Law360, New York (March 14, 2013, 6:38 PM EDT) -- Italian energy giant Eni SpA said Thursday that it has sold a 20 percent stake its in a gargantuan gas field off the coast of Mozambique to China National Petroleum Corp. for more than $4.2 billion, as the Chinese state-owned energy company enters the potentially lucrative Mozambique market.
Executives for both companies signed the agreement Thursday in Beijing. CNPC will acquire the stake from Eni East Africa, which will retain a 50 percent controlling stake in the Area 4 gas venture.
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