Deals
Sinopec Buys Saudi Yanbu Refinery Stake for $562 Million
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China Petroleum & Chemical Corp. will invest $562 million to buy its parent’s stake in an oil-processing plant in Saudi Arabia to consolidate its position as Asia’s biggest refiner.
The Beijing-based company, known as Sinopec, will hold 37.5 percent in Yanbu Co., it said in a filing yesterday to the Hong Kong stock exchange. Saudi Arabian Oil Co., known as Saudi Aramco, will owns the balance of 62.5 percent, Sinopec said.