Bridas Corp, a joint venture owned by Chinese crude producer CNOOC (CEO.NYSE, 0883.HK) and Argentina’s Bulgheroni family, announced it will pay US$7.06 billion to acquire the 60% stake it does not already own in Pan American Energy (PAE), AFP reported. British energy group BP (BP.NYSE, BP.LSE) is divesting its PAE stake as part of asset sales to pay for costs incurred during the Gulf of Mexico oil spill. The sale, which is expected to be completed next year, will give Bridas total ownership of PAE, the second-largest oil and gas producer in Argentina. CNOOC’s latest acquisition takes total Chinese investments in the South American oil industry to more than US$13 billion this year, according to Bloomberg.
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