Reuters reported that Sinopec Group acquired oil assets worth US$160 million in Kazakhstan from US-based First International Oil. First International has one active field and exploration rights to five more. One source close to the deal said it was Sinopec's first foreign takeover, providing a beach head in the Central Asian oil producing country. The producing site is considered small with an output of only 4,000 barrels a day. Sinopec Group is the parent of Hong Kong-listed Sinopec Corp.
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