China Petrochemical Corp., also known as Sinopec Group, and Houston-based Marathon Oil Corp. have chiefly relied on in-house counsel in a deal which will see the Chinese state-owned company acquire Marathon’s interest in an Angolan offshore oil and gas field for $1.52 billion.
Sinopec’s acquisition of Marathan’s 10 percent stake will increase the Chinese company’s interest in the field to 15 percent. Two years ago, Sinopec bought a five percent stake in the same block from French oil and gas company Total S.A. for $983 million.
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