Pearl Oriental Innovation Ltd. (632) said it signed a strategic cooperation agreement with a unit of China Petrochemical Corp. (386), for possible cooperation in exploration and exploitation of oil and gas fields.
The first stage of cooperation between Pearl Oriental and Sinopec International Petroleum Exploration and Production Corp. will focus on Kazakhstan and Libya and other regions where the two believe it appropriate for Pearl to be their representative, the company said in a statement to the Hong Kong stock exchange today.
Pearl Oriental, whose main business is logistics services and warehouse operations, is in talks to buy an oil field project in Kazakhstan and has discussed the deal with Sinopec, according to the statement.
Shares of Pearl Oriental, which were suspended today, will resume trading tomorrow. The stock rose 1 percent to HK$1.04 yesterday.
--Sophie Leung. Editor: Nerys Avery
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