Project

China Petroleum & Chemical Corp., or Sinopec plans to raise 20 billion yuan or $2.6 billion to help fund a Sichuan gas project.

Shareholders have approved the domestic bond sale, Dai Houliang, chief financial officer at Sinopec, told reporters at an annual general meeting in Beijing today. The plan requires government approval.

"We are expecting more gas discoveries in Sichuan province,'' Company Secretary Chen Ge said. The project's return on investment is estimated at 14 percent, spokesman Huang Wensheng said.