Sinopec (SNP.N: Quote, Profile, Research) (0386.HK: Quote, Profile, Research) (600028.SS: Quote, Profile, Research), China's second-largest oil and gas producer, is listed in Shanghai, Hong Kong and New York.
Huang Wensheng, the spokesman for the listed entity, said he had no information about any talks, which would be conducted by the parent company.
"Any overseas investment would be done by the parent company," he said. "Under the existing agreement, we just have the right of first refusal to take any assets from the parent."
Nobody at the parent company was available for comment.
The paper did not say what form the injection of funds would take. One possibility is for CIC and Sinopec's parent to jointly invest in overseas exploration projects and to sell the assets to the listed company, the paper quoted unidentified sources as saying.
Asset injections by state-owned parent companies allow listed firms such as Sinopec and its stablemate PetroChina, a subsidiary of China National Petroleum Corp, to grow quickly and at a favourable price.
According to research by analysts at Goldman Sachs, Sinopec has indicated its parent has 120 million tonnes (880 million barrels) of recoverable oil reserves compared to its own oil and gas proved reserves of 3.77 billion barrels of oil equivalent.
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source: reuters.com
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