China Buys Argentina Oil Assets In $2.5B Deal

Law360, New York (December 10, 2010, 5:53 PM EST) -- Occidental Petroleum Corp. is selling its oil and gas operations in Argentina to Chinese oil company Sinopec Corp. for around $2.5 billion, but the Los Angeles-based oil giant said new domestic oil investments would more than compensate for lost production in South America.

Occidental — the fourth-largest oil company in the U.S. — announced Friday it would buy properties in South Texas and North Dakota for $3.2 billion, in addition to selling its Argentinian properties to Sinopec, a subsidiary of the state-owned China Petrochemical Corp....
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