Bloomberg News

Sinopec Considering Bid for Chesapeake Assets, FT Says

June 20, 2012

Sinopec, the Chinese oil and natural-gas company, is weighing spending billions of dollars for Chesapeake Energy Corp. (CHK:US) assets, the Financial Times reported.

Fu Chengyu, chairman of Sinopec, was in Oklahoma this week as the company performs a due diligence review of Chesapeake assets, the newspaper said today, citing unidentified people familiar with the move.

Buying assets rather than the Oklahoma City-based company itself may reduce the sort of political backlash that derailed Cnooc Ltd. (883)’s $18.5 billion bid for Unocal Corp., the paper said.

Chengyu said on May 11 that China Petroleum & Chemical Corp. (600028) has held talks with Chesapeake and other North American shale-gas holders about investing as it seeks to diversify.

To contact the reporter on this story: Jim Polson in New York at jpolson@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net


American Apparel's Future
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

Companies Mentioned

  • CHK
    (Chesapeake Energy Corp)
    • $28.55 USD
    • -0.47
    • -1.64%
Market data is delayed at least 15 minutes.
 
blog comments powered by Disqus