Sinopec is in talks to acquire an Angolan oil field from its parent company, China Petrochemical Corporation, Bloomberg reported, citing state media. China Business News said that Sinopec could announce the decision to buy the Angolan field, which holds around 3 million tons in oil reserves, later this month. The Shanghai-based newspaper also reported that China Petrochemical Corporation may also consider selling its Nigerian oil assets to Sinopec. Beijing-based spokesman for Sinopec Huang Wensheng confirmed with Bloomberg that the company "had not ruled out" buying overseas assets from its parent.
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