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Sinopec and other Chinese firms are reviewing the $1 billion worth of assets offered for sale by US chemical maker Chemtura Corp, the South China Morning Post reported.

China National Chemical Corp and State oil trader Sinochem Corp are assessing the financial details of the assets, the paper said.

Chemtura said on Feb 10 it was considering selling some assets in order to pay back its debt due in July this year and that it plans to reduce inventories.

A buyer will have to be selected by the end of next month to give time to close the deal before the debt becomes due, the report said.