China Petrochemical Corp., or Sinopec Group, the country's second-largest oil and gas producer by capacity, aims to achieve 2.5 billion cubic meters of annual production capacity of unconventional gas such as shale gas and coal bed methane by end-2015, the company said in its in-house newsletter.

General manager Su Shulin said in the newsletter Tuesday that the company will give priority to shale gas exploration and development, but didn't provide details.

The 21st Century Business Herald newspaper reported Wednesday that China is planning to introduce subsidies for shale gas production in a bid to meet rising domestic demand for gas, which is less polluting than oil and coal.

Sinopec Group is the parent company of Hong Kong-listed China Petroleum & Chemical Corp. (SNP).
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