Chinese offshore company buys into the North Sea

The largest overseas investment ever in the energy sector carried out by a Chinese company is now a reality, writes Bloomberg News. With that, China is moving into, among other places, the British part of the North Sea as the second largest producer of oil.

According to Ritzau Finans, the Chinese national offshore oil company CNOOC has announced its intention to buy the Canadian-American oil and gas company Nexen for $15.1 billion. The price per share is $27.5 corresponding to a premium of 61 percent.

This is the biggest overseas investment in the energy sector ever made by a Chinese company, writes Bloomberg News.

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