Sinopec eyes injection of assets

Sinopec Group, parent company of Asia’s largest refiner, Sinopec, is working on a plan to inject its overseas assets into its listed unit, its chairman said yesterday, a move aimed at cutting the unit’s exposure to unprofitable refining at home. “We are evaluating our upstream assets. Once it is done, we will inject them into the listed company as soon as possible,” Sinopec chairman Fu Chengyu said. Fu said Sinopec’s current cash flow was not enough to fund the purchase of all upstream assets from the group.