摘要
Following its takeover of Canada-based Tanganyika Oil Co., Sinopec is now continuing its overseas expansion by seeking to acquire Russia-focused firm Urals Energy. The biggest oil refiner in China has offered to pay US$130 million for Urals Energy, almost five times higher than the market value of the London-listed oil-producing company. Urals Energy, registered in Cyprus, has key assets in Russia. The proved and supposed oil reserves of the company are estimated at 170 million tons. Dulisma oilfield, one of Urals Energy＇s key assets, has a proved oil reserve of 109 million barrels and natural gas reserve of 1,700 billion cubic meters. Sinopec started talks with Urals shareholders in October. The Chinese government has encouraged Chinese enterprises, both State-owned and private, to ＂become bold＂ in enterprises, especially in the acquiring stakes in overseas energy and resource sectors. In December, Sinopec received approval from the Chinese government for the takeover of Canada＇s Tanganyika Oil Co.
