Bridas Energy Holdings, the oil and gas company owned by the Bulgheroni family, on Sunday confirmed that China National Offshore Oil Corporation Limited (CNOOC) will take a 50% stake in a its subsidiary company Bridas Corporation.
The deal sees CNOOC and BEH form a 50-50 joint venture that will control Bridas Corporation on completion. Although Bridas did not put a value on the deal, CNOOC said it will pay approximately $3.1 billion for its share of the Argentinean company.
BEH, the family's holding company, currently wholly owns Bridas Corporation that it founded in 1948. "This association will better position us to meet our growth plans in Argentina, the Southern Cone and in other regions of the world with enormous potential in terms of reserves and production of oil and natural gas," said BEH president and family member Carlos Bulgheroni.
"With this agreement, CNOOC takes a first large step into southern South America and Bridas consolidates its international presence and its interests in Central Asia, Africa and the Far East," he continued.
Bulgheroni was famously involved in negotiations with the then-ruling Taliban faction in Afghanistan to build the Trans-Afghanistan Gas Pipeline from Turkmenistan to Pakistan.
CNOOC is owned by the Chinese state and said it would use internal resources to finance the deal.
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