China Petroleum & Chemical Corp (Sinopec) has entered into an agreement to buy 75% stake in Hainan Petrochemical Co Ltd from affiliate Shengjun International for 2.99 bln yuan. Shengjun is a unit of Sinopec's parent, and will hold 25% in Hainan. The 2.99 bln yuan will form part of an increase in the registered capital of Hainan Petrochemical.
Shengjun International has also agreed to inject 996.5 mln yuan into the registered capital of Hainan Petrochemical, increasing the registered capital of Hainan to 3.99 bln yuan.
Hainan province offers a geographical advantage as a vital transportation center from mainland China to various countries surrounding the Pacific Ocean. The Hainan petrochemical project that was completed this August, has started trial runs last month.
12-Oct-06 
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}