Sinopec Buys Stake in Angola Oil, Gas Asset

China Petrochemical Corporation, also known as Sinopec, has agreed to buy a 10% stake in Marathon Oil Corporation’s oil and gas field in Angola.

As per the deal, the Chinese firm will pay $1.52 billion for the stake. Sinopec has already purchased a 5% stake in Block 31 in 2011 from France’s Total. The total share of Sinopec in Block 31 now stands at 15%.

The transaction is subject to the Chinese and Angolan government authorities.

In addition to the acquisition of the project to expand the Sinopec's overseas oil and gas business, the deal will also enhance company’s experience and strength in overseas oil and gas domain and contribute to production growth, Sinopec said in a statement.