sinopec-acquires-australian-oilfields

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 approval by AustraliaÆs Foreign Investment Review Board and other regulatory approvals in both China and Australia.

In a filing to the Australian Securities Exchange, AED said that the partners intend ôto work together in a...
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