Sinopec seeking buyers in Argentina: report

BUENOS AIRES, October 9, 2017 – Sinopec is seeking buyers for its hydrocarbons assets in Argentina, international media reported Monday.

According to Reuters, the Chinese heavyweight has already presented its holdings to several potential buyers, including Angolan NOC Sonangol, Russia’s Rosneft and fledgling Mexican company Vista Oil & Gas, as well as local operator Compañía General de Combustibles.

Sinopec has been experiencing difficulties at its Santa Cruz province assets, worth USD 750 million-1 billion. In July 2017, the company said that it was reconsidering its commitment to invest USD 300 million in Santa Cruz due to difficulties related to costs in Argentina and disputes with labour unions.

The company entered Argentina in 2010 when it paid USD 2.45 billion to acquire Occidental Petroleum’s operations.

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