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...

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