Occidental Petroleum will sell its Argentine oil and gas assets to Sinopec, China's largest oil company, for $2.45 billion. The deal will allow state-owned Sinopec to increase its overseas reserves to meet China's growing domestic demand. Vinson & Elkins and Andrews Kurth are advising on the deal.
December 13, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Occidental Petroleum announced on Friday that it would sell its Argentine oil and gas assets to China’s largest oil company for $2.45 billion.
The deal by state-owned China Petroleum & Chemical Corp. — commonly known as Sinopec — will see Asia’s largest oil refiner increase its overseas reserves in order to meet growing domestic demand in China, Reuters reports.
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