Wednesday 22 November 2017

China buys up Tullow shares

Nick Webb

Nick Webb

China has built up a one per cent stake in Aidan Heavey's (pictured) Tullow Oil giant resources firm.

Filings show that the People's Republic holds a €140m stake in the Africa-focussed oil company. The Chinese investment company owns almost nine million shares in Tullow.

China has been widely linked as a potential buyer of Tullow, through its state owned Cnooc national oil company. Tullow is already involved with China in its Ugandan oil fields.

Last week Tullow suffered a setback when drilling off Liberia in West Africa proved unsuccessful.

Sunday Indo Business

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