Saudi Aramco, Sinopec in talks for Frac Tech stake

17 December 2011: Saudi Aramco, China Petroleum & Chemical Corp (Sinopec) and CNOOC are in talks to buy an up to 30 per cent stake in North American oil and gas services firm Frac Tech International in a deal worth about $2.2bn, Reuters has reported, citing two sources with knowledge of the matter. Frac Tech is also in advanced talks with Saudi Aramco, Repsol-YPF SA and Sinopec to establish three separate fracking joint ventures in the Middle East, Argentina and China.

Source: Ameinfo