China Investment Corporation (CIC) is in advanced discussions to buy a minority stake in GDF Suez’s exploration and production business for about €3 billion, Financial Times reports. As part of the proposed agreement, GDF Suez will sell a 30% stake in its upstream business to the Chinese sovereign wealth fund. The sale will help the French utility cut the company’s debt by €10 billion to €4-5 billion, most of which will come from asset sales. Majority of GDF Suez’s operations are in Europe, North Africa and in the North Sea.

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