Verenex delays CNPC's US$434-mln buyout
Published: 25 Jun 2009 19:07:10 PST
On Feb. 26, CNPC offered to pay C$443 million in cash for a stake in Verenex Energy. After taking Verenex Energy’s debt into consideration, CNPC International Ltd, an indirectly wholly-owned subsidiary of CNPC, may spend around C$499 million settling the deal. Vermilion Energy Trust, which owns a 45% stake in Verenex Energy, has already agreed to tender its shares to CNPC, China Knowledge reported earlier. Verenex Energy, which is the operator of Area 47 in Libya under a production sharing agreement with Libyan National Oil Corp, has said that it has not obtained approval from the Libyan government for the purchase. Reportedly, Libyan National Oil has asked for an award of C$46.7 million to speed up the approval process. Copyright © 2009 www.chinaknowledge.com |
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