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Start your day with a roundup of key stories from The Korea Herald with news and comment on all that’s happening in Korea.

Sinopec invests $2.2b in shale firm

By Korea Herald

Published : Jan. 4, 2012 - 19:24

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NEW YORK (AFP) ― Chinese oil and gas giant Sinopec will invest $2.2 billion in Devon Energy, giving the firm a stake in exploring five U.S. shale fields, a company statement said on Tuesday.

In return for the investment state-run Sinopec would take a one-third stake in fields across the United States, in 125 wells, according to a Devon statement.

Oklahoma City-based Devon Energy will be responsible for running the projects and commercial marketing, it said.

The deal, if approved by watchdogs, would close in the first quarter of this year.

Korea Herald
Korea Herald
Articles by Korea Herald

Sinopec invests $2.2b in shale firm

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