Gulf Oil and Gas accountACCOUNT

New China Energy Star Still Hungry After $9 Billion Rosneft Deal

Source: Bloomberg 9/14/2017, Location: Asia

A $9 billion stake in one of the world's biggest oil companies may not be enough for CEFC China Energy Co. A week after China's largest private energy company struck a deal for a chunk of Rosneft PJSC, it's been pegged as a possible investor in a Russian metals and power business and a free-trade zone in Georgia's Black Sea port of Poti.

The Rosneft deal has thrust CEFC into the spotlight, transforming it from an obscure conglomerate focused mainly on the former Soviet Union and eastern Europe into a conspicuous player on the world energy stage, mixing with the likes of Glencore Plc. This rapid metamorphosis is raising curiosity about the company's origins, how close it is to the government and how it's funding the expansion.

"It's surprising because this little-known company has been able to do the type of large-scale transactions that are left to state-owned energy companies,"? said Laban Yu, head of Asia oil and gas equities at Jefferies Group LLC in Hong Kong. "Many people have never heard of it and don't know where the funds for these acquisitions are coming from."?

Starting as a small trading company in 2002, CEFC has grabbed assets including storage, terminals, refineries and oil fields, as well as financial businesses. In its statement on the Rosneft deal, CEFC described itself as the country's largest private oil and gas company, with 50,000 employees and revenue of more than $40 billion.

The Chinese company is considering the acquisition of a 75 percent stake in the Poti Free Industrial Zone, Giorgi Gakharia, Georgia's economy minister, said in an interview in Tbilisi on Wednesday. Gakharia said he plans to travel to China sometime next week to sign the deal for the port area, which includes chemical and steel industries and light manufacturing.

Mergers and Acquisitions News in China >>

Oman >>  6/10/2019 - SAJ Investment Company announced its acquisition of a controlling stake in HEMA Energy Group at a singing ceremony between the two parties. ...
Russia >>  6/7/2019 - A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Joe Kaeser, Chief Executive Officer of Siemens, took place ...

Russia >>  6/7/2019 - Gazprom Neft and ZYFRA have agreed to establish a joint venture to develop digital solutions for managing production at industrial enterprises. The pr...
China >>  6/6/2019 - NOVATEK, Sinopec and Gazprombank have signed a Heads of Agreement on establishing a joint venture to market LNG and natural gas to end-customers in t...

Russia >>  6/6/2019 - Gazprom Neft and NOVATEK have concluded an agreement at this year’s St Petersburg International Economic Forum confirming their intention to cooperate...
Russia >>  6/6/2019 - As part of today’s Saint-Petersburg International Economic Forum, PAO NOVATEK (“NOVATEK” and/or the “Company”) and PAO TMK (“TMK”) signed a Memorandum...

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 


China Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.