September 5, 2018 / 4:05 AM / 3 months ago

China's Norinco, Hengli in talks to buy CEFC's oil stake in Abu Dhabi- sources

BEIJING/HONGKONG, Sept 5 (Reuters) - A unit of state defense giant Norinco and privately owned Hengli are in discussions with the creditors of CEFC China Energy to potentially taking over an oil stake in Middle Eastern producer Abu Dhabi, sources with knowledge of the talks said.

CEFC’s creditors have over the past months been conducting sales of the debt-laden conglomerate’s global assets, including oil and gas stakes in Abu Dhabi and Chad, and properties in Europe and Shanghai.

CEFC won in February 2017 a 4 percent stake for $900 million in a giant onshore field majority-owned by Abu Dhabi National Oil Co (ADNOC). (Reporting by Chen Aizhu in Beijing and Kane Wu in Hong Kong; additional reporting by Florene Tan in Singapore and Julie Zhu in Hongkong; Editing by Christian Schmollinger)

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