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China's top refiner Sinopec plans to acquire filling stations and petroleum assets in Hong Kong to become a first-tier oil retailer there.

 

"The entities we are to purchase from China Resources Enterprise will put us among the top four oil retailers in Hong Kong in terms of filling stations. With more stations and support from our mainland refineries, we are capable of competing head-to-head with international energy giants in a transparent market environment," Sinopec spokesman Huang Wensheng told China Daily yesterday.

 

Sinopec has entered into a framework agreement with China Resources to acquire 20 oil and gas stations and other assets from the latter with a preliminary offer of HK$4 billion.

 

The final agreement is expected to be signed sometime next month, Huang hinted.

 

"We'll do the due diligence and double-check the value of those entities. We believe the deal is worth it," Huang said.

 

Sinopec now owns 13 filling stations in Hong Kong. With the 20 new ones, not only can Asia's largest refiner leverage into big-league oil retailing in Hong Kong, it can also make better use of these assets, Huang said.

 

"Our refineries near Hong Kong in Hainan and Guangdong provinces can provide stable and solid supply for these terminals at low cost."

 

Moreover, the deals will help Sinopec gain market experience and raise its brand awareness.

 

"It's a golden chance to improve our corporate image by competing with global giants such as Exxon Mobil, Shell and Chevon in a fully market-oriented environment like Hong Kong," Huang said.

 

If any major liabilities are found in course of the due diligence, the parties will have the right to adjust the terms of the final agreement.

 

"The sides are expected to sign the final agreement in mid-April, with an intention to complete the proposed transaction by June 30 this year," China Resources Enterprise said.

 

The execution of the framework agreement represents another major step in China Resources Enterprise's ongoing efforts to divest its non-core assets to focus on core consumer businesses.

 

"The disposal is a milestone in our progressive transformation into a pure consumer company," said Song Lin, chairman of China Resources.

 

(China Daily March 16, 2007)