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The first phase of the acquisition of Atlantis by Sinochem ended

Date:2003-03-04 Source:Sinochem Group

On January 24, the signing ceremony of the supplement agreement on the acquisition of Atlantis by Sinochem was held in Sinochem Tower, marking the completion of the first phase of the acquisition. On February 20, Sinochem will take over the entire assets of Atlantis.

Liu Deshu, Sinochem President and CEO, Li Hui, Sinochem Vice President, Zeng Xingqiu, Sinochem Chief Geologist, Andreas Enger, Petroleum Geo-Services(“PGS”)Vice President and Silvana Tordo, PGS Vice President participated in the signing ceremony.

PGS is a technology-based oilfield services company, mainly offering seismology data collection and oilfield production services. Two years ago, the company decided to sell its wholly-owned subsidiary Atlantis with the view of shifting efforts to its core business and cutting debt. The acquisition covers oilfields under production, gas field under construction and exploitable targets. On January 22, 2002, Sinochem and PGS signed an acquisition agreement to buy Atlantis.

The acquisition has been formally approved the State Council, demonstrating the government’s recognition of Sinochem’s extension toward the upstream of the oil industry. By this project Sinochem will have its own oilfield, forming an industrial platform for the development of Sinochem’s oil business.