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Sinopec will buy back its four listed subsidiaries - Sinopec Qilu Petrochemical Co, Sinopec Yangzi Petrochemical Co, Sinopec Zhongyuan Petroleum Co, and Sinopec Shengli Oilfield Dynamic Group Co - at a cash offer of 14.3 billion yuan (US $1.78 billion), the company announced in mid-February. This transaction is a move made by Sinopec to deliver their promises at IPO in 2000 which include restructuring its assets in order to strengthen the competence of its core business.
Sinopec will buy back its four listed subsidiaries - Sinopec Qilu Petrochemical Co, Sinopec Yangzi Petrochemical Co, Sinopec Zhongyuan Petroleum Co, and Sinopec Shengli Oilfield Dynamic Group Co - at a cash offer of 14.3 billion yuan (US $ 1.78 billion), the company announced in mid-February. This transaction is a move made by Sinopec to deliver their promises at IPO in 2000 which include restructuring its assets in order to strengthen the competence of its core business.