|
BIZCHINA / Energy/Mining |
Sinopec completes takeover of fuel distribution interestsBy ()
Updated: 2007-06-28 15:52 China Petroleum & Chemical Corp (Sinopec), Asia's top refiner, said it has completed the takeover of China Resources Enterprise Ltd (CRE)'s fuel distribution business in Hong Kong. The two companies held the hand over ceremony yesterday, the refiner said in a statement. In April, CRE said it had entered into a formal agreement with Sinopec to sell its 100 percent interest in China Resources Petrochem Investments Ltd (CRPI) for 4.0 billion HK dollars in cash. It said Sinopec agreed to buy the group's entire interest in CRPI, which holds all the group's petroleum distribution business in Hong Kong, including wholesaling of petroleum products and petrol station operations. (For more biz stories, please visit Industry Updates)
|
|