Sinopec to buy overseas assets from parent

China Petroleum and Chemical Corp (Sinopec) is to expand its overseas investments by acquiring oil and gas exploration assets in Kazakhstan and Russia from its parent for close to US$3 billion.

The proposed acquisitions will be conducted through a new 50-50 joint venture company, JV HK. The joint venture is formed by SHI, a wholly owned subsidiary of Sinopec, and Tiptop HK, a wholly owned subsidiary of its controlling shareholder, China Petrochemical Corp, according to a statement filed with the Hong Kong stock exchange.

via Business feed http://www.scmp.com/business/commodities/article/1198982/sinopec-buy-overseas-assets-parent