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Sinochem made no comment at the time of publication.
Sinochem's reported purchase price represents about a 42 per cent premium over the Gulfsands' current stock value.
If the news proves to be true, it would be the group's second acquisition this year, after its purchase of the London-listed Emerald Energy in August for 532 million pounds (US$867.85 million).
Emerald and Gulfsands are partners in running the Khurbet Oilfield in Syria, so Sinochem would hold all the stakes in the Khurbet Oilfield if it can acquire Gulfsands.
The Sinochem Group, China's fourth largest oil company and a leading provider of fertiliser, pesticide and seed products, has been seeking overseas acquisition opportunities to strengthen its oil and gas upstream sector.
The strategy to go for overseas assets has been developed as most of the domestic upstream resources have already been grabbed by China's other three big oil firms, according to a senior official from Sinochem.
The company wants its overseas equity oil and gas production to reach 3.50 million tons of oil equivalent by 2011.
(XIC)maz
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