15 March 2012 06:59 [Source: ICIS news]
SINGAPORE (ICIS)--China Petrochemical Corporation (Sinopec Group) will transfer some of its overseas assets to its subsidiary China Petroleum & Chemical Corp to avoid competition with its own company, an official statement said on Thursday.
Sinopec group will transfer the overseas assets to the subsidiary in accordance with the relevant laws and regulations, according to the statement of China Petroleum and Chemical Corp sent to the Shanghai Stock Exchange.
However, the statement did not specify a time frame, nor did it identify the assets that will be transferred.
The two companies operate same or similar businesses mainly in overseas oil, gas exploration and mining sectors, it said.
The two companies signed an agreement to avoid competition in 2000.
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