Also, Cnooc and Sinopec need to repay loans they took out to buy assets.
Beijing-based Sinopec Engineering aims to list on the Hong Kong bourse on May 23.
Mr. Fu, for his part, appears eager for Sinopec to step up shale-gas exploration in China.
Sinopec has already become one of the largest and most profitable companies in the world.
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Sinopec, which is controlled by the Chinese government, is developing oil fields in Iraq.
In 2006, Sinopec signed a memorandum of understanding with Iran to develop the Garmsar block.
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In November of last year, Sinopec acquired an 80-percent stake in Pecten Cameroon Co.
But would they have the same gag reflex about Sinopec investing in clean coal?
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But the risks involved for Sinopec, Repsol and Statoil as join venture partners, are enormous.
Sinopec Engineering plans to start taking orders in a roadshow of presentations to investors beginning May 6.
Lastly, oil and gas company Petrobras said it signed a technological cooperation agreement with SinoChem and Sinopec.
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As part of Talisman Sinopec Energy UK, it will now own and fund 49% of Talisman's UK operations.
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Talisman, based in Canada, is creating a joint venture with Sinopec, also known as the Chinese Petrochemicals Corporation.
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Last year, Sinopec Engineering derived half of its revenue from Sinopec Group, down from 66% in in 2010, J.
Even before the potential violation of ILSA arose, Sinopec had already attracted controversy.
Sinopec issued its first shares on the New York Stock Exchange in October.
Sinopec plans to use the proceeds to acquire overseas oil and gas assets of its parent company, China Petrochemical Corp.
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That firm suffered a loss after a 2008 spill caused by Sinopec, one of the three large state oil companies.
David Hager, who heads Devon Energy's exploration and production business, says he expects to work with Sinopec on other fronts.
In January, in a New Year's address to Sinopec employees, Mr. Fu signaled that he expected foreign deal-making to continue.
Shell's other projects include a service station partnership with Sinopec in Jiangsu, and an oil shale development in Jilin Province.
Sinopec Engineering is still gauging investors' interest in the IPO, but some fund managers said bankers are asking for too much.
The state-owned Sinopec is attractive to Western investors partly because it's deemed a proxy for exposure to the world's second-largest economy.
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Repsol also peddled a stake to China's Sinopec, which had already invested in its Brazilian assets and reportedly made an offer.
The joint venture will provide Sinopec with know-how to produce oil and gas from shale and other unconventional basins in China.
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The state-owned Sinopec is attractive to Western investors partly because it is deemed a proxy for exposure to the world's second-largest economy.
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He also oversaw some of China's biggest overseas share sales, such as that of phone operator China Unicom and oil firm Sinopec.
Sinopec plans to use the proceeds to acquire overseas upstream oil and gas assets now held by its parent company, China Petrochemical Corp.
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Mr. Ershaghi, the USC professor, visited Beijing last July at his former student's request to lecture Sinopec managers and engineers on shale-gas production.
Huntsman is manufacturing the substance along with BASF and several Chinese companies--including Shanghai Huayi (group company) and Sinopec Shanghai Gao Qiao Petrochemical Corp.
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