Sinopec Buys Stakes In Total, New Cnooc & Nexen Episode: Energy Biz Update
China’s Sinopec (NYSE:SNP) will acquire interests in the Nigerian onshore oil blocks from Total (NYSE:TOT) worth approximately $2.4 billion, according to Bloomberg. The French group announced in September that it intended to divest assets worth between $15 billion and $20 billion in the period up to 2014, so as to raise cash for oil and gas projects.
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And it goes on. A top legislator in Canada’s ruling Conservative Party states publicly his intense opposition to Cnooc Limited’s (NYSE:CEO) $15.1 billion offer for Nexen (NYSE:NXY), which makes clear the political difficulties facing the government as it evaluates the takeover. Thus far, the remarks from James Bezan, who is chair of the House of Commons national defense committee, top the attacks any other Conservative on the controversy.