Sinopec and parent company in $3B upstream JV In a press release Sinopec announced that to further strengthen the resource reserves, oil and gas production and operating efficiency of Sinopec's upstream business, and enhance the long-term, balanced and sustainable development of its up, mid and down-stream businesses, the board passed a resolution to form a 50:50 joint venture company between the two wholly-owned subsidiaries of the company and the Group, respectively. The JV HK will use its own funds and loans to acquire the equity interests of a number of overseas oil and gas assets owned by Sinopec Group for a total consideration of approximately USD$3B, of which the company will be responsible for approximately USD$1.5B as a 50% JV HK partner. The company will exercise effective control over the JV HK in accordance with the contractual arrangements.
News For SNP From The Last 14 Days
Check below for free stories on SNP the last two weeks.