Sinopec to buy some Devon U.S. shale assets for $2.2 billion

Reuters News
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Posted: Jan 03, 2012 9:45 AM
Sinopec to buy some Devon U.S. shale assets for $2.2 billion

BEIJING (Reuters) - China's Sinopec Group said on Tuesday that it will acquire a third of five shale oil and gas assets in the United States from Devon Energy Corp for $2.2 billion.

Sinopec International Petroleum Exploration & Production Corp (SIPC), a unit of Sinopec Group, will pay 30 percent in cash and the remaining 70 percent in carry, and expects to complete the whole payment by the end of 2014.

(Reporting by Chen Aizhu and Xu Wan; Editing by Anthony Barker)