Caixin OnlineBusiness & IndustryTop Stories Industry Sinopec Adds Nigerian Prize to African Cache
12.12.2012 17:29

Sinopec Adds Nigerian Prize to African Cache

Buying an offshore oil block from France's Total fits the Chinese oil company's overseas strategy
By staff reporter Wang Xiaocong
 
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(Beijing) -- An oil field off the Nigerian coast with substantial reserves – and potential risks – has become the latest foreign prize scooped up as part of China Petrochemical Corp.'s African expansion campaign.

The state-owned oil gorilla better known as Sinopec announced in mid-November that its wholly owned subsidiary Sinopec International Petroleum Exploration and Production Corp. had agreed to buy a 20 percent stake in an offshore block from French oil major Total SA.

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