Sinopec agrees $2.5 billion oil shale deal

Sinopec will pay a total consideration of up to $2.5 billion to Devon Energy for a stake in five oil shale projects in the US.

Sinopec agrees $2.5 billion oil shale deal

China Petrochemical Corporation Sinopec has started the new year with yet another significant international acquisition, this time agreeing to invest up to $2.5 billion for a one-third stake in five US oil shale projects owned by Devon Energy.

Sinopec International Petroleum Exploration and Production Corp, a wholly owned subsidiary of state-owned Sinopec, will pay Devon $900 million in cash for its stake in the projects 1.2 million acres covering the Tuscaloosa Marine Shale, the Niobrara,...

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