BEIJING, Dec. 21 (UPI) -- China Investment Corp. may fund overseas oil exploration, the China Business News reported.

The country's $200 billion sovereign wealth fund is in talks with China Petroleum & Chemical Corp. (OTCPK:SNPMF), the country's No. 2 oil and gas producer, the news report said.

"Any overseas investment would be done by the parent company," said Sinopec spokesman Huang Wensheng. "Under the existing agreement, we just have the right of first refusal to take any assets from the parent."

The comments were reported by China Business News.

Wensheng said Sinopec is looking for financing through ties with international companies. Earlier in December Sinopec sold 40 percent of a Yemen-based exploration project to France's Total.

Between Sinopec and its parent company, the group has nearly 400 billion barrels of oil equivalent. China relies on imports to meet about half its crude needs.