CNOOC overseas JV

09:28, March 15, 2010      

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China National Offshore Oil is planning a joint venture with Argenina's Bridas Energy Holdings, and will pay $3.1 billion to take a 50 percent stake in a subsidiary, Bridas Corporation, the company said.

Bridas, currently wholly-owned by Bridas Energy, will become equally owned by the partners once the transaction is completed, CNOOC said in a statement to the Hong Kong Stock Exchange Sunday.

Source: Global Times
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