Sinopec buys Occidental's Argentine unit for US$2.45 billion
Sinopec's acquisition of Oxy's Argentine business marks the company's entry to the country, and its second major Latin America focused transaction of 2010 (having already acquired a 40% stake in Repsol YPF's Brazilian subsidiary). Sinopec is well equipped to assume operatorship of the portfolio. Mature, onshore oil is the cornerstone of its upstream business, and the company is currently developing major EOR programmes in China and Syria. Oxy's move to exit Argentina ...