Soco agrees to sell Yemen ops to China's Sinochem for 465 mln usd
02.04.08, 2:29 AM ET
LONDON (Thomson Financial) - Soco International PLC said it has agreed to sell its operations in Yemen to China's Sinochem Petroleum Ltd for 465 mln usd in cash.
The agreement, once approved by shareholders and regulators, will allow Sinochem to take over Soco's wholly owned unit Soco Yemen Pty Ltd, which holds the company's interest in the East Shabwa Development Area project.
Soco Yemen holds an indirect interest of 16.785 pct in the East Shabwa project through its 58.75 pct stake in Comeco Petroleum Inc. Comeco, in turn, has a 28.57 pct interest in the East Shabwa field, operated by France's Total.
In 2006, Soco Yemen had revenues of 76 mln usd, pretax profit of 55 mln usd and gross assets of 65 mln usd.
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