Sinopec Actively Seeking Overseas Investments

China Petroleum & Chemical Corp. Asia’s largest refiner by capacity, said Monday that it is actively seeking overseas investments in oil and gas resources as part of its new three-year plan to boost crude oil and natural gas production.

Chairman Su Shulin said Sinopec has set up a unit to review overseas acquisition opportunities – including assets in Angola, Russia, Kazakhstan and Australia now held by its parent, China Petrochemical Corp.
Su said Sinopec has set up a unit to review overseas acquisition opportunities – including assets in Angola, Russia, Kazakhstan and Australia now held by its parent, China Petrochemical Corp.

“We are studying assets which are already in production, and those which are still in exploration. We are also interested in buying companies,” Su said.

The company is also in talks to buy liquefied natural gas from the ExxonMobil-led LNG project in Papua New Guinea, he said without elaborating.

Beijing-based Sinopec got shareholder approval in May to amend a legal pact with its parent that allows the blue-chip company to invest directly in overseas upstream projects instead of leaving such acquisitions to the parent. Prior to the amendment, the listed company was only allowed to operate domestically.

Sinopec’s desire to seek oil and gas assets abroad comes as the company sets new goals for growth in both upstream and crude oil refining operations.

Wall Street Journal (through Google News)