Argentine producer to acquire Sinopec assets: press
In a deal rumoured to be worth $240mn, an Argentine oil and gas company is vaulting to the top of the heap of national producers with the acquisition of a subsidiary of Chinese state-owned Sinopec, the Bloomberg news service reported June 30.
Argentina’s Compania General de Combustibles (CGC) acquired the unit, which Bloomberg reported would make the Argentine company one of the nation’s top five oil and gas producers.
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Financial details were not disclosed, though the news agency reported it was valued at $240mn, citing people familiar with the matter. With the acquisition, CGC could boost its output by as much as 35%, relative to 2019 levels.