China does deal to extract oil from Latin American countries
Australian Herald
Monday 15th March, 2010
The China National Offshore Oil Corporation has agreed to pay $3.1 billion for a 50% stake in the Bridas Corporation, an Argentine oil and gas group.
The Chinese will enter Latin America with the deal, which will give them production permissions throughout Argentina, Bolivia and Chile.
Bridas has proven oil reserves of 636 million barrels, which makes the deal particularly attractive to CNOOC.
Bridas holds a 40% stake in oil business Pan American Energy, which is 60% owned by UK group BP.
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