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Thread: China's CNOOC and Sinopec Pay $1.3 Billion for Angola Oil
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[quote=MARRIE,373859]Marathon announced last year that it would be reviewing its options with the intention to divest some assets and could also split itself into an upstream and downstream company. However, it said recently that it will not be pursuing a split of the company in the immediate future as it feels the current environment is better suited to a fully-integrated oil company. CNOOC is a Hong Kong-listed subsidiary of Beijing-headquartered China National Offshore Oil Corporation, which is China's largest offshore oil and gas producer. Sinopec is an energy and chemical company engaged in oil and gas exploration and production as well as downstream refining businesses. Marathon's shares gained 0.4% to $30.26 in New York trading on Friday. In Hong Kong, CNOOC added 1.7% to close at HK$9.78 ($1.26), while Sinopec gained 1.3% to HK$6.34. [/quote]
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