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Sinopec weighing bid for Chesapeake assets: FT
(Reuters) - China's Sinopec Corp (0386.HK)(600028.SS) is contemplating a multibillion dollar bid for Chesapeake Energy Corp (CHK.N) assets, the Financial Times reported on Wednesday.
The head of Sinopec, Fu Chengyu, was in Oklahoma this week to perform due diligence, the paper reported, quoting people familiar with the situation.
The report did not specify what assets Sinopec might bid for, or how much the company's bid would be.
Chesapeake had no comment on the report. Sinopec was not immediately available to comment.
Chesapeake has said it would sell up to $11.5 billion in assets this year as it raises money to fill a funding gap.
Earlier this month the company announced plans to sell pipeline and related assets to Global Infrastructure Partners for more than $4 billion. It previously arranged for a pricey $4 billion loan from Goldman Sachs Group Inc (GS.N) and Jefferies Group Inc JEF.N to tide over the company.
Chesapeake has said it is looking to sell assets including 1.5 million acres of lease holdings in the oil-rich Permian Basin and about 337,000 acres in Ohio. It is also trying to find a joint venture partner in the liquids-rich Mississippi Lime Basin.
Chesapeake Chief Executive Aubrey McClendon said earlier this month around 20 potential buyers had looked at data on the company's Permian Basin acreage. The assets could be worth up to $6 billion, according to Canaccord Genuity analyst John Gerdes.
McClendon said at the time another 10 companies were still expected to look at the data.
Sinopec completed a deal in January to invest $2.2 billion for a stake in U.S. oil and natural gas company Devon Energy Co's (DVN.N) position in five different regions.
Chesapeake shares rose 25 cents to $18.96 in early afternoon New York Stock Exchange trading.
(Reporting By Anna Driver and Michael Erman; editing by Gerald E. McCormick and Jeffrey Benkoe)
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