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Article: SINOPEC TO BUY PARENT'S OVERSEAS ASSETS
- Article from:
- AsiaInfo Services
- Article date:
- August 25, 2009
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AsiaInfo Services
08-25-2009
Sinopec to Buy Parent's Overseas Assets
HONG KONG, Aug 25, 2009 (SinoCast Daily Business Beat via COMTEX) -- China Petroleum & Chemical Corporation (Sinopec; SEHK: 0386; SHSE: 600028) will actively acquire overseas assets from its parent, China Petrochemical Corporation (Sinopec Group), striving for a fast expansion, said the chairman, Su Shulin.
Last year, Sinopec Group aggregately turned out 9.01 million tons of oil in overseas markets, such as Nigeria, Russia, Angola, and Australia. Total output for the entire 2009 is targeted for 10.4 million tons, and Addax Petroleum, which was lately acquired by the Chinese oil titan, will likely contribute more than ...