Sinopec to buy Angolan oil assets for $2.46b

China Petroleum and Chemical Corp (Sinopec; 600028.SH, SNP.NYSE, 0386.HK) said it would buy Angolan deep-water oil assets through a 55% stake in Sonangol Sinopec International, the Wall Street Journal reported. Sinopec will spend US$2.46 billion through "internal resources and bank loans" in the purchase, which will increase its proven reserves of crude oil by 3.6%, or 102 million barrels. Sonangol Sinopec International owns 50% of a deep-water oil asset known as Angola Block 18; the zone’s east block has a daily production capacity of 240,000 barrels, while its west block remains undeveloped. Sinopec also announced its 2009 profit more than doubled to US$9.05 billion following Beijing’s closer linking of fuel prices to international oil prices.