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China Petroleum & Chemical Corp, or Sinopec, will continue to invest overseas in unconventional natural gas and oil to boost its output and offset losses in its refining operations, chairman Fu Chengyu said.

Fu said the company would concentrate on oil and natural gas resources overseas, including shale oil, shale gas and other unconventional resources. He expects to see a rapid increase in natural gas output, mainly from unconventional sources, in the next five years.

Sinopec President Wang Tianpu added that the company is also looking at investment opportunities in refining and petrochemicals, as well as warehouse and logistics operations overseas, to integrate its upstream and downstream business.