ABB to expand Chinese investment
The Swiss-Swedish engineering technology group, ABB, is expanding its interests in China with a SFr174 million ($100 million) investment in Asia's biggest oil refinery, Sinopec.
Sinopec handles 50 per cent of crude oil shipped to China, and is due to be privatized later this year. It’s expected to be worth several billion dollars after its initial public offering.
The biggest shareholders are expected to be oil companies such as BP Amoco.
ABB and Sinopec have cooperated closely in recent years, particularly in the development of new technologies.
“The investment corresponds to our global strategy of expanding our activities in regions and technologies that show a strong growth potential”, said ABB head, Goran Lindahl, in a company statement.
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