BEIJING: China’s state-run Zhenhua Oil has signed a preliminary deal with Chevron to buy the US oil major’s natural gas fields in Bangladesh that are worth about US$2bil, two Beijing-based Chinese oil executives said.
Zhenhua is a subsidiary of China’s defence industry conglomerate NORINCO. A completed deal would mark China’s first major energy investment in the South Asian country, where Beijing is competing with New Delhi and Tokyo for influence.
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