Skadden Counsels Sinopec In $2.5B Angola Purchase

Law360, New York (March 29, 2010, 2:26 PM EDT) -- China Petroleum and Chemical Corp., also known as Sinopec, has reached a $2.46 billion agreement to acquire upstream deep-water assets of Angola-based Sonangol Sinopec International Ltd. from its parent company.

Sinopec and its parent, Sinopec Overseas Oil & Gas Ltd., reached an agreement that will transfer 55 percent of Sonangol to Sinopec, increasing its proven reserves of crude oil by 3.6 percent, or 102 barrels, Sinopec said in a statement Monday.

The deal, still subject to shareholders' approval, will be financed through a $1.68 billion consideration...
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