Sinopec to acquire share of Chesapeake unit

State-owned China Petroleum & Chemical (Sinopec; SNP.NYSE, 600028.SH, 0386.HKG) will acquire 50% of a Chesapeake Energy (CHK.NYSE) subsidiary’s oil and gas facilities in Oklahoma for US$1.02 billion, Reuters reported. Chesapeake’s Mississippi Lime unit will sell half of its 850,000 acres of oil and natural gas leasehold properties to Sinopec International, the firms said. The acquisition will help the US parent company reduce its loans, which at the end of last year amounted to US$12 billion. China is investing in US shale efforts in hopes of gaining technology to exploit its own large shale reserves.