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Wednesday, June 20, 2012

Sinopec Considering Bid For Chesapeake Assets



Sinopec, the Chinese oil and gas group, is considering bidding for billions of dollars worth of assets owned by Chesapeake Energy, the US gas producer.

Fu Chengyu, head of Sinopec, was in Oklahoma in the US this week in connection with the company’s due diligence on the Chesapeake assets, according to people familiar with the move.

By buying assets rather than making a bid for the company itself Sinopec hopes to minimise the sort of political backlash that forced Cnooc to drop its $18.5bn bid for Unocal in 2005, bankers and oil executives say.


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