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2nd UPDATE: Sinopec Planning to Acquire Parent's Overseas Oil, Gas Assets

  • -- Sinopec move follows international upstream buying spree by Sinopec Group

  • -- Acquisition plan may be forerunner to further restructuring

  • -- Sinopec Group to sell remaining chemicals business within five years

  • China Petroleum & Chemical Corp. (0386.HK), better known as Sinopec, plans to acquire the overseas oil and gas assets of its parent, China Petrochemical Corp., or Sinopec Group, in a move that will increase its hydrocarbon reserve base and help it become a fully integrated oil major.

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