Auditors Probe Sinopec, Savvy Broker in Angola

(Beijing) – Government auditors are taking a closer look at US$ 10 billion worth of offshore oil investments by state-run China Petroleum & Chemical Corp. (Sinopec) that owe their existence to a Hong Kong businessman with a flair for networking in the southern African nation of Angola.

The National Audit Office completed its review of Sinopec's ongoing, seven-year project to develop five sub-sea oil drilling blocks in July, but a source close to Sinopec says auditors have extended their review while probing the project's links to a businessman named Sam Pa.