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Sinochem to buy Columbian assets from Total

Feb. 10, 2012 (China Knowledge) - State-owned Sinochem Group, China's largest agricultural chemical conglomerate, will acquire oil and gas assets in Colombian from French oil major Total SA, said the European oil company without disclosing transaction value.

The target assets consist of stakes in the Cusiana gas field and two Colombian pipelines, Total added. The stakes in the Cusiana gas field represents a daily output of 7,000 barrels of oil equivalent.

The deal, however, is still subject to approval by antitrust authorities, said a person familiar with the matter.

In 2010, Sinochem acquired a 40% stake in Statoil SA's Peregrino offshore oilfield in Brazil at a consideration of US$3.07 billion.

The Chinese chemical group also expects to nearly quadruple its overseas oil and gas output to 300,000 barrels of oil equivalent per day by 2020 via launches of three facilities in Colombia, Brazil and the Middle East, sources reported.

Sinochem earned US$2.06 billion in net profit last year and expects to start its initial public offering on the Shanghai Stock Exchange with fundraising of US$5.5 billion, said the company last November but did not unveil the timetable.

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