Sinopec to sell Argentina oil assets for up to US$600 million–source

China’s Sinopec has decided to sell its oil assets in Argentina for US$500 million to US$600 million to Mexican company Vista Oil & Gas, a source with knowledge of the deal said.

Sinopec informed Vista Oil & Gas of its decision, according to the source, who asked not to be named because the deal was confidential. Sinopec also told competing bidders including Argentina’s state-controlled oil company YPF and private Argentine company Pluspetrol they had not been selected, the source said.

YPF, Pluspetrol, and Vista Oil & Gas declined to comment. Sinopec representatives in Argentina also declined comment.