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China Petroleum Buys Again

National company continues to expand and conquer...

Argentinan oil company Pluspetrol has sold 45 pct of its Peruvian unit Pluspetrol Norte, to China's China National Petroleum Corporation (CNPC), for some $200 mln (160.3 mln euro).

Francisco Puilt, responsible for International Negotiations of Pluspetrol, refused to confirm the sum. After the sale Pluspetrol remains with 55 pct stake in Pluspetrol Norte. Pluspetrol Norte is the main crude oil producer in Peru. The company's output stood at 21 billion barrels in 2003, which represents 63 pct of the crude oil output of Peru.

Pluspetrol and CNPC (www.cnpc.com.cn) plan to bid jointly in tenders in Ecuador, Venezuela and Colombia in the forthcoming years.