China’s Sinopec may be granted oil block in Angola

11 December 2009

Beijing, China, 11 Dec – The China Petroleum and Chemical Corp (Sinopec), one of Asia’s largest oil refiners, may be granted an oil field in Angola by its parent company China Petrochemical Corp (Sinopec Group), the China Business News newspaper reported.

The paper, which cites non-identified sources, said it was the start of the transfer of assets from the Sinopec Group to Sinopec, a listed company, which should be followed by the transfer of assets in Nigeria.

In 2006, Sonangol Sinopec International, a partnership between the Sinopec Group and Angolan state oil company Sonangol, offered the best price in bidding for 27.5 percent, 40 percent and 20 percent of oil blocks 17, 18 and 15 in Angola, respectively.

Currently, the Sinopec Group controls over 5 million tonnes of oil in the region, but analysts cited by the newspaper said that it was unlikely that all those assets would be transferred to the listed company. (macauhub)