Sinopec, Asia's biggest refiner, said yesterday it planned to buy more overseas upstream assets from its state-owned parent as it sought to boost production capacity and reduce reliance on its volatile refining business.
Su Shulin, chairman, said the company's $2.5bn acquisition of a stake in an Angolan oil field from its parent, announced late on Sunday, would be followed by similar deals to lift investment returns. The company would avoid any projects that involved high political risk, he added.
“The deal marks Sinopec's entry into the overseas upstream exploration and production business. It gives us a basis to do more,” said Mr Su.
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