Top Biz News

Sinopec unlikely to inject assets from parent this year

(Agencies)
Updated: 2009-12-14 15:54

China Petroleum & Chemical Corp, or Sinopec is unlikely to buy overseas oil and gas assets from its parent this year as such an asset injection is a complicated process, the Shanghai Securities News reported on Monday, citing its board secretary Huang Wensheng.

Related readings: Domestic firms face tough battle for top oil assets   Sinopec overseas crude output rises after Addax buy  Sinopec, TPG considering joint bid for LyondellBasell  Sinopec keen despite Iraq snub

Huang also said that injecting the parent's assets requires shareholder approval, in response to a previous media report that Sinopec would announce this month the purchase of overseas oil assets from parent Sinopec Group, the newspaper said.

Sinopec Group's overseas equity crude oil production will rise to 17 million tons in 2009 after the company bought Addax Petroleum, Huang told reporters and investors on Nov 11, without giving comparative figures.

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