VOL. XLV

No 4

28-January-2002

UAE

Sinochem Buys Atlantis GivingChina First GCC E&P Opportunity

TheChinese firm, Sinochem, announced on 22 January that it was buying AtlantisHolding, a subsidiary of Norway痴 Petroleum Geo-Services (PGS) which is drillingfor gas in Sharjah, Fujairah, Ras al-Khaimah and Umm al-Quwain. The acquisitionmarks China痴 first appearance on the E&P scene in the GCC (it has beeninvolved in upstream projects in Iraq and Sudan). The Umm al-Quwain Governmentannounced in...