Sinochem to bid for US assets in Egypt
Afp, Shanghai
China's Sinochem Corp., the country's largest oil product trader, will bid for the Egyptian oil assets of the US-based energy explorer Devon Energy Corp, state press said Thursday. Sinochem, owns oil and natural gas reserves worth about 100 million barrels of petroleum equivalent, which the state-run group said it hopes to double over the next three years, according to the Shanghai Securities News. The report gave no further details on the size or cost of the assets in Egypt. Beijing-based Sinochem has been steadily buying upstream and downstream oil operations, as part of China's ramped up search for fresh energy resources to supply its ravenous economy.
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