China's central government has granted approvals to overseas investments by state-owned China Petrochemical Corp., or Sinopec Group, in Indonesia and Angola.
The government has approved Sinopec's $983 million acquisition in March for Total's 5% stake in Angolan oil block 31 via China Sonangol International, the country's economic planning agency, the National Development and Reform Commission said in a notice published on its website Tuesday.
Separately, the NDRC also approved Sinopec's purchase of a 10% share in Angola's block 32 oil concession from Marathon Oil. Sinopec had teamed up with CNOOC to buy Marathon's 20% share in block 32 for $1.3 billion in July 2009.
Sinopec's $680 million investment for a 18% share of Chevron's Gendalo-Gehem deepwater gas project in East Kalimantan, Indonesia also received the go-ahead from the government.
The NDRC also granted approval to China National Petroleum Corp.'s "risk" exploration and development project at the central block on the eastern edge of Kazakhstan's Pre-Caspian basin.
