ExxonMobil sells its sake in Sinopec

By OGJ editors

HOUSTON, Mar. 9 -- ExxonMobil Corp. completed the sale of its 3.7% stake in China Petroleum & Chemical Corp. (Sinopec) for $1.37 billion.

The earnings impact from this transaction will be reported in the first quarter, ExxonMobil said.

ExxonMobil acquired the Sinopec shares in October 2000, and the investment facilitated the development of a strategic alliance between the companies. ExxonMobil said that it continues to jointly develop refining, marketing, and chemical ventures with Sinopec.