Sinopec to Buy Occidental Assets for $2.45B

Sinopec signed an agreement to buy Occidental Petroleum's oil and gas assets in Argentina for $2.45 billion.
By Joseph Woelfel ,

SHANGHAI (

TheStreet

) -- China's

Sinopec

(SNP) - Get Report

will buy

Occidental Petroleum's

(OXY) - Get Report

oil and gas assets in Argentina for $2.45 billion.

This is Sinopec's first acquisition in Argentina.

The acquisition gives Sinopec, also known as China Petrochemical, access to proven and probable reserves of 393 million barrels. Production from the concessions being purchased totaled about 51,000 barrels of oil equivalent a day.

-- Written by Joseph Woelfel

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