Anadarko Petroleum sells China subsidiary for $1.08B

Oil and gas company Anadarko Petroleum Corp. is selling its Chinese subsidiary for about $1.08 billion as it focuses more in North America.
Modified: February 18, 2014 at 8:46 pm •  Published: February 18, 2014
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Oil and gas company Anadarko Petroleum Corp. is selling its Chinese subsidiary for about $1.08 billion as it focuses more in North America.

Chinese energy company Brightoil Petroleum (Holdings) Ltd. is buying the unit, which owns Anadarko’s stake in the Bohai Bay field off the coast of China.

Anadarko is shedding some international assets. It said last year it was selling part of its stake in a property off of Mozambique for $2.64 billion.

But Anadarko has expanded its ownership in the Gulf of Mexico and boosted its U.S. capacity.

The Woodlands, Texas-based Anadarko Petroleum said late Monday that the China sale is expected to close this year.

Shares rose 52 cents to $82.06 in morning trading.