CNPC and Sinopec list assets for transfer

China National Petroleum Corporation (CNPC) and China Petrochemical Corporation (Sinopec Group) have put certain assets up for sale on the assets and equity exchanges in Beijing and Shanghai lately. CNPC put up for sale its 30% stake in the Zhongyou Huaihai Sales Co., Ltd. on the Shanghai United Assets and Equity Exchange for 31.87 million yuan (US$4.7 million). Zhongyou Huaihai, which engages in oil and gas exploration, had sales of 251 million yuan (US$36.7 million), operating profit of 9.3 million yuan (US$1.36 million) and net profit of 6.2 million yuan (US$905,645) in 2007. PetroChina is the second largest shareholder in Yingjiang Zhongyou with a 40% stake. PetroChina officials said the asset sale is part of the company’s normal operation adjustment. (December 26, 2008)