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
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