China Petrochemical to spend $2.45B on Occidental assets

12/9/2010 | Reuters

China Petrochemical will spend $2.45 billion to acquire Occidental Petroleum's oil and natural gas properties in Argentina. Occidental owns shares in 23 exploration and production concessions in three Argentinean provinces that contained proved and probable gross reserves of 393 million barrels of oil equivalent as of year-end 2009. The agreement requires government approval before being finalized.

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