$3B Sinopec JV Snaps Up Global Energy Assets From Parent

Law360, New York (March 25, 2013, 4:51 PM EDT) -- Sinopec Corp. has formed a new $3 billion joint venture with its parent company, China Petrochemical Corp., that will give it control of several overseas oil and gas assets currently owned by China Petrochemical and bolster its upstream business, it said on Monday.

Per the deal, Sinopec and its parent will each hold a 50 percent stake in Sinopec International Petroleum E&P Hongkong Overseas Ltd., according to an investor statement. China Petrochemical will in turn sell some of assets in Russia, Colombia and Kazakhstan to the...
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