United Energy Group is seeking to purchase assets valued between $750 million and $1 billion from established oil companies, Reuters reports. The Hong Kong-listed company intends to expand its global footprint by making acquisitions in Africa, the Americas and Asia.
With a market capitalization of about $1 billion, United Energy presently holds a $5 billion project financing loan from China Development Bank Corp. Last December, it purchased oil giant BP’s upstream oil and gas assets in Pakistan for $775 million in cash.
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