China Petroleum & Chemical Corporation, or Sinopec Ltd, is a Beijing-based oil and gas company which is listed in Hong Kong, Shanghai and New York (NYSE: SNP). It is one of the world’s biggest companies by revenue. Sinopec Ltd’s parent, Sinopec Group is one of China’s biggest petroleum groups.
Business Digest, October 16, 2012
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Sinopec unit to acquire half of Vesta Terminals
Sinopec Kantons, a unit of China Petroleum and Chemical (Sinopec), will acquire a 50 per cent equity interest in Vesta Terminals for €128.6 million (HK$1.3 billion), the company said in a filing with the Hong Kong stock exchange. Vesta Terminals operates bulk liquid storage terminals for petroleum products and biofuels, with 1.6 million cubic metres of storage capacity in Europe. Sophie Yu
Cofco subsidiary to raise HK$910m
CPMC, a mainland manufacturer of packaging products for food and beverages, plans to raise HK$910 million through a placement, a sales document shows. The firm, 72 per cent owned by Cofco, the country's largest supplier of agricultural products, will place 166 million shares at HK$5.51 each, a 4 per cent discount to its closing price of HK$5.74 yesterday. The money will be used on its plants and operations. Reuters
US retail sales rise more than expected
Retail sales in the United States rose more than expected last month, reflecting broad-based gains that indicate household spending helped bolster economic growth last quarter. The 1.1 per cent gain followed a revised 1.2 per cent increase in August that was the biggest since October 2010 and larger than previously reported, commerce department figures showed. The median forecast of 77 economists surveyed by Bloomberg called for a 0.8 per cent rise last month. Bloomberg