Sinopec sets up coal-to-chemical subsidiary

China's top oil refiner Sinopec Corp has set up a coal-to-chemical subsidiary called Sinopec Great Wall Energy Chemical Co Ltd, SinoShipNews reports. Fu Chengyu, chairman of Sinopec Group, said,“China has abundant reserves of coal but a lack of oil and gas, and coal is likely to continue to take up a major part of China's energy consumption in the next two to three decades. As a result, we must step up adjusting the material structure for chemical products and expand the materials by developing coal and natural gas based businesses.”