Sinopec, Asia's biggest refiner, said yesterday it planned to buy more overseas upstream assets from its state-owned parent as it sought to boost production capacity and reduce reliance on its volatile refining business.

　　亞洲最大煉油商中石化(Sinopec)昨日表示，計劃向國有的母公司收購更多海外上游資產。該公司正尋求擴大產能，降低對易波動的煉油業(yè)務的依賴。

　　Su Shulin, chairman, said the company's $2.5bn acquisition of a stake in an Angolan oil field from its parent, announced late on Sunday, would be followed by similar deals to lift investment returns. The company would avoid any projects that involved high political risk, he added.

　　中石化周日晚宣布，以25億美元向母公司收購了安哥拉一塊油田的部分股權。中石化董事長蘇樹林表示，將繼續(xù)進行類似交易，以提高投資回報。他還表示，中石化將避免任何涉及高度政治風險的項目。

　　“The deal marks Sinopec's entry into the overseas upstream exploration and production business. It gives us a basis to do more,” said Mr Su.

　　“這項交易標志著中石化進入了海外上游勘探生產業(yè)務。這是我們采取進一步行動的基礎，”蘇樹林表示。

　　Expanding in the upstream segment is vital to Sinopec as the company, which imports more than 70 per cent of the oil it refines into petrol and other products, currently relies heavily on refining. Upstream operations accounted for just 5 per cent of the group's operating revenues last year, before the elimination of intersegment sales, while refining and marketing made up 63 per cent.

　　擴張上游業(yè)務對中石化至關重要。該公司目前高度依賴煉油業(yè)務，而其用于煉制汽油及其它產品的原油，70%以上通過進口獲得。上游業(yè)務僅占該公司去年營收（沖抵集團內部交易前）的5%，而煉油及銷售業(yè)務占63%。

　　The refining operation, which reported an operating profit of Rmb23.1m last year compared with an operating loss of Rmb63.6m a year ago, is highly dependent on government-controlled fuel prices that it can charge customers.

　　煉油業(yè)務的營收，高度依賴于受政府管制的成品油零售價。該公司煉油業(yè)務去年實現(xiàn)經營利潤2310萬人民幣，前年則出現(xiàn)6360萬人民幣的虧損。

　　Sinopec reported robust performance for the best part of 2009 as Beijing kept raising fuel prices. But its refining margin started to deteriorate in the final quarter as China was reluctant to increase prices because of inflation concerns in spite of rising crude prices.

　　2009年大部分時間里，由于政府一再上調成品油價格，中石化業(yè)績表現(xiàn)強勁。到了第4季度，盡管原油價格持續(xù)上漲，但由于擔憂通脹風險，政府不愿再上調成品油價格，中石化煉油業(yè)務的利潤率開始下降。

　　Sinopec has announced it will pay its parent $2.5bn for a 27.5 per cent stake in the oil field in Angola, which will increase its reserves by 3.6 per cent and lift daily production by 8.8 per cent. Its parent will continue to own 22.5 per cent of the field, while BP controls the other half.

　　中石化周日宣布，將向母公司支付25億美元，收購安哥拉一塊油田的27.5%股權。這項交易將使該公司的儲量擴大3.6%、日產能提高8.8%。母公司仍將持有該油田的22.5%股權，英國石油(BP)則持有另外一半股權。