Sinochem's deal expands footprint in South America
By Richard Fu |
February 9, 2012, Thursday
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Print Edition
Print Edition
SINOCHEM has agreed to buy oil production and pipeline assets in Colombia from France's Total SA as it furthers its investment in South America's energy sector.
The Chinese company will buy Total's TEPMA BV unit, which holds a stake in the Cusiana field worth 7,000 barrels of oil equivalent per day as well as shares in two pipelines in Colombia, Total said yesterday.
Combined with the earlier sale of stakes in Colombia's Ocensa pipeline, the disposal of TEPMA will raise about US$1 billion, the French energy giant said.
''The acquisition will help advance the exploration and development of Sinochem's existing oil fields in Colombia, laying a solid foundation for the company's further development in South America,'' Sinochem said in an earlier statement, without revealing the value of the transaction.
The Beijing-based company, China's largest chemicals trader and the fourth-largest oil producer, couldn't be reached for comment.
The Chinese company will buy Total's TEPMA BV unit, which holds a stake in the Cusiana field worth 7,000 barrels of oil equivalent per day as well as shares in two pipelines in Colombia, Total said yesterday.
Combined with the earlier sale of stakes in Colombia's Ocensa pipeline, the disposal of TEPMA will raise about US$1 billion, the French energy giant said.
''The acquisition will help advance the exploration and development of Sinochem's existing oil fields in Colombia, laying a solid foundation for the company's further development in South America,'' Sinochem said in an earlier statement, without revealing the value of the transaction.
The Beijing-based company, China's largest chemicals trader and the fourth-largest oil producer, couldn't be reached for comment.
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