Sinochem still willing to follow through with Atlantis purchase
China’s National Chemical Import and Export Corporation (Sinochem) is still interested realizing its deal with Atlantis, providing for the $215 million acquisition of oil and gas fields in Tunisia and the United Arab Emirates (UAE), company officials stated this week.
Exactly a year has passed since Sinochem signed the deal with Atlantis, a Petroleum Geo-Services (PGS) subsidiary for the production of oil and gas in the Middle East. However, the transaction remains pending approval by the UAE government. The deal was originally scheduled to close on June 28, 2002, but the agreement has since been extended. Both parties now retain the right to terminate the agreement.
Norwegian oilfield service company PGS is a technologically focused oilfield service company principally involved in two businesses: geophysical seismic services and production services. PGS acquires, processes, manages and markets 3D, time-lapse and multi-component seismic data and provides associated data management solutions to oil and gas companies. — (menareport.com)
© 2003 Mena Report (www.menareport.com)