Sinopec buys oil firm

BEIJING: Asia’s top oil refiner Sinopec of China has signed a deal to buy Canada’s Tanganyika Oil Co. for $2 billion, Chinese state media said on Saturday. Sinopec agreed to pay 31.50 Canadian dollars per share, an 8.8 per cent premium on the company’s closing share price on Friday, Xinhua said. The deal is subject to approval from China’s government, a Sinopec source told Xinhua. — AFP

Alitalia pilots agree

ROME: Alitalia pilots agreed to a rescue package for the airline proposed by the Italian Air Company investor group, ANSA news agency reported on Saturday, boosting hope that Italy’s national carrier may survive. The agreement which settles issues such as the pilots’ work contract was backed by the four main trade unions after nearly 12 hours of uninterrupted negotiations with the government. Alitalia’s 900 captains will have contracts that differ from those of the other staff members. — AFP