August 26, 2013 / 8:22 AM / 4 years ago

Sinopec says no firm plan to set up oil service JV with Weatherford

HONG KONG, Aug 26 (Reuters) - Asia’s largest refiner Sinopec Corp said on Monday it has no firm plan to set up an oil service joint venture with U.S. listed Weatherford International, although it has been looking at the potential of entering tie-ups in that field.

Chairman Fu Chengyu was speaking to reporters at the company’s interim results briefing.

Sinopec and Weatherford were in advanced talks about forming a joint oilfield service company, people with direct knowledge of the matter told Reuters earlier this month.

Sinopec posted a 22 percent rise in second-quarter net profit on Sunday, helped by better refining margins after China introduced measures to let domestic fuel prices follow the international market more closely.

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