Companies / China
BP-Sinopec Deal Rumoured To Be Imminent
February 2006 | Company News AlertA major BP-Sinopec deal may be in the offing, although BP has denied knowledge that it has been given the okay by Chinese authorities to buy a 25% stake in partly-privatised energy behemoth Sinopec. If the US$14bn deal were to go through as news reports are predicting, it would make BP the most important foreign player in the Asian country and give a boost to Sinopec's overseas exploration activities, an area in which the primarily domestic downstream player is struggling to catch up with national rivals CNPC and PetroChina.
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