Sinopec Group to Acquire Tanganyika Oil     

China Petrochemical Corporation (Sinopec Group), the Asian leading refinery, will acquire Canada-based Tanganyika Oil Co., Ltd. for a consideration of Canadian dollars 2.07 billion (RMB13.7 billion or US$2 billion), through its fully-owned subsidiary Sinopec International Petroleum Exploration and Production Corporation (SIPC).
   Both sides have signed a definitive agreement on it.
   SIPC, headquartered in Beijing, undertakes overseas investments and operations in the upstream oil and gas sector.
   Tanganyika Oil Company Ltd., the Canada-based oil/gas company, focuses on its properties in Syria. The company holds operating interests in two Syrian production sharing agreements covering the Oudeh Block and the Tishrine and Sheik Mansour Blocks. In the first half of 2008, the average gross field production was 16 670 barrels of oil per day.
   This acquisition is an important step forward in Sinopec Group's strategy to become a diversified global resource provider. Sinopec Group imported 120 million tons of crude oil in 2007, equivalent to 80% of oil needed in its refineries. Due to the oil products prices in China set by the government inconsistent with the surging price of crude oil in the international market, the group's refineries have suffered loss for three continuous years.
   The deal is subject to approval by the Chinese government.