China Petroleum Expects More Deals From Parent After $3B JV Deal

Bloomberg reported that Asia’s biggest refiner, China Petroleum & Chemical Corp., is seeking more asset deals from parent company after its $3B joint venture deal to replace reserves with Kazakhstan, Russia, and Columbia oilfields.

As quoted in the market news:

Sinopec stock rose 2.7 percent, the most since Jan. 2, to close at HK$8.99 in Hong Kong yesterday after the Beijing-based company announced the 50-50 venture with its state-owned parent China Petrochemical Corp. It also posted full-year earnings that beat analyst estimates.

Click here to read the full Bloomberg report.