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China Petroleum & Chemical Corp May Fund Acquisition of $8 Billion Assets Via Debt-DJ


Thursday, 31 Jan 2013 02:46am EST 

Dow Jones reported that China Petroleum & Chemical Corp may fund its acquisition of $8 billion worth of its parent's assets by taking on additional debt. This would add to an already heavy debt burden for the unit, known as Sinopec Corp., and limit its ability to acquire major foreign-owned overseas assets in the foreseeable future. Sinopec Corp. is negotiating the purchase of upstream oil and gas assets from China Petrochemical Corp., or Sinopec Group, as part of a plan to increase its footprint in global exploration and production, The Wall Street Journal reported earlier this month. The deal will take place in April. Beijing-based Sinopec Corp. will likely to use bank loans and bonds to pay for Sinopec Group's stakes in the assets, including projects in the U.K., Russia, Colombia and Kazakhstan.