Sinochem, Hess In Shale Oil, Gas Cooperation Deal

摘要

China's Sinochem Corp, a state-owned firm with business interests ranging from energy and agriculture to real estate, signed a shale oil and gas agreement with Hess Corp. Jan. 21 as China was preparing to auction its first shale gas blocks. Sinochem and Hess will establish a working committee to regularly discuss shale oil and gas technology, evaluation, laws, tax and business activities, and further cooperate in China's onshore shale oil and gas exploration and development. The two companies will also cooperate in global oil and gas exploration and development. Sinochem, a former oil trading monopoly in China, has built up an overseas oil and gas portfolio in recent years but lacks exposure in the domestic upstream sector.