The Agreement is consistent with SOCO's strategy of rationalizing its portfolio by monetizing non-core assets, with proceeds further strengthening SOCO's ability to participate in further opportunities.
The disposal is subject to certain conditions, including approval of SOCO shareholders.
Ed Story, President and CEO of SOCO, said
"This transaction with Daqing is particularly beneficial as it provides SOCO with additional capital to deploy toward projects that can further enhance our core portfolio and is seen as the first step in greater co-operation with a Chinese industry participant who could have further interests in expanding its international role."
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