Publication Date:
Wed, 2011-03-30 20:26
NDRC said in reports on its website (ndrc.gov.cn) that it had approved Sinopec Group’s $7.1 billion deal to buy 40 percent of Repsol’s deepwater oil assets in Brazil.
The commision said it had also given green light to CNOOC’s acqusition of 50 percent of the exploration rights in five Australian coal seam gas blocks owned by Exoma Energy.
It also approved its deal with US Chesapeake Energy Corp for a 33.3 percent stake in the Niobrara shale fields.
China has invested heavily in natural resource projects overseas to feed its surging domestic economy.
State energy firms have since 2010 embarked on a spree of gas asset buys to fuel a domestic boom that aims to triple the use of the lower-carbon fuel in the next decade.
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