GULF KEYSTONE
Sinopec targets Kurdish oil producer Gulf Keystone Petroleum
The state-owned oil giant is working with advisers and has made an approach to Gulf Keystone
London — China Petroleum & Chemical Corporation (Sinopec), the world’s biggest refiner, is weighing a takeover of Kurdish oil producer Gulf Keystone Petroleum, people familiar with the matter said. The state-owned oil giant is working with advisers and has made an approach to Gulf Keystone, said the people, who asked not to be named because the deliberations are private. The company may also attract other bidders and no final decisions have been made and any talks may not lead to a deal, the people said. Representatives for Gulf Keystone and Sinopec declined to comment. Gulf Keystone rose 13% to 143p in London trading at 10.42am on Tuesday, giving the company a market value of £328.1m. The shares earlier rose as much as 16%, the biggest intraday gain since October. Gulf Keystone, which operates in the Kurdish region of Iraq, was taken over by creditors in September after missing a bond payment and was forced to restructure its debt. The firm has struggled with a drop in the value of...
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