Sinopec acquired a 49% stake in UK’s North Sea

The oil giant Sinopec has acquired a 49% stake in a UK subsidiary of the Canadian energy company Talisman.

The deal, signed by one of Sinopec’s subsidiaries, cost 1.5 billion US dollars. The annual production of Talisman’s UK oil field is about 3.5 million tons of oil and gas equivalent. It’s the first Chinese energy investment in the North Sea region. The two parties have expressed confidence in the deal.

Xinhua