By OGJ editors
HOUSTON, June 20 -- State-owned China Petroleum & Chemical Corp. (Sinopec) agreed to buy the Udmurtneft oil-production unit in Russia from TNK-BP.
The transaction would mark the first time a Chinese company has bought major Russian oil assets.
Terms of the deal were not disclosed, TNK-BP said in a statement posted on its web site June 20.
The parties have exchanged written confirmation of commercial terms, completing a tender process that started last year.
The Udmurtneft unit produces about 120,000 b/d of oil in the Volga region. TNK-BP's total production is about 1.5 million b/d.
