BEIJING – China’s Sinopec Group said on Tuesday that it will acquire a third of five shale oil and gas assets in the United States from Devon Energy Corp for US$2.2-billion.
Sinopec International Petroleum Exploration & Production Corp (SIPC), a unit of Sinopec Group, will pay 30% in cash and the remaining 70% in carry, and expects to complete the whole payment by the end of 2014.
© Thomson Reuters 2011
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