The state-owned oil and chemicals trading company Sinochem was close to securing its first overseas oil and gas acquisition in the form of gas assets in the United Arab Emirates. While the assets were worth an estimated US$200m, the price was finalised at US$105m. Only official approval was required before the deal could go ahead.
The assets are the centrepiece of an agreed acquisition by Sinochem of Atlantis, a subsidiary of Norwegian Petroleum Geo- Services. The deal also includes oil and gas exploration contracts in Oman and Tunisia. This would be the first oil investment by a Chinese company in the Gulf since 2000.