On January 19th, 2012, Sinochem signed a Acquisition Agreement with TOTAL to wholly own Tepma B.V., one of TOTAL’s subsidiary companies, who owns interest in the Cusiana field as well as OAM and ODC pipelines in Colombia. The acquisition will facilitate the exploration and development of Sinochem’s current upstream assets and further consolidate its presence in South America.
The assets purchased by Sinochem, combined with the 10% equity of Ocensa pipeline TOTAL divested to other entities, worth US$ 1 billion. So virtually Sinochem acquired a part of a US$ 1 billion-worth assets package.
The transaction is still subject to the relevant governmental approvals.