Friday, July 11, 2014





China's Sinopec buys overseas assets from parent


March 25. 2013 5:39AM
Associated Press

Story Tools
PrintPrint | E-MailEMail | SaveSave | Hear Generate QR Code QR
Send to Kindle


(AP) China's Sinopec says it's acquiring oil and gas assets in Russia, Kazakhstan and Colombia from its parent company to raise profitability and global competitiveness.


The state-owned company said it's setting up a $3 billion joint venture with its parent, China Petrochemical Corp., to acquire the assets. Each company will provide half the investment amount for the joint venture but Sinopec will have control.


Chief Financial Officer Wang Xinhua said Monday the "acquisition will bring substantial potential to the company." The deal is forecast to raise its proven crude oil reserves by 9 percent.


Profit at Asia's biggest refiner by volume fell by 13 percent last year to 63.9 billion yuan ($10.3 billion) as income at its chemicals unit plunged on low demand because of the economic slowdown in China.


Associated Press


Comments
comments powered by Disqus Commenting Guidelines
Poll
Mortgage Minute


Search for New & Used Cars

Make 
Model
 
Used New All
 

Search Times Leader Classifieds to find just the home you want!

Search Times Leader Classifieds to find just what you need!

Search Pet Classifieds
Dogs Cats Other Animals



Social Media/RSS
Times Leader on Twitter
Times Leader on Youtube
Times Leader on Google+
The Times Leader on Tumblr
The Times Leader on Pinterest
Times Leader RSS Feeds