Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Sinopec, Pearl Oriental Sign Strategic Cooperation

July 22 (Bloomberg) -- Pearl Oriental Innovation Ltd. said it signed a strategic cooperation agreement with a unit of China Petrochemical Corp., 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.

To contact the reporter on this story: Sophie Leung in Hong Kong at sleung59@bloomberg.net

To contact the editor responsible for this story: Chris Anstey at canstey@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.