Sinopec Corp to pay US$1.5 billion for parent's upstream assets

摘要

China's largest oil refiner, China Petroleum & Chemical Corp, or Sinopec Corp, has agreed to form an equal joint venture with its parent firm, Sinopec Group, to take over some of the latter's upstream assets for a total of US$3 billion. The move is aimed at beefing up Sinopec Corp's international upstream exposure to reduce its reliance on the domestic downstream operations which have suffered from fuel price controls in China.