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Highlights

Sinopec to buy overseas assets from parent

(chinadaily.com.cn)
Updated: 2010-03-30 11:19

Asia's biggest refiner China Petroleum & Chemical Corp (Sinopec) will buy more overseas gas and oil assets from its parent, Shanghai Securities News reported Tuesday, citing Sinopec Chairman Su Shulin.

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Sinopec to buy overseas assets from parent

Sinopec announced its first acquisition of a 50-percent stake in an Angolan field from its parent, China Petrochemical Corp. The Angolan block is the best overseas asset held by the parent company, Su said. The project earned net profits of $512.5 million in 2009.

"If conditions are right, Sinopec will continue its acquisition and the parent company may inject Addax assets to Sinopec," Su said. Sinopec may expand its overseas business by itself in the future, Su stressed.

China Petrochemical Corp purchased Calgary-based Addax Petroleum Corp for C$8.3 billion ($7.8 billion) last year to add oil reserves as domestic fuel demand rises. It was the largest overseas oil and gas assets acquisition by a Chinese company...

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