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 ?xml:namespace>
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
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections