HONG KONG Aug 10 Hong Kong-listed oil trader
Brightoil Petroleum Holdings Ltd has completed its
acquisition of Anadarko Petroleum Corp's China unit for
$1.05 billion in a major push into the upstream segment.
The deal means that Brightoil will hold participating
interests in a number of oil fields at two blocks in Bohai Bay,
a proven production ground, the company said in a filing with
the Hong Kong Stock Exchange on Sunday.
Brightoil, whose international oil trading and bunkering
businesses have been hit hard by the global financial crisis,
has been searching for upstream investment opportunities in
China and overseas for several years.
The company said last month it expected its upstream
business to be the key long-term growth driver for the group
following the acquisition.
Brightoil said earlier this year that it had agreed a price
of $1.08 billon on the Bohai blocks, and on Sunday confirmed the
final price at $1.05 billion.
(Reporting By Grace Li; Editing by Lynne O'Donnell)