Sinopec Buys Oxy's Argie Assets

Sinopec Buys Oxy's Argie Assets

Argentina China M&A

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 national banks. "There were no private banks involved. The Chinese government has a lot of dollars in reserves and part of it is earmarked for natural resource investments," he explains. Sinopec will also use some cash

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