Total's Colombian Oil Assets Fetch $1B From Sinochem

Law360, New York (February 8, 2012, 3:50 PM EST) -- Total SA said Wednesday that it will sell its Colombian oil business to Sinochem Group for $1 billion, the latest global divestiture for the French energy giant and a key pickup for China's biggest chemicals conglomerate as it prepares to go public.

Tepma BV, a wholly-owned Total affiliate, holds an interest in 7,000-barrel-per-day working interest in the oil-rich Cusiana field, as well as a stake in two pipelines owned by Colombian midstream operator Ocensa SA.

The deal follows the sale in July of two 5 percent...
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