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BEIJING (

TheStreet

) --

China Petroleum and Chemical

(SNP) - Get Free Report

and U.S. private-equity firm TPG aren't considering a bid to buy bankrupt chemical company

LyondellBasell

, a report says.

"That's completely incorrect," a source told

Reuters

, commenting on a report from

Bloomberg

that China Petroleum, or Sinopec, and TPG were mulling a bid for LyondellBasell.

Bloomberg

reports that a bid from Sinopec and TPG would challenge a $12 billion offer for LyondellBasell from India's

Reliance Industries

. Sinopec and TPG reviewed LyondellBasell's finances and discussed making a joint bid,

Bloomberg

reports.

Rotterdam-based LyondellBasell, the world's third-largest independent chemical company, filed for bankruptcy in April.