It is reported that reported that UK based BP Plc one of the world largest energy companies has rejected China Petroleum & Chemical Co proposal to acquire certain assets of the firm.

According to the report, Mr Zhang Jianhua Sinopec senior vice president said that Sinopec had entered talks with BP for possible acquisition of the British firm's certain premium assets however, BP rejected to sell them.

Mr Zhang did not revealed any specific information of the assets, simply by saying that the firm currently is not involved in any negotiations with BP.

Mr Gordon Kwan from Mirae Asset Securities Co said that BP has sufficient cash flow in hand, so it does not have to dispose of assets at low prices. He expects Sinopec and other potential buyers will propose higher offers for BP's assets.

(Sourced from the ChinaDaily.com)