China's state-owned energy company CNOOC is to take a 50 per cent stake in Argentina's Bridasin a $3.1bn deal that marks the latest move by Beijing to secure energy resources to power its fast-growing economy.
Yang Hua, CNOOC president, said yesterday that Bridas had world-class oil and gas assets and was a “good beachhead for us to enter Latin America”.
The deal will make CNOOC a partner of Britain's BP in Pan American Energy, a joint venture with coveted oil and gas exploration and production activities across Latin America and in which Bridas has a 40 per cent stake.
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