COMPANY NEWS: China's state companies expand through acquisitions

Chinese offshore oil producer CNOOC Ltd. and Beijing-based petroleum and chemicals trading firm China National Chemicals Import & Export Corp. (Sinochem) recently have entered into separate agreements to acquire certain key assets.State-owned CNOOC said it would buy Repsol-YPF SA's interest in five Indonesian oil and gas properties for $585 million. Sinochem, meanwhile, has entered into a definitive agreement to acquire Petroleum Geo-Services ASA's Atlantis subsidiary in a deal valued at $215 million, which includes debt.Elsewhere around the world, other oil and gas companies have been active on the merger and acquisition front as well. Recent transactions-or potential transaction...

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