Sinopec buys into Saudi gas field
29 January 2004
China's state-owned Sinopec won a 10-year agreement to explore and produce gas in Saudi Arabia.
The award of the 38,000 sq km block followed an earlier announcement that Russia's Lukoil had won rights to find and pump gas in another 29,900 sq km area.
Under the agreement, Sinopec will own 80% of the venture and Saudi Arabia's state-owned Saudi Aramco will hold the remaining 20%.