Sinopec or Addax project into AG

View latest Quotes ⊙ 0 editor Xiaohua Sinopec Group announced this week to 46. 500 million dollars (about 31.7 billion yuan) of cash to buy the company's 9.03% stake in the Canadian Syncrude joint venture, once again showing the ambition of the original downstream business to expand its upstream business.　　　　The group learned that Sinopec will produce more than 17 million tonnes of overseas equity this year, with a significant portion of the future expected to be gradually injected into AG, including the ADDAX projects that have attracted attention. Overseas assets injected into the curtain opening China Petrochemical Group general manager, Sinopec chairman Su, said in an interview with the Shanghai Securities newspaper, the entire 2009, Sinopec Group added overseas reserves of 110 million tons, new rights and interests output of 12.79 million tons.　　In 2010, the group's equity output was expected to reach 17.2 million tonnes. "Next, the AG will evaluate the foreign oil and gas assets owned by the parent company." If the conditions are right, the company will further acquire foreign oil and gas assets in some of the less sensitive areas.　　"Su said.　　On March 28, Sinopec announced a 2.457 billion dollar total to the parent company's oil and gas assets in Angola, which is seen as a sign of China's petrochemical takeover of the parent company's offshore oil and gas assets. But Su also said that the future of the parent company's overseas assets will be fully injected or selectively injected into the AG, which will be judged by the specific circumstances of each project.　　Some projects may not be suitable for injection for reasons of political risk, economic risk, exploration risk and return requirements.　　In particular, he noted that joint-stock companies could also conduct overseas operations in the future.　　Addax project may be split injection it is noteworthy that the ADDAX project is also in the list of all the overseas assets that the Sinopec Group may inject into AG. Sinopec Corp announced last year that it had successfully acquired Addax company.　　It is by far the biggest successful deal for Chinese companies to acquire offshore oil and gas assets. "If the conditions are right, the injection of ADDAX into the stock company is not excluded," he said. Of course, even if injected, the project will be torn apart and injected.　　Su to this newspaper reporter said. The reason for the break-up is that the industry is likely to be linked to Addax's possession of oil and gas assets in the sensitive Iraqi Kurdish region.　　Iraq's oil minister previously claimed that contracts such as ADDAX (in Iraq) were illegal. But Su points out that the break-up is not just part of Iraq. "There are many oil and gas assets in the addax, some in the exploration phase, some in the development stage, some large scale, some small scale, some benefits are better, some benefits are worse." Assets that are poorly explored and inefficient may not be injected. "The deal is not going to blackmail the AG but Su later said," There is no timetable for the company to acquire the ADDAX project from the parent company. At the acquisition price, the parent company will certainly not blackmail AG, there will certainly be a reasonable price, the assessment is still in progress. He also revealed that Sinopec is still tracking some projects overseas, including some venture exploration projects and blocks that have been put into development. At present, the parent company's offshore oil and gas assets are mainly distributed in Nigeria, Gabon, Angola, Russia, Kazakhstan and Australia. "For these equity companies are studying the right word for future stock companies to be able to acquire." "As to how the acquisition price of oil and gas assets will be determined, Su said that the company also had forecasts in its assessment and considered the risk and benefit factors," only when the yield index reached the standard we assessed. ”