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Sinopec to acquire parent's overseas assets

March 19/2012

(infoseekchina) -- China Petroleum & Chemical Corp., better known as Sinopec, said it intends to acquire the overseas oil and gas assets of its parent, China Petrochemical Corp., or Sinopec Group, in a move that will increase its hydrocarbon-reserve base and help it become a fully integrated oil major.

The plan, which comes at a time of rapid foreign expansion under the direction of the Sinopec family's new head, Fu Chengyu, may pave the way for further restructuring, which some analysts say would be positive for the company's investment returns in the long run.

The planned move also mirrors efforts by Petrochina Co. to take similar steps with its parent, China National Petroleum Corp.

Hong Kong- and Shanghai-listed Sinopec, Asia's largest oil refiner, said late Wednesday it intends to be the sole platform within the Sinopec family for international exploration and production of oil and gas, refining, chemicals output and the sale of petroleum products, which it said would happen at an "appropriate time." Sinopec didn't provide a potential price for the acquisition.

Sinopec Group, which holds a 76.38% stake in its unit, plans to sell its minor remaining chemicals business within five years, it said. Its overseas upstream oil and gas assets could be worth USD20 billion, Credit Suisse estimated in October.
Author:Anna Larionova
Category:General News
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