MercoPress. South Atlantic News Agency
China Sinopec completes take over of US Occidental Petroleum assets in Argentina
The operation involved 2.45 billion US dollars China Petrochemical Group (Sinopec), China's largest oil refiner announced this week that U.S. Occidental Petroleum Corp. (NYSE:OXY) had completed handing over its Argentinean assets to it.
Sinopec reached an agreement with U.S. Occidental Petroleum Corp. to buy all assets of its Occidental Argentina for 2.45 billion US dollars in December last year, according to a Sinopec (NYSE:SNP) statement.
Occidental Argentina had gross proven and probable reserves of 393 million barrels of oil equivalent and an interest in 23 production and exploration concessions in Argentina, 19 of which had been operated by the company, said the statement.
Occidental Argentina's production last year totaled more than 15 million barrels of oil equivalent and 14 billion cubic feet of natural gas equivalent.
The purchase is Sinopec's first investment in Argentina's oil and gas sector, according to the statement.
Occidental Petroleum Corp. is the fourth largest US oil and gas company by market value, with operations in the United States, the Middle East and Latin America.
Top Comments
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Read all commentsSo Cristina is aiming trade restrictions at the Chinese while the Chinese are buying up the oil assets .... could be interesting.
Feb 26th, 2011 - 01:29 am 0Angry at Chinese friends? Redhoe? hahaha
Feb 26th, 2011 - 03:02 am 0So Occidental (S.A.) follows the Spanish oil company (40% buy-in) . The latest in a long chain.
Feb 26th, 2011 - 11:20 am 0China is buying into nation's base assets and exploitation capability so fast and so deeply that it will soon be the case that raw materials will only be won with the agreement of China!
Protection of independent nationhood will become the key political ambition in the very near future.
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