Sinopec Buys Oxy's Argie Assets

Dec 13, 2010

Sinopec, a subsidiary of China Petrochemical Corp, is buying the Argentine oil and gas assets of US-based Occidental Petroleum (Oxy) for about $2.5bn in after-tax proceeds. A source with knowledge of the deal says Sinopec will finance the acquisition mostly with loans from Chinese...

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“The crisis has been a setback for reserve diversification."

Jan Dehn, Ashmore Investment Management