BEIJING ( TheStreet) -- China Petroleum & Chemical ( SNP) is forming a joint venture with parent China Petrochemical that will acquire $3 billion in oil and gas assets owned by the parent. China Petroleum & Chemical, also known as Sinopec Corp., will exercise effective control over the 50-50 joint venture and will provide about $1.5 billion of the funds used to make the acquisition, the company said Sunday in its 2012 annual report. The parent, China Petrochemical, is owned by the Chinese government and holds a majority stake in Sinopec Corp. The assets purchased by the joint venture will be in countries including Kazakhstan, Colombia and Russia, The Wall Street Journal reported. Also, Sunday, Sinopec Corp. reported that its 2012 net profit was 63.5 billion renminbi, or about $10.2 billion, down 11.4% from 2011. Shares of Sinopec finished Friday up $1.91, or 1.7%, at $113.55.