On December 16, 2010, China Review News discussed a report from Radio France Internationale (RFI) titled “China Petroleum & Chemical Corporation Expands Its Empire around the World.”
China Petroleum & Chemical Corporation (Sinopec Corp), the biggest oil company in Asia, has purchased the American-owned Argentine subsidiary of Occidental Petroleum Corporation for $2.45 billion U.S. So far this year, China has spent $38.8 billion U.S. on mergers and acquisitions in the petrochemical energy business around the world, more than it has ever spent before on M & A in its history. “With the undisguised ambition of conquering the world, Sinopec Corp, together with two other Chinese oil companies, will form a golden triangle to establish a new network for the world’s oil distribution.”
Source: China Review News, December 16, 2010
http://gb.chinareviewnews.com/doc/1015/3/9/4/101539497.html?coluid=59&kindid=0&docid=101539497&mdate=1216095427