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March 24, 2013
19:36 EDTSNPSinopec 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.
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