Sinopec makes a bid for Urals
By Li Jing | China Daily | Updated: 2008-12-24 08:05
Following its takeover of Canada-based Tanganyika Oil Co, China Petrochemical Corp, or Sinopec, is continuing its overseas expansion by seeking to acquire Russia-focused firm Urals Energy.
Russian newspaper Kommersant reported last week that Sinopec, China's biggest oil refiner, had offered to pay $130 million for Urals Energy, almost five times higher than the market value of the London-listed oil-producing company.
Urals Energy shares soared 100 percent at the opening of trade the following day.
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