China's Sinopec is looking for oil and gas assets in North America to expand its business, its chairman said on Tuesday.

There are still many opportunities to cooperate with local companies to develop energy resources in the region, Fu Chengyu, chairman of Sinopec Group and the listed unit, told Reuters on the sidelines of the annual parliamentary meeting in Beijing.

Investment returns as well as commercial and political risks are also favourable in the United States, Fu said.