Deals
CNPC to Buy Stake in Eni Mozambique Assets for $4.2 Billion
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China National Petroleum Corp., the country’s largest oil producer, will spend $4.2 billion for a stake in Eni SpA’s African natural-gas assets as China looks to feed energy demand while reducing its reliance on coal.
CNPC will buy a 20 percent stake in Mozambique’s Area 4 where 75 trillion cubic feet of gas, or more than Norway’s existing reserves, has been found, state-controlled CNPC said in a statement on its website yesterday.