CNOOC and Sinopec Set Up Angolan Oil Venture
The China National Offshore Oil Corporation and Sinopec have reportedly agreed to pay USD1.8 bn to U.S.-based Marathon Oil Corp for a 20 per cent stake in an Angolan oil field. The deal is not finalised but Reuters quotes a source as saying that "[the two companies] are probably preferred bidders." CNOOC is also involved in a bid between USD300m and USD700m for a natural gas asset in the Caribbean state of Trinidad and Tobago.
Abu Dhabi In USD6 bn China Property Deal
The Abu Dhabi Investment House and the Shanghai Construction Co. will
team up for a USD6 bn investment in Chinese real estate developments,
Reuters reports. The joint venture, in which both parties hold an equal
share, plans to buy up to 16 property projects across China. The ADIH
also announced a USD1.5 bn private equity fund, which will invest in
real estate and manufacturing in China.
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