Highlights
Sinopec to buy overseas assets from parent
(chinadaily.com.cn)
Updated: 2010-03-30 11:19
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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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"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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