One-Page Deal Sheet
China P&C Enters JV with Parent Company for Asset Purchase
Sinopec China Petroleum & Chemical Corp.
Announced Date
March 25,2013
Close Date
March 25,2013
Transaction Type
JV
Enterprise Value (EV)($MM)
3000
Proved Reserves
Transaction Details: Subscribe to see
China Petroleum and Chemical Corp has agreed to set up a joint venture with its parent company to buy $3 billion worth of oil and gas assets held by the latter in a bid to improve its profitability.
The 50/50 venture between a wholly-owned subsidiary of Sinopec Corp and Sinopec Corp's parent, China Petrochemical Corp (Sinopec Group), will buy oil and gas producing assets with 310 million barrels in proven and probable reserves.
"The transaction will boost Sinopec Corp's profitability," Sinopec Corp, Asia's largest refiner, said on Sunday.
The deal would boost Sinopec Corp's proven reserves by…
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