Sinopec says no timetable for parent's assets purchase

BEIJING - The China Petroleum Chemical Corporation, or Sinopec Corp, said Tuesday 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 guesses about such moves.

Sinopec, the listed arm of the group, announced last week that it had raised $3.1 billion through 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.

Market speculation regarding Sinopec's further purchases of its parent's overseas assets, which are worth $8 billion, became more common after it acquired the group's oil assets in Angola in 2010.

In Tuesday's statement, Sinopec said it has been evaluating a variety of its parent's overseas assets from business, legal and financial perspectives on a preliminary basis, adding that as of the date of the announcement, the company does not have a definitive timetable regarding any possible acquisitions.

Sinopec Corp's Hong Kong-listed shares gained 0.91 percent to HK$8.84 per share on Tuesday, while its Shanghai-listed stocks stayed flat at 7.16 yuan.