Sinopec May Buy Angola Oilfield From Parent

Dec. 8 (Bloomberg) -- China Petroleum & Chemical Corp. may buy an Angolan oilfield from its parent, China Business News reported, citing people it didn’t name.

Sinopec, as China Petroleum is known, may announce its decision this month, the Shanghai-based newspaper said. The Angolan field holds about 3 million metric tons in oil reserves.

Parent China Petrochemical Corp. may also consider selling its Nigerian oil assets to Sinopec, the newspaper said today.

Sinopec doesn’t rule out the possibility of buying overseas assets from its parent, Huang Wensheng, the Beijing-based spokesman of the oil refiner, said by telephone today, without elaborating.