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 Kingdom >>  2/21/2019 - UK Oil & Gas PLC has completed the previously announced acquisition of the 6% shareholding in Horse Hill Developments Ltd ("HHDL") from Doriemus PLC. ...
Australia >>  2/18/2019 - Santos has announced it had reached an agreement to align the company’s interests, under Santos operatorship, across four exploration permits in the B...

Indonesia >>  2/18/2019 - Andalas Energy and Power has provided an update in relation to its proposed acquisition of an interest in the Bunga Mas production sharing contract ('...
Egypt >>  2/15/2019 - Eni has been granted by Egyptian Authorities two exploration blocks onshore Egypt. The first block, “South East Siwa” (Eni 100%), has been assigned wi...

Thailand >>  2/15/2019 - PTT Exploration and Production Public Company Limited (PTTEP) disclosed that its subsidiary, PTTEP SP Limited, signed the Share Purchase Agreement (SP...
Australia >>  2/14/2019 - On 25 January 2019, Vintage Energy Ltd received Ministerial consent, the final condition precedent of the Sale and Purchase Agreement between Vintage ...

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.