PetroChina to buy out South Oil Exploration and Development

28 October 2011 07:03  [Source: ICIS news]

GUANGZHOU (ICIS)--PetroChina announced on Friday that it has signed an agreement with the stakeholders of South Oil Exploration and Development to buy out the company for yuan (CNY) 1.67bn ($263m).

Under the agreement signed on 27 October, PetroChina will buy a 95% stake held by CNPC Exploration and Development (CNPC E&D) for CNY1.58bn and CNPC Central Asia's 5% stake for CNY83m, PetroChina said in a statement on its website.

The parties aim to close the deal before 31 December 2011, it said.

PetroChina said the acquisition will help it integrate and better manage its upstream exploration operations.

South Oil engages primarily in oil and gas exploration in south China’s Guangdong, Hainan and Guangxi provinces.

CNPC E&D, CNPC Central Asia and PetroChina are subsidiaries of China National Petroleum Corp (CNPC).

($1 = CNY6.36)

For more on PetroChina, visit ICIS company intelligence

By: Fanny Zhang
+65 6780 4359

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