Sinopec (SNP +1.3%) and a group of Chinese banks reportedly are in talks to acquire an equity...

|By:, SA News Editor

Sinopec (SNP +1.3%) and a group of Chinese banks reportedly are in talks to acquire an equity stake in and provide financing of up to $1B to the ~$2.5B Texas Clean Energy Project. Such a move would be significant for SNP, which is looking to build favor in the U.S. as it aggressively acquires energy reserves and seeks U.S. production expertise.