CNOOC completes China’s largest overseas acquisition

2013-02-27

a picture goes here

Beijing: China’s biggest offshore oil industry player, China National Offshore Oil Corporation (CNOOC), announced Tuesday that the company has completed the acquisition of Canadian energy company Nexen in a deal worth US$15.1bn, which is the biggest overseas merger achieved by a Chinese company.

According to the statement, Kevin Reinhart will continue to be the chief executive of Nexen, which will operate as CNOOC's wholly owned subsidiary.

Wang Yilin, chairman of the CNOOC, said that the deal gives the company a world-leading platform for development. "CNOOC believes the acquisition is in line with the corporate strategy," Wang said

Source from SinoShip

Source from :

HEADLINES