Sinopec to Buy Stakes in Devon Energy Oil Projects for $900 Million

Bloomberg reported that China Petrochemical Corp. (TPE:1314) or Sinopec has agreed to buy a one-third stake in five Devon Energy exploratory oil projects for $900 million.

As quoted in the market news:

The company, known as Sinopec Group, will pay $900 million in cash and as much as $1.6 billion in Devon’s future drilling costs, funding 125 wells in the coming year, according to a statement from Devon today.

Click here to read the full Bloomberg report.