Gulf Oil and Gas accountACCOUNT

Aramco, CNOOC in Talks for $2.2 bln Frac Tech Stake

Source: Reuters 12/14/2011, Location: Middle East

Middle East and Chinese oil companies Saudi Aramco, China Petroleum & Chemical Corp (Sinopec) and CNOOC Ltd are in talks to buy an up to 30 percent stake in North American oil and gas services company Frac Tech International in a deal worth about $2.2 billion, two sources with knowledge of the matter said.

Frac Tech has hired a bank to advise on the deal, the sources told Reuters, declining to be named because the discussions were private.

They added that Frac Tech was also in advanced talks with Saudi Aramco, Repsol-YPF SA and Sinopec to establish three separate fracking joint ventures in the Middle East, Argentina and China.

Frac Tech, which helps exploration and production companies perform "frac" jobs and also produces equipment and materials, is also in early talks with three or four parties in Poland to establish a similar joint venture.

The company planned to close the deals by the end of February, the sources said, ahead of a planned initial public offering targeted to raise about $1.15 billion.

Sinopec and CNOOC declined to comment.

Other companies mentioned in this report either declined comment or could not be immediately reached.

Acquisitions and Divestitures News in Saudi Arabia >>

United States >>  6/11/2019 - Equilon Enterprises LLC d/b/a Shell Oil Products US (Shell), a subsidiary of Royal Dutch Shell plc announced it has reached an agreement for the sale ...
Kazakhstan >>  6/9/2019 - At the 23rd St. Petersburg International Economic Forum, President of LUKOIL Vagit Alekperov and Chairman of the Management Board of KazMunayGaz Alik ...

Russia >>  6/9/2019 - Gazprom and OMV signed at the St. Petersburg International Economic Forum 2019 the Contract on the amendments to the Basic Agreement on Asset Sale. Th...
Norway >>  6/7/2019 - PGNiG Upstream Norway will acquire 22.2 percent of shares in King Lear field – PL146 and PL333 licenses – from Total E&P Norge. The volume of producti...

Russia >>  6/7/2019 - As part of today’s Saint-Petersburg International Economic Forum, PAO NOVATEK has signed the Share Purchase Agreement (“Agreement”) with CNOOC Ltd. (...
Congo >>  6/6/2019 - New Age (African Global Energy) Limited announces that its subsidiary New Age M12 Holdings Limited has signed a Sale and Purchase Agreement (‘SPA’) wi...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Saudi Arabia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 |

More News

Related Links

AE BH IL IQ JO KW LB OM QA SA SY YE
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.