On Monday, the Shanghai Securities News reported that China Petroleum & Chemical Corp, or Sinopec is unlikely to buy overseas oil and gas assets from its parent this year as such an asset injection is a complicated process.

The news release is quoted as saying:

Sinopec Group's overseas equity crude oil production will rise to 17 million metric tons in 2009 after the company bought Addax Petroleum, Huang told reporters and investors last Friday, without giving comparative figures.

Click here to access the entire press release ^[1]