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Sinopec to Buy Petrochemical Oil Assets

China's Sinopec, Asia's largest refiner will buy oil production assets from China Petrochemical Corp

China's Sinopec, Asia's largest refiner, said on Thursday it would buy $447.4 million worth of oil production assets from a unit of its controlling shareholder, China Petrochemical Corp.

The assets are owned Shengli Petroleum Administrative Bureau and would pay for the purchase with internal resources.

The assets include 64.73 percent of Shengli Oilfield Dongsheng Jinggong Petroleum Development Stock Ltd., which owns 1,023 oil wells and is involved in crude oil production at 84 oil production areas of Shengli Oilfields.

The company will buy 100 percent of Petroleum Development Center of Shengli Petroleum Administrative Bureau, which owns 244 oil wells with production areas at 23 oil production areas of China Shandong Shengli Oil Field.

The refiner will also take 52 percent of Shengli Oilfield Zhongsheng Petroleum Development Co. Ltd., which is an oil production firm holding 41 oil wells.