December 10, 2010 / 3:50 AM / 7 years ago

Sinopec buys Occidental's Argentina assets for $2.45 bln

BEIJING, Dec 10 (Reuters) - China Petrochemical Corp, parent of Sinopec Corp (0386.HK), has signed an agreement to buy all of U.S.-based Occidental Petroleum Corp's (OXY.N) oil and gas assets in Argentina for $2.45 billion, the company said in a release on Friday.

The purchase is subject to government approvals, it said.

Occidental's Argentina units hold interest in 23 production and exploration concessions in Santa Cruz, Mendoza and Chubut provinces in Argentina, according to the release.

As of Dec 31, 2009, the concessions held gross proven plus probable reserves of 393 million barrels of oil equivalent.

Gross production from 22 producing concessions totaled over 51,000 barrels of oil equivalent per day in 2009, according to the release.

Reporting by Jim Bai and Tom Miles; Editing by Ken Wills

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