By Joanne Chiu
Beijing Enterprises Holdings Ltd. (0392.HK) has agreed to buy a stake in an oil & gas unit of Russia's state-controlled oil giant Rosneft Oil Co. (ROSN.MZ) for US$1.1 billion.
China's Beijing Enterprises Holdings said Wednesday that it will buy a 20% stake or 6.90 million shares in Verkhnechonskneftegaz from Rosneft Oil, as the state-owned utility investor seeks to further expand into the oil & gas upstream sector.
The move would allow the company obtain a share in one of East Siberia's largest producing fields and bring solid and stable profit contribution as well as cash flow to the company, it said.
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(END) Dow Jones Newswires
November 08, 2016 20:40 ET (01:40 GMT)
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