Sinochem to bid for oil and gas exploration license in Colombia
State-owned Sinochem Group, the fourth largest oil company in China in terms of assets, in June will bid for a license to explore for oil and gas in Columbia, the Wall Street Journal reported last week, citing an unnamed executive from Sinochem as saying.
According to the executive, Sinochem is reviewing the related data and will submit bidding documents as the oil-rich Colombia is one of its major business focuses.
Last year, Sinochem Group acquired London-listed Emerald Energy for US$878 million. Emerald Energy has a strong business presence in Colombia.
State-owned Xinhua News Agency reported earlier that Sinochem, which is engaged in the development of agriculture, energy, chemistry, real estate and finance, aims to increase its overseas oil output to 5 million tons by 2012.Sinochem is also bidding to buy a 40% stake in a large-scale offshore oil field in Brazil from Statoil ASA, according to sources familiar with the matter.