AFP
China's state-owned energy giant CNOOC says it will pay $US3.1 billion ($A3.39 billion) for a 50-per cent stake in an Argentinian-owned energy company, the latest in a string of acquisitions.
CNOOC says the deal, which needs the approved of regulators whom it did not identify, would see it strike a joint venture agreement for a stake in Bridas Corporation with the South American company's parent, Bridas Energy Holdings.
CNOOC - the Hong-Kong-listed arm of China National Offshore Oil Corporation - says Bridas has oil and gas assets in Argentina, Bolivia and Chile.
The Chinese firm says it expects the cash deal, which will be funded by "the internal resources of the company", to be completed by mid-year.
"The transaction is aligned with (CNOOC's) growth strategy by expanding the company's reach into Latin America and establishes a foundation for future growth in the region and other countries," it said in a statement posted to the Hong Kong Stock Exchange on Sunday.
Last month, media reports said CNOOC would pay $US2.5 billion ($A2.73 billion) for a stake in Tullow Oil's Ugandan oil assets, underlining China's push to gain a foothold in Africa's energy sector.
That announcement came just one day after the Baghdad government said CNOOC had signed an initial deal to develop the 2.5-billion-barrel Missan oil field complex in southern Iraq, along with Chinese partner, Sinochem International Corp, Dow Jones Newswires said.
In November, Norwegian energy group Statoil said it was selling some of its US offshore oil assets to CNOOC, the first step by a Chinese energy major into the US market.
In 2005, the Chinese firm had to cancel an $US18.5 billion ($A20.22 billion) deal with US firm Unocal because the politics of a communist country buying key US assets proved too controversial for Capitol Hill.
