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.

　　亚洲最大炼油商中石化(Sinopec)昨日表示，计划向国有的母公司收购更多海外上游资产。该公司正寻求扩大产能，降低对易波动的炼油业务的依赖。

　　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25亿美元向母公司收购了安哥拉一块油田的部分股权。中石化董事长苏树林表示，将继续进行类似交易，以提高投资回报。他还表示，中石化将避免任何涉及高度政治风险的项目。

　　“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.

　　“这项交易标志着中石化进入了海外上游勘探生产业务。这是我们采取进一步行动的基础，”苏树林表示。

　　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.

　　扩张上游业务对中石化至关重要。该公司目前高度依赖炼油业务，而其用于炼制汽油及其它产品的原油，70%以上通过进口获得。上游业务仅占该公司去年营收（冲抵集团内部交易前）的5%，而炼油及销售业务占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.

　　炼油业务的营收，高度依赖于受政府管制的成品油零售价。该公司炼油业务去年实现经营利润2310万人民币，前年则出现6360万人民币的亏损。

　　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年大部分时间里，由于政府一再上调成品油价格，中石化业绩表现强劲。到了第4季度，尽管原油价格持续上涨，但由于担忧通胀风险，政府不愿再上调成品油价格，中石化炼油业务的利润率开始下降。

　　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，将向母公司支付25亿美元，收购安哥拉一块油田的27.5%股权。这项交易将使该公司的储量扩大3.6%、日产能提高8.8%。母公司仍将持有该油田的22.5%股权，英国石油(BP)则持有另外一半股权。