No timetable for buying parent's assets

CHINA Petroleum Chemical Corp, or Sinopec Corp, said yesterday it does not have a definitive timetable for possible acquisitions of its parent company Sinopec Group's overseas assets after its share placement earlier this month fueled speculation about such moves.

Sinopec, the listed arm of the group, said last week that it had raised US$3.1 billion via the sale of 2.85 billion new Hong Kong-listed shares, which analysts said will be used to purchase the overseas upstream assets of its parent Sinopec Group.

In a statement posted on its website, Sinopec said the acquisition of upstream oil and gas assets from the parent is part of the company's existing business plan. The statement said the proceeds from the share placing will be used for general corporate purposes, which include funding working capital, repaying existing loans and conducting project investment.

Sinopec also said it has been evaluating its parent's overseas assets.

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