Reuters: Sinopec in talks to buy $3B chemical plant shut over safety

• Sinopec (NYSE:SNP) is in advanced talks on taking as much as an 80% stake in petrochemical firm Dragon Aromatics, which operates one of China's biggest chemical plants, Reuters reports.
• The talks come after Dragon suffered a second major fire in less than two years at the $3B plant in Fujian, and local authorities reportedly want SNP to participate before allowing the plant to reopen.
• Dragon was forced to shut the plant with a capacity to produce 1.6M metric tons/year of paraxylene, a chemical used to make polyester fiber and plastics, after the fire in April.