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BRIEF-BP and Bridas to combine PAE and Axion Energy
September 11, 2017 / 11:11 AM / 2 months ago

BRIEF-BP and Bridas to combine PAE and Axion Energy

Sept 11 (Reuters) - Bp Plc”

* HAS AGREED WITH BRIDAS CORP TO INTEGRATE PAN AMERICAN ENERGY AND THE DOWNSTREAM COMPANY AXION ENERGY TO PRODUCE A 50:50 OWNED INTEGRATED OIL AND GAS COMPANY

* CO OPERATING PRIMARILY IN ARGENTINA BUT WITH INTERESTS ELSEWHERE IN THE REGION

* PAEG WILL BE OWNED EQUALLY BY BP AND BRIDAS CORPORATION, ITSELF A 50:50 JOINT VENTURE OF BRIDAS ENERGY HOLDINGS OF ARGENTINA AND CNOOC LIMITED OF CHINA

* TRANSACTION IS SUBJECT TO REGULATORY FILING OR APPROVAL IN SEVERAL JURISDICTIONS. COMPLETION OF THE AGREEMENT IS ANTICIPATED IN EARLY 2018

* NEW COMPANY, PAN AMERICAN ENERGY GROUP (PAEG), WILL BE OPERATING IN ARGENTINA Source text for Eikon: Further company coverage: (Bengaluru Newsroom)

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