Shanghai: Chinese industrial concern Fosun International is buying Australia’s Roc Oil for $442m. Roc Oil has assets from Australia to Malaysia and China. Roc had previously talked about merging with Horizon Oil, something that has now been cancelled.
Roc has stakes in projects backed by PetroChina and Cnooc. Fosun will get assets in China’s Bohai Bay and Beibu Gulf, “providing stable upstream income and a learning ground for further exploration in the region as China moves more into offshore production,” Wu Fei, a Hong Kong-based energy analyst at Bocom International Securities, said in an email. [04/08/14]