Cnooc, Bridas in $3.1 Billion Joint Venture
HONG KONG (
) -- Chinese state-owned oil company
Cnooc
(CEO) - Get Report
said Sunday it is paying $3.1 billion to form a joint venture with a unit of Argentina's
Bridas Energy Holdings
.
The two companies will hold equal stakes in the unit when the transaction is completed, Cnooc said in a
news release
announcing the deal.
Currently the Bridas unit in which Cnooc will take a stake explores for and produces gas and oil in Argentina, Bolivia and Chile. The unit holds a 40% stake in
Pan American Energy
, while
BP
(BP) - Get Report
owns the other 60%.
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Cnooc's chairman and CEO, Fu Chengyu, was quoted saying, "This joint venture is aligned with our philosophy of seeking partnerships to expand our global footprints."
This article was written by a staff member of TheStreet.com.
