Beijing: Sinopec is willing to spend $2.4bn to buy stakes in Nigerian onshore oil blocks from Total.
A preliminary deal has been signed. This follows on from news that Sinopec is keen to acquire French oil firm Etablissements Maurel et Prom, which operates in Gabon.
“We like the potential upstream asset acquisition in Nigeria because it could help Sinopec replenish its dwindling oil reserves and improve the firm’s overall profit margin amid sustained high oil prices in the long term,” Mirae Asset Securities head of energy research Gordon Kwan said. [08/11/12]