Sinopec
says in talks with BP, but not over stake sale
AFP
SHANGHAI
Petroleumworld.com
02 28 06
Sinopec, Asia's largest petroleum refiner, is not preparing to
sell a stake to British oil giant BP but is holding discussions
concerning venture projects, company officials said Tuesday.
"There is absolutely no deal," an official surnamed
Wu from Sinopec's financial communications department told AFP.
Although Wu insisted that negotiations for an equity sale were
not on the table, Zheng Baomin, an investor relations director
for the Beijing-based group, said some talks about possible cooperation
had taken place.
"We have had some discussions on individual projects, but
we have not had discussions at the equity level," said Zheng.
The comments follow a report by Britain's Observer newspaper on
Sunday that Beijing's mandarins had given the green light for
BP to enter a joint venture with Sinopec.
The British weekly said it had learned that regulators had agreed
to permit the move, which could see BP make the largest investment
by a foreign company in China in a deal worth the equivalent of
25 percent of Sinopec's shares.
BP was not aware of any Chinese decision but privately welcomed
the news, the paper said.
Its China operations were not available to comment on Tuesday.
Chief Executive Lord John Browne said in October he was keen to
expand in China, while Chinese Vice Premier Zeng Peiyan made similar
remarks in November ahead of Browne's visit to the mainland.
BP, which already cooperates with state-run Sinopec in an ethylene
plant in Shanghai, has invested over three billion dollars in
China over the past three decades, according to its website.
AFP
02 27 06
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© 2006 AFP. All rights reserved
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