Sinopec Buys Angolan Block from Marathon Oil
Sinopec Corp (NYSE: SNP, HKG: 0386, SHA: 600028), Asia's biggest refiner, has agreed to pay $1.52 billion for Texas-based Marathon Oil Corp's (NYSE: MRO) 10% stake in an Angolan oil and gas field. Sinopec had purchased a 5% stake in the block from France's Total SA (NYSE: TOT) in 2011. Sinopec said the Angolan block has proven reserves of 533 million barrels of oil. Earlier this year, Sinopec signed a $2.2 billion deal with Oklahoma-based Devon Energy Corp (NYSE: DVN), giving it access to US shale resources.
China Life to Post 163% Earnings Growth for 2013
China Life Insurance Co (NYSE: LFC, HKG: 2628, SHA: 601628), the nation's biggest insurer by premium income, should be a major beneficiary of the recent easing of investment allocation restrictions and government-led insurance projects, such as private health insurance and corporate pensions, JPMorgan says in its latest China/Hong Kong Daily Views report. The company is expected to achieve the highest earnings growth of 163% in the sector in 2013, albeit from a low base in 2012.
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