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China's Sinopec Sells Burmese Energy Stake to Taiwan's CPC

26 April 2013

China’s Sinopec Group, Asia’s largest oil refiner, said on Thursday it agreed to sell a stake of 30 percent in an oil and gas block in Burma to Taiwan’s CPC Corp. Sinopec, the parent of Hong Kong-listed Sinopec Corp, gave no financial details of the transaction of block D, which is awaiting approval from regulators. Sinopec acquired full exploration rights over the 12,000-sq-km block near Mandalay from the Myanmar and Gas Enterprise in 2004. There have been three oil and gas discoveries at the six exploration wells drilled in the onshore block, CPC said on its website.—Reuters