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China Daily | Updated: 2013-03-15 07:47
CNPC to buy stake in Eni's Mozambique assets
China National Petroleum Corp, the country's largest oil producer, will buy a 28.57 percent stake in Eni SpA's East Africa subsidiary for $4.2 billion. The deal will give CNPC indirect ownership of 20 percent of Eni's Mozambique assets, State-controlled CNPC said on Thursday. Eni, Italy's largest oil company, has discovered about 75 trillion cubic feet of gas in Mozambique, CNPC said. The purchase will be the biggest deal involving an Asian company announced so far this year, according to Bloomberg.
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