Sinopec to acquire $8 billion worth of upstream assets

2/4/2013

Sinopec to acquire $8 billion worth of upstream assets

BY YVONNE LEE

HONG KONG -- Sinopec has raised $3.1 billion via a private placement of new Hong Kong listed H shares, as it prepares to acquire $8 billion worth of upstream assets from its parent company Sinopec Group.

The company plans to increase its footprint in global exploration and production, The Wall Street Journal reported earlier this month. The acquisitions, due to take place in April, are aimed at putting Sinopec on par with integrated global energy majors such as Exxon Mobil, Chevron and Shell.

Sinopec agreed to sell 2.85 billion new H shares for $2.38 each. It said that it plans to use the proceeds from the sale for "general corporate purposes," but didn't provide more details.

Dow Jones Newswires

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