Sinopec Corp., parent form $3 billion joint venture

China Petroleum & Chemical Corp. (Sinopec Corp.) agreed to form a joint venture with parent company China Petrochemical Corp. (Sinopec Group) to be called Sinopec International Petroleum E&P Hongkong Overseas Ltd.

The JV will acquire $3 billion worth of overseas oil and gas assets held by Sinopec Group to improve Sinopec Corp.’s profitability and to increase its international footprint. Sinopec Corp. is China’s largest refiner.