China oil giant Sinopec is rumored to be buying Russian oil producer Urals Energy in a takeover deal. According to Kommersant Business Daily, Sinopec started talks with Urals in October. The market expects the deal to total US$ 130 million. The news sent Urals' share price soaring by 100 percent at the opening of trade on December 16, but the company refused to comment in a telephone interview with Caijing.