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Sinopec to Fully Acquire Mexican Joint Venture for $4 Million; Shares Up 3%

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Sinopec Oilfield Service (HKG:1033, SHA:600871) plans to fully acquire its joint venture company, Mexico DS, for a consideration of $4 million, according to a Hong Kong bourse filing on Monday.

The Chinese oil company's Shanghai shares jumped 3% and Hong Kong shares rose 2% during Tuesday's afternoon trade.

Sinopec will take over the remaining 50% of Mexico DS from Mexican oil and gas company Diavaz through its subsidiaries, IPSC and Sinopec International Petroleum Service Mexico.

IPSC and Sinopec Mexico will directly own 99% and 1% of Mexico DS, respectively, after the completion of the transaction.

Sinopec will also obtain 55% of the Ebano oil field project through Mexico DS.

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