Sinopec reported ready to sell oil assets in Argentina

October 11, 2017

SHANGHAI – A Shanghai Daily report quotes sources familiar with the matter as saying advisers to China’s Sinopec have offered its oil assets in Argentina to about a dozen potential suitors as losses and labour headaches prompt Asia’s largest refiner to pull out.

The Argentine oil and gas assets, mainly in the southern province of Santa Cruz, could be worth USS750 million to US$1 billion, one of the sources was quoted as saying.

Prospective buyers for the assets — mainly large energy firms from the United States, Europe, Africa and Latin America — include Angola’s state oil company Sonangol and two Russian energy giants, including Rosneft, the report said, quoting sources.

It added that Sinopec is being advised by Scotia Waterous, a unit of Canada’s Bank of Nova Scotia, which focusses on energy deals.   www.webershandwick.cn (ATI).