Sinopec Corp and subsidiary to acquire equity interests from parent

China Petroleum and Chemical Corporation (Sinopec Corp) plans to acquire equity interests in three oil refineries and 63 gas stations from its parent company, Sinopec Group Company. Sinopec Yangzi Petrochemical, a subsidiary wholly owned by Sinopec Corp, will also acquire equity interests of two oil refineries from Sinopec Group. The acquisitions are valued at 3.66 billion yuan (US$501 million), to be paid for by the internal resources of Sinopec Corp and Sinopec Yangzi Petrochemical. The proposed transactions require approval of the State-owned Assets Supervision and Administration Commission and other relevant authorities. Under an agreement signed between Sinopec Corp and Sinopec Group, Sinopec Corp will acquire 100% state-owned equity interest in Sinopec Hangzhou Oil Refinery Plant, 59.47% interest in state-owned equity in Yangzhou Petrochemical Plant and a 75% interest under the joint venture contract of Zhanjiang Dongxing Petrochemical Company Limited. Sinopec Corp will also acquire the operating rights of 63 gas stations from Sinopec Sales and Industrial Company, a wholly owned subsidiary of Sinopec Group. Sinopec Yangzi Petrochemical is to acquire Sinopec Group's 100% state-owned equity interest in Taizhou Petrochemical and 100% State-owned shareholding in Qingjiang Petrochemical.
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