Sinopec agrees $2.5 billion oil shale deal

Sinopec will pay a total consideration of up to $2.5 billion to Devon Energy for a stake in five oil shale projects in the US.

<div style="text-align: left;"> Devon’s Bridgeport processing plant, which serves thousands of gas wells in the Barnett Shale field in north Texas </div>

Nick Ferguson

January 04, 2012

China Petrochemical Corporation (Sinopec) has started the new year with yet another significant international acquisition, this time agreeing to invest up to $2.5 billion for a one-third stake in five US oil shale projects owned by Devon Energy.

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