Sinochem eyes $105m deal with Atlantis for UAE assets

SINGAPORE - Chinese state oil trader Sinochem is close to finalising its first overseas oil and gas acquisition worth up to $105 million with key gas assets in the UAE, a senior Sinochem official said yesterday.

By (REUTERS)

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Published: Tue 25 Mar 2003, 1:08 PM

Last updated: Wed 1 Apr 2015, 9:08 PM

Beijing-based Sinochem has agreed to take over Atlantis, a subsidiary of Norwegian Petroleum Geo-Services. "We've completed the first-phase closure of the deal earlier this month - the legal procedures and the joint account books," said the official.

The Sinochem official said the centerpiece of the Atlantis deal would be gas assets in the UAE with estimated recoverable reserves of 310 billion cubic feet. The deal includes oil and gas exploration contracts in Oman and Tunisia.

Sinochem was waiting for Atlantis' existing partners, including state interests in the UAE and Oman, to decide on their pre-emptive rights before finalising the transfer of the assets. The deal is Sinochem's first major overseas oil and gas investment.



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