CIC to help fund Sinopec's overseas expansion
21 December 2007
China Investment Corporation (CIC) named Sinopec as the first state-owned enterprise (SOE) it will help finance, as the oil firm invests overseas, China Business Net reported (in Chinese). The sovereign wealth fund had earlier reached a cooperation agreement with the agency responsible for all SOEs, the State Assets Supervision and Administration Commission, but had not named which specific companies would be funded. Both parties have not yet finalized the details for a financial injection, said a person familiar with the situation. Sinopec's share price rose 6.82% on the Shanghai stock market and 1.62% in Hong Kong yesterday following the news.
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