Herbert Smith and Slaughter and May are advising on China Petroleum & Chemical Corp. Ltd.s $1.5 billion acquisition of a 49-percent equity interest in Talisman Energy (UK) Ltd. (TEUK), the U.K. North Sea business of Canadian oil and gas company Talisman Energy Inc.
The deal will create a joint venture between the Chinese state-owned oil and gas enterprise, better known as Sinopec Group, and TEUK, which owns 46 North Sea oil fields and operates 11 offshore platforms, and the Flotta Terminal in Scotland. Aberdeen, Scotland-based TEUK will operate the assets while Sinopec will appoint personnel for executive positions in the joint venture.
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