Sinopec: Intends to acquire 49% equity of Xinhuadubai with 563 million yuan.

On September 25th, Zhongman Petroleum announced that in order to further enhance the company's oil and gas reserves and equity production, its wholly-owned subsidiary Zhongman Gulf intends to acquire 49% of the shares in Rising Energy International Middle East FZCO held by China Rising Energy International Co., Limited, a wholly-owned subsidiary of Xinhuaxia International Energy Development Co., Ltd. The transaction amount for this equity acquisition is 563 million yuan. After the acquisition is completed, Zhongman Gulf will hold 100% of the shares in Xinhuaxia Dubai, and will indirectly hold 100% equity in the Jang Block.