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Sinopec in JV to buy $3 billion of assets from parent

HONG KONG (Reuters) - China Petroleum and Chemical Corp (Sinopec Corp) <0386.HK> <600028.SS> <SNP.N> has agreed to set up a joint venture with its parent company to buy $3 billion (2 billion pounds) worth of oil and gas assets held by the latter in a bid to improve its profitability. The 50/50 venture between a wholly-owned subsidiary of Sinopec Corp and Sinopec Corp's parent, China Petrochemical Corp (Sinopec Group), will buy oil and gas producing assets with 310 million barrels in proven and probable reserves.
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