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On Tuesday, a Gulfsands spokesperson said that his company did not receive any bid from Sinochem or other parties. The Gulfsands management did not discuss with Sinochem, or receive any acquisition proposal from the Chinese chemicals trader, according to the spokesperson.
The capitalization of Gulfsands stands at about USD 450 million. After the investment increase, SinoChem has controlled over 10 percent of the London-listed oil and gas producer.
Previous reports said that the Chinese company would acquire Gulfsands for GBP 400 million at most.
Notably, Gulfsands is a partner of London-listed oil and gas explorer Emerald Energy PLC (LSE: EEN) in the Syria-based Khurbet East oilfield. Last month, Sinochem announced that it would acquire Emerald Energy for about GBP 532 million, so as to expand its oil and gas drilling operations in Middle East and South America.
Source: www.163.com (September 02, 2009)
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