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34

Chinese Firms Bought EnCana Assets

Andes Petroleum Corporation, a joint venture of Chinese petroleum companies, has reached an agreement

Andes Petroleum Corporation, a joint venture of Chinese petroleum companies, has reached an agreement with Canada-based EnCana Corporation to purchase all of its shares in subsidiaries that have oil and pipeline interests in Ecuador, said sources with CNPC Thursday.

According to the agreement signed Tuesday, the Andes Petroleum Corporation, in which both the CNPC and China Petroleum and Chemical Corporation (Sinopec) will buy those assets of EnCana for 1.42 billion US dollars in cash.

The sale, expected to close before the end of this year, is subject to prior approval by the government of Ecuador, normal closing conditions and regulatory approvals.

The net book value of EnCana's investment in Ecuador is approximately 1.4 billion US dollars.