China Petrochemical Giant Buys Petroleum Assets and Stations

China's top refiner Sinopec plans to acquire filling stations and petroleum assets in Hong Kong to become a first-tier oil retailer there.

"The entities we are to purchase from China Resources Enterprise will put us among the top four oil retailers in Hong Kong in terms of filling stations. With more stations and support from our mainland refineries, we are capable of competing head-to-head with international energy giants in a transparent market environment," Sinopec spokesman Huang Wensheng told China Daily yesterday.

Sinopec has entered into a framework agreement with China Resources to acquire 20 oil and gas stations and other assets from the latter with a preliminary offer of HK$4 billion.

The final agreement is expected to be signed sometime next month, Huang hinted.