Shaanxi Yanchang Petroleum Targets RMB 150-bln Sales for 2012

Shaanxi Yanchang Petroleum (Group) Co Ltd, a state-owned enterprise directly attached to Shaanxi Provincial government, plans to reap RMB 150 billion in sales revenue this year, sources reported.

Of the total sales, RMB 2.8 billion is contributed from mining business with profit of RMB 6 million last year.

In 2011, Shaanxi Yanchang Petroleum saw its sales revenue surge 21.09% from the year 2010 to RMB 123.6 billion, and the firm's profit stood at RMB 13.8 billion last year, RMB 3.8 billion more than it realized in 2010.

The state-owned group's crude oil output totaled 12.32 million tons last year, reflecting an increase of 310,000 tons. The company processed 180,000 tons more crude oil in 2011 with total oil refining volume of 13.02 million tons. The crude and refined oil delivery volume for last year reached 12.85 million tons and 3.59 million tons, respectively.

According to Shaanxi Yanchang Petroleum's website, the group is the parent company of Shaanxi Yanchang Petroleum Chemical Construction Co Ltd<600248> and Shaanxi Xinghua Chemistry Co Ltd.