China Sinopec, U.S. Weatherfod in oil service jv

BEIJING Wed May 21, 2014 3:23am EDT

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BEIJING May 21 (Reuters) - China's Sinopec Group said on Wednesday it has agreed with U.S.-listed Weatherford International to form a joint venture oilfield service company.

The joint entity aims to marry Weatherford's technological and management know-how with the Chinese oil major's ability to expand its upstream business, including in the country's potentially vast shale gas fields, industry officials have said.

Reuters reported last August that the companies were in advanced discussions to establish such an operation. (Reporting by Chen Aizhu; Editing by Richard Pullin)

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