Sinochem buys Ecuadorian stake

1 January 2004

Sinochem paid US$100 million to acquire a 14% stake in an oil field in Ecuador operated by US firm ConocoPhilipps.

Spanish company Repsol has a 55% stake in the field while Taiwan's Chinese Petroleum has a 31% share. Under the deal, Sinochem would be entitled to 8,000 barrels of oil per day, which it could either ship to China or sell on the international market. Sinochem specializes in deals on the international and domestic markets for oil, fertilizers, rubber, plastics and a range of chemicals. Sinochem also has investments in the industrial, finance and insurance sectors.