China's sinopec buys overseas assets from Parent

China's Sinopec says it's acquiring oil and gas assets in Russia, Kazakhstan and Colombia from its parent company to raise profitability and global competitiveness.The state-owned company said its setting up a $3 billion joint venture with its parent, China Petrochemical Corp., to acquire the assets. Each company will provide half the investment amount for the joint venture but Sinopec will have control.Chief Financial Officer Wang Xinhua said Monday the "acquisition will bring substantial potential to the company." The deal is forecast to raise its proven crude oil reserves by 9 percent, according to a report of the Associated Press.