24 July 2012 03:45 [Source: ICIS news]
SINGAPORE (ICIS)--Chinese oil major Sinopec announced on Tuesday that it has signed a formal agreement with Canada’s Talisman Energy to acquire a 49% interest in its UK North Sea business for $1.5bn (€1.23bn).
The transaction is expected to close by the end of this year, subject to government and regulatory approvals, Sinopec said in a statement.
The acquisition will further expand Sinopec’s overseas oil and gas businesses and contribute to its production growth in the five years period ending 2015, it said.
($1 = €0.82)
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