Sinopec confirms Angola oil deal

<p>Sinopec has bought US firm Marathon Oil Corporations’s stake in an Angolan oil field.</p>

Sinopec has made another major move in the oil market by purchasing US firm Marathon Oil Corporation's shares in an Angolan gas and oil field.

It was confirmed by the company that it is set to pay $1.52 billion (£985 million) for Marathon's ten per cent stake in the field. This comes two years after the firm purchased a five per cent stake in the field from France's Total.

Sinopec, known formally as China Petrochemical Corporation, is Asia's biggest oil refiner.

It claims the Angolan block has proven and probable reserves of 533 million barrels of oil, but Chinese and Angolan governments must both give their approval for the deal to go through.

Sinopec's share price is slightly up today (June 25th) on the back of the news it is extending its stake in the Angolan oil and gas field.

At 08:34 BST, its stocks were trading 1.77 per cent higher than they were at the start of the day.

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