China Petroleum and Chemical (Sinopec) is looking for US$1.2 billion of bank financing to buy all outstanding Sinopec Shanghai Petrochemical H shares, the South China Morning Post reported, citing a source familiar with the situation. Sinopec might pay as much as US$0.83 per share – almost a 60% premium over Thursday's US$0.52 closing price – and reportedly is seeking the financing by next month. The company may also have to buy 4.87 billion Shanghai-listed A-shares, valued at US$4 billion, in order to privatise. However, it may have to pay a significant premium to convince minority shareholders to sell. The privatisation of Sinopec Shanghai would be the seventh in the past two years.