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Sources said the acquisition scheme would be submitted to related regulators in a few weeks. Notably, the UK oil and gas producer mainly run business in Middle East, and some of its assets are dotted in the Gulf of Mexico.
Earlier this month, Sinochem announced that it would acquire Emerald Energy PLC for about GBP 532 million, in a bid to expand its oil and gas drilling operations in Middle East and South America.
According to its statement on August 12, the Beijing-headquartered trader plans to purchase the London-listed oil and gas explorer at a price of 750 pence per share, 11.1% higher than the closing price of 675 pence. It suggested that the board of Emerald Energy accepted its offer.
Sinochem is just one of numerous Chinese companies to purchase overseas oil and gas assets amid the financial crisis, analysts pointed out.
Source: www.163.com (August 31, 2009)
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