Sinopec Bets on DME Project.

(From SinoCast China Financial Watch)

BEIJING, August 18, SinoCast -- Asia's No.1 oil refiner China Petroleum & Chemical Corporation (Sinopec) (0386.HK), together with four partners, is set to launch a CNY 21 billion dimethly ether (DME) project, driven by the flying oil price. State-owned Sinopec would own a 32.5 percent stake in the project and China National Coal Group Corp., the nation's second biggest coal maker, will hold a 32.5 percent as well. Shanghai-based power producer Shenergy Group and China Yintai Investment, a Beijing property and energy group, will each hold a 12.5 percent in the project and the Inner Mongolia Manshi Coal Group is to have the …