CNPC set to buy 35% stake in Shell's Syria unit
By Wan Zhihong | China Daily | Updated: 2010-05-20 07:55
BEIJING - China National Petroleum Corp (CNPC) said on Wednesday it is acquiring a 35 percent stake in Royal Dutch Shell Plc's oil and gas unit in Syria, the latest move in its overseas expansion to meet rising domestic demand.
The oil and gas producer will buy stake in Shell's fully owned unit, the Syria Shell Petroleum Development (SSPD).
The Syrian unit has interests in three production licenses covering some 40 oil fields, in which Shell holds a stake of 31.25 percent, CNPC said in a statement.
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