China Oil Giant Plans Record Spending on Energy Security Push

(Bloomberg) — Sinopec will spend record amounts this year to increase oil and gas drilling as China aims to bolster its energy security and insulate itself from volatile global commodity markets.

China Petroleum & Chemical Corp., as it’s officially known, will increase capital expenditure 18% to 198 billion yuan ($31 billion), including a 22% boost in drilling, it said in its annual report Sunday.