Sinopec (0386.HK), Asia's top oil refiner, reported that the company will buy a stake in upstream assets in Angola for $2.46 billion and announced it wanted more such deals, which could shield it from high oil prices that hit margins in the fourth quarter.

The press release is quoted as saying:

Sinopec, China's No.2 oil and gas producer after PetroChina (0857.HK) (PTR.N) (601857.SS), said its unit in Hong Kong would buy 55 percent of Sonangol Sinopec International Ltd, which has deepwater assets in Angola, from its parent China Petrochemical Corp, its first acquisition of overseas upstream assets.

Click here to access the entire press release ^[1]

Click here to access Sinopec Corporate Site ^[2]