Sinopec Group Hands Off Overseas Assets To Beijing Unit

Law360, New York (March 15, 2012, 9:33 PM EDT) -- China Petroleum & Chemical Corp., known as Sinopec Corp., has agreed to buy certain overseas oil and gas assets from its parent Sinopec Group in a bid to avoid competing with each other, the Beijing-based petroleum giant announced Wednesday.

Sinopec Corp. said it would be the only platform to handle the exploration and production of oil and gas, oil refining, and sale of petroleum products. Sinopec Group, officially called China Petrochemical Corp., will jettison its smaller chemicals businesses over the next five years, to in order...
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