Oil giant BP is pursuing a partnership with Sinopec, China's biggest oil refiner in a bid to seek a foothold in the world's second largest petroleum consuming market, the Financial Times reported, citing an unnamed BP executive who said the two companies have been for some time holding extensive talks involving Chinese President Hu Jintao and BP Chief Executive John Browne. For state-controlled Sinopec, a partnership with BP could help fill a gap in its upstream exploration activities, where it is behind domestic rivals PetroChina and CNOOC. Insiders say, however, that Beijing has reservations about a wholesale opening of the domestic energy market to foreigners and that any deal is certain to receive thorough review from the top, including the State Council, China's powerful cabinet.
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