InfoAnda - Top oil refiner goes after Argentinian assets

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Australia China India Indonesia Japan Malaysia Philippines Thailand Vietnam Top oil refiner goes after Argentinian assets ANN - Sunday, December 12 Send IM Story Print Shanghai (China Daily/ANN) - China Petrochemical Corporation, Asia's largest oil refiner, plans to purchase the entire oil and gas assets in the Argentiniean arm of US-based Occidental Petroleum Corp (OXY) for US$2.45 billion, its first foray into the South American country's upstream oil and gas sector. China's top oil producer will take over Occidental's Argentina units, which hold an interest in 23 production and exploration concessions in the Santa Cruz, Mendoza and Chubut provinces of Argentina, the company said in a statement on Friday. The transaction is subject to government approval, it said. The concession produced more than 51,000 barrels of oil equivalent daily in 2009, and the gross proven reserves and probable reserves stood at 393 million barrels of oil equivalent by the end of last year. "The step follows the company's global expansion ambition in some of its strategically important regions and will further lift the overseas asset proportion of the company total," said He Wei, a senior analyst at BOCOM International Holding Co based in Beijing. According to Sinopec Group, overseas assets made up 23 percent of its total by the first half of this year, up from 10 percent in 2006. Meanwhile, its overseas income proportion has increased to 27 percent of the total from 8 percent as of the end of June. Upstream oil exploration is the most profitable sector for oil refiners such as Sinopec, which has received more than 50 percent of its crude oil from exporters since 2005, analysts said. The profitability of Sinopec has lagged behind rivals China National Petroleum Corp and China National Offshore Oil Company (CNOOC), due to this heavy reliance on foreign oil imports, said Guo Haitao, assistant director of China Energy Strategic Research Institute at the China University of Petroleum. Consequently, the acquisition will help lift the company's profit-making abilities. The takeover comes just two months after Sinopec announced it was buying Spain-based oil producer Repsol's Brazilian unit YPF SA for $7.1 billion. "Latin America and Africa are among the major overseas destinations for domestic oil refiners, because some of the largest oil export regions, such as the Middle East, are dominated by the Western firms," said He. China's largest State-owned oil producers have stepped up the pace of their overseas expansion for natural resources to support the nation's fast economic growth, which requires resources to support it. CNOOC, the biggest domestic offshore oil and gas supplier, announced on Wednesday that it will spend A$50 million for a 50 percent direct investment in Australia's Exoma Energy's coal seam gas project in Queensland. Recommend Send IM Story Print Related Articles N.Korea sends minister to Russia amid tensions AFP - 1 hour 23 minutes ago Tonnes of debris fished from Chinese dam AFP - 2 hours 50 minutes ago Japan dominate judo Grand Slam first day AFP - Sunday, December 12 Scandal-hit Indian politician pledges cooperation AFP - Sunday, December 12 China inflation rises at fastest pace in two years AFP - Sunday, December 12 News Search Top Stories Russia's Putin sings Armstrong for Hollywood stars Amanda Knox breaks down during appeal trial Talks move toward global climate fund Madoff 'soul mate', others sued for 19 bln dollars Toulouse ease past Glasgow, miss bonus point More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Pole-dancing: world's latest craze Madoff 'soul mate', others sued for 19 bln dollars Pfizer pulls Thelin from market due to fatal risk Europe freezes as fresh snow causes travel chaos Amanda Knox breaks down during appeal trial More Most Viewed » NASA finds new form of life... on Earth World leaders scramble for funds to save the tiger US, S.Korea plan war games after N.Korean attack Defiant Obama defends tax cuts, eyes 2012 More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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