Sinopec Oilfield Service's (HKG:1033, SHA:600871) controlling shareholder, China Petrochemical Corp., or CPC, will transfer a 4% stake in the company to China National Petroleum Corp., or CNPC, according to a Sept. 20 disclosure on the Hong Kong stock exchange.
The company described the move as a "gratuitous transfer agreement" to deepen the strategic cooperation between CPC and CNPC, the parent company of PetroChina (HKG:0857, SHA:601857).
Following the transfer, CPC's stake in Sinopec Oilfield will reduce to 52.52% from 56.52%.
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