Feb. 7, 2007 (China Knowledge) – Sinochem Corp.<600500> made its first venture into domestic oil production by paying US$228 million for a 24.5% stake in an offshore oil project operated by PetroChina.

Sinochem, parent of Hong Kong-listed fertiliser maker and importer Sinofert Holdings, said it had completed the purchase of 100% of US-registered New XCL China.

This oilfield acquisition is Sinochem’s largest to date.