Sinopec buys Syrian oil assets
26 September 2008
China Petroleum and Chemical Corp (Sinopec) announced it would buy access to Syrian oil assets belonging to Canada-listed Tanganyika Oil for US$2 billion, the Wall Street Journal reported. Earlier in the week, "market sources" told the South China Morning Post that Sinopec was offering a "US$1 billion-plus" bid for the company, which was unlikely to be matched by rival bidder, India's Oil and National Gas Corp. The Sinopec offer, for US$30.38 a share, represents a 21% premium to the company's Wednesday close. The deal is still subject to regulatory approval, but has received the go-ahead from both companies' boards.