CPC loses Kyrgyz rights

Jun 28, 2007 02:00 AM

China Petrochemical Corporation (CPC), the parent of listed Sinopec, may suffer a setback in its overseas expansion after a court in Kyrgyzstan ruled that the company be stripped of an exploration licence in the Central Asian nation.
The development had attracted "great concern" within the central government, with the Ministry of Commerce and China's embassy in Kyrgyzstan attempting to negotiate with the Kyrgyz government, the ministry said. A Kyrgyz court on 14 June ordered a CPC unit to cease all exploration drilling and engineering project design works in the Alay basin after the Supreme Procuratorate filed a lawsuit against the company in May.

CPC's wholly owned unit was set up in May 2002 and received an exploration licence for the Alay basin the following month.
The company had spent about $ 31 mm on exploration in that area, the ministry said.

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