Sinopec buys 60 pc stake in Australian oil fields
Australia's AED Oil said Thursday it had sold a 60 percent stake in its Timor Sea oil fields to Sinopec, the second-largest crude producer in energy-hungry China.
By Agencies |
SYDNEY: Australia's AED Oil said Thursday it had sold a 60 percent stake in its Timor Sea oil fields to Sinopec, the second-largest crude producer in energy-hungry China.
AED chairman David Dix said that under the $561 million deal, AED and Sinopec would form a joint venture company to develop assets including the Puffin and Talbot fields in the Timor Sea.
AED estimates its Timor Sea oil reserves at 100 million barrels. Australia is a key provider of the raw materials that China needs to fuel its booming economy, but until recently Chinese companies have invested little in the country.
AED chairman David Dix said that under the $561 million deal, AED and Sinopec would form a joint venture company to develop assets including the Puffin and Talbot fields in the Timor Sea.
AED estimates its Timor Sea oil reserves at 100 million barrels. Australia is a key provider of the raw materials that China needs to fuel its booming economy, but until recently Chinese companies have invested little in the country.
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