ABB to Invest 100M dlrs in Sinopec IPOSwiss global technology company ABB has decided to invest 100 million U.S. dollars in China's Sinopec Corp., through an Initial Public Offering (IPO), the company's Beijing representative office said Tuesday.ABB will be a strategic investor in Sinopec's IPO, joining several other multinational corporations. Sinopec is the largest petroleum and petrochemical company in China and one of the largest in Asia. It processes 50 percent of China's domestic crude oil and reported an operating revenue of 213 billion yuan in 1999. Sinopec Corp. chairman Li Yizhong said, "We welcome the investment and partnership with ABB. Their range of technologies and services in oil, gas and petrochemicals, automation, power transmission and distribution will continue to be of great value to Sinopec Corp." "We believe the cooperation between Sinopec Corp. and ABB will be further strengthened after ABB becomes a strategic investor in Sinopec Corp.'s IPO," he added. Goran Lindahl, President and Chief Executive Officer of ABB said the investment in Sinopec Corp. matches ABB's global strategy to expand in both regions and technologies where it sees good growth potential. |
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