CIC Intends to Increase Investment for Sinopec      

China Investment Corporation (CIC), the state-owned investment company, intends to increase an investment for large-scale enterprises under the central government, to help them acquire assets in overseas markets. China Petrochemical Corporation (Sinopec Group) is preferred selection for CIC. A watchdog says.
   CIC and Sinopec Group have negotiated the scheme time after time. An insider comments it.
   A senior manager of China Petroleum & Chemical Corporation (Sinopec Corp., SH: 600028, HK: 0386) had ever expressed that the company intends to increase an investment in oil upstream business, including acquiring oil assets in overseas markets from its parent Sinopec Group. Sinopec Corp. has set its strategy to boost its oil upstream business and focus on integrated businesses with global leadership positions.
   An analyst commented that CIC and Sinopec Group would jointly purchase oil fields in overseas markets and transfer oil assets to Sinopec Corp.
   CIC, established in September 2007 in Beijing, is engaged in equity investments in China and worldwide.