Sovereign wealth fund China Investment Corp. (CIC) has entered into an agreement with GDF Suez to buy a €2.3 billion minority stake in the French company’s exploration and production unit, Reuters reports. CIC will also pay €600 million for a 10 percent stake in GDF Suez’s Atlantic LNG liquefaction facility located in Trinidad and Tobago, adds China Daily.
The transaction is likely to be finalized by the year-end .GDF Suez is the biggest buyer of natural gas and importer of liquefied natural gas in Europe, while CIC is an investment unit set up in 2007 as a fully state-owned Chinese company that makes long-term global investments.
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