Sinopec acquires Australian oilfields

The Chinese oil and gas company spends $557 million to acquire control of significant proven oil reserves in Australia's Puffin and Talbot oilfields.

China Petroleum Chemical Corporation Sinopec will buy 60% of Australian oil producer AED OilÆs Puffin and Talbot fields for A$600 million $557 million, in the latest cross-border MA deal by Chinese companies seeking to secure natural resources.

A joint venture company, which has a valuation of $1 billion, is being created to acquire the Puffin and Talbot oilfields. It will be operated by Sinopec and is expected to start business on March 31. The deal is subject to...

To continue reading, please login or register for free

Print Edition

FinanceAsia Print Edition

CONFERENCES

  • Green Bonds Southeast Asia

    25 May 2017  |  Singapore
    With Green Bonds globally reaching USD200 billion outstanding in 2016, from as little as 30bn just 4 years ago, can SE Asia corporations and ...
  • 2nd Compliance Summit Southeast Asia

    17 August 2017  |  Singapore
    The 2017 Compliance Summit Southeast Asia will take an in-depth look at the key compliance considerations today with a focus on regulation and new ...