Political Risk Latin America Blog @PolRiskLatam

Deal of the day: China Petrochemical in $2.45bn Argentina oil acquisition

Posted in News and Articles, Political Risk by politicalrisklatam on December 10, 2010

by Stefan Wagstyl for Financial Times – Beyond Brics, December 10th, 2010.

China’s global hunt for energy resources on Friday focused on Argentina with China Petrochemical’s $2.45bn acquisition of Occidental Petroleum’s Argentine oil and gas assets.

The parent of Sinopec, China’s biggest oil group, is making its first foray into the country just weeks after announcing plans to buy 40 percent of the Brazilian operations of Repsol, the Spanish oil major, for $7.1 bn. With Chinese companies on the lookout for more energy assets and Latin America very much in their sights, there will be more such deals to come.According to Reuters, published on ft.com:

Occidental’s Argentina units hold interest in 23 production and exploration concessions in Santa Cruz, Mendoza and Chubut provinces in Argentina, according to the release.

As of December 31 2009, the concessions held gross proven reserves plus probable reserves of 393m barrels of oil equivalent.

Gross production from 22 producing concessions totaled over 51,000 barrels of oil equivalent per day in 2009, according to the release. (continue reading… )



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