Sinopec buys 1st Argentine asset
By Richard Fu |
December 11, 2010, Saturday
|
Print Edition
Print Edition
SINOPEC Group has made its first investment in the oil and gas industry in Argentina when it agreed to buy the Argentinian unit of United States firm Occidental Petroleum Corp for US$2.45 billion.
The fields Sinopec will buy produced more than 51,000 barrels of oil equivalent a day last year, or about 1 percent of China's daily crude imports, a Sinopec statement said yesterday. These have proven and probable reserves of 393 million barrels.
Analysts said Sinopec is paying an overall fair price on a per-barrel basis compared with CNOOC Ltd's recently announced Argentine deal. Last month, a venture half owned by CNOOC, China's top offshore oil producer, agreed to buy a US$7.06 billion stake in Argentina's Pan American Energy.
These two deals reflect China's growing investment in the South American oil and gas industry. The timing is also good for Chinese firms to acquire assets in the resources sector overseas, especially energy, as many Western firms are selling them in the aftermath of the financial crisis.
Bloomberg News calculated that the latest Sinopec acquisition will take total Chinese investments in the South American oil and gas industry this year to more than US$15 billion.
Sinopec in October agreed to pay US$7.1 billion for 40 percent of Spanish oil major Repsol YPF's Brazilian unit.
The fields Sinopec will buy produced more than 51,000 barrels of oil equivalent a day last year, or about 1 percent of China's daily crude imports, a Sinopec statement said yesterday. These have proven and probable reserves of 393 million barrels.
Analysts said Sinopec is paying an overall fair price on a per-barrel basis compared with CNOOC Ltd's recently announced Argentine deal. Last month, a venture half owned by CNOOC, China's top offshore oil producer, agreed to buy a US$7.06 billion stake in Argentina's Pan American Energy.
These two deals reflect China's growing investment in the South American oil and gas industry. The timing is also good for Chinese firms to acquire assets in the resources sector overseas, especially energy, as many Western firms are selling them in the aftermath of the financial crisis.
Bloomberg News calculated that the latest Sinopec acquisition will take total Chinese investments in the South American oil and gas industry this year to more than US$15 billion.
Sinopec in October agreed to pay US$7.1 billion for 40 percent of Spanish oil major Repsol YPF's Brazilian unit.
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