By CHESTER YUNG

HONG KONG -- China Petrochemical Corp., or Sinopec Group, said Monday that it has set up a engineering and construction company specialized in building refining and petrochemical facilities, paving the way for further expansion of its businesses overseas.

The new company, Sinopec Engineering, was set up in Beijing with capital of 3.1 billion yuan ($488 million) through the restructuring of Sinopec Group's eight engineering and construction firms.

Sinopec Group, the parent of China Petroleum & Chemical Corp., or Sinopec, said the unit has the capacity to handle over 20 large-scale engineering, procurement and construction projects simultaneously.

Dow Jones Newswires