The Chinese are keeping up their aggressive buying of resources abroad to assure stability at home.
BEIJING – China’s Sinopec Group said on Tuesday that it will acquire a third of five shale oil and gas assets in the United States from Devon Energy Corp for US$2.2-billion.
Sinopec International Petroleum Exploration & Production Corp (SIPC), a unit of Sinopec Group, will pay 30% in cash and the remaining 70% in carry, and expects to complete the whole payment by the end of 2014.
