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Sinopec Corp (SNP) and parent company Sinopec Group are setting up a 50-50- joint venture that...

Sinopec Corp (SNP) and parent company Sinopec Group are setting up a 50-50- joint venture that will acquire $3B worth of oil and assets owned by Sinopec Group, with Sinopec Corp's contribution $1.5B. The move is part of a long-awaited rebalancing the subsidiary toward the upstream and away from its unprofitable refining operations.
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