Latest News:  

English>>Business

No timetable for buying parent's assets

(Shanghai Daily)

13:26, February 20, 2013

CHINA Petroleum Chemical Corp, or Sinopec Corp, said yesterday it does not have a definitive timetable for possible acquisitions of its parent company Sinopec Group's overseas assets after its share placement earlier this month fueled speculation about such moves.

Sinopec, the listed arm of the group, said last week that it had raised US$3.1 billion via the sale of 2.85 billion new Hong Kong-listed shares, which analysts said will be used to purchase the overseas upstream assets of its parent Sinopec Group.

In a statement posted on its website, Sinopec said the acquisition of upstream oil and gas assets from the parent is part of the company's existing business plan. The statement said the proceeds from the share placing will be used for general corporate purposes, which include funding working capital, repaying existing loans and conducting project investment.

Sinopec also said it has been evaluating its parent's overseas assets.

We recommend:

New vehicles unveiled at Canadian Int'l Auto Show

Video: Facebook targeted by hackers

Sanya duty-free shops see surging sales

Juniper buries doubts on boom

3D printing reshapes manufacturing

Hongyanhe nuclear power station in NE China

Email|Print|Comments(Editor:MaXi、Liang Jun)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Festive atmosphere created on missile speedboat

  2. New-type cold-proof equipment

  3. Highlights of Madrid Fashion Show

  4. China's weekly story (2013.2.8-2.15)

  5. Beauties at Beijing Film Academy enrollment site

  6. Fact check on Russian meteorite crash

  7. Happy big brother has birthday cake

  8. Chocolate fantasy park offers entertainment

  9. Facebook targeted by hackers

  10. Online money transfers soared

Most Popular

Opinions

  1. Juvenile crime rules 'hard to follow'
  2. CCTV's Spring Festival Gala: Glory days gone
  3. Who cares for the village doctors?
  4. The weakening yen's impact on China
  5. Young climbers aim too high in China
  6. China Focus: Festive traditions disrupt green efforts
  7. Chinese distrust strangers, lack shared values
  8. How to face wrestling's removal from Olympics?

What’s happening in China

Beauties at Beijing Film Academy enrollment site

  1. New plan to allow patients to pay after treatment
  2. Melon seeds are dyed, contain banned additives
  3. Parents urged to keep close eye on kids
  4. Divorce rate rises for seven straight years
  5. China to build earthquake warning system