Sinopec plans to drill in Sudan
16 November 2005
China Petrochemical, or Sinopec, will join its competitor China National Petroleum Corp in a US$600 million acquisition of drilling rights in Sudan, reported the Wall Street Journal. The Sudanese government will seek a stake in the venture, from which 20,000 barrels of crude a day is expected. Sinopec quit Sudan in 2000 before one of its unit's IPO in October that year, selling the whole of its 80% stake in a small venture to CNPC.
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