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CNOOC unit to acquire parent company's stake in coalbed methane company

CNOOC China Ltd. will acquire parent company CNOOC Ltd.'s stake in China United Coalbed Methane Corp. Ltd. for 5.34 billion Chinese yuan under an equity transfer agreement, according to an Aug. 1 news release from the parent company.

CNOOC said the deal presents an opportunity "to develop its business in the clean energy and onshore China sectors which is consistent with the overall development strategies of the company."

China United is principally engaged in the exploration, development, production and sale of crude oil and natural gas, but it is also "actively exploring opportunities in the development of unconventional resources," CNOOC said.

As of July 31, US$1 was equivalent to 6.88 Chinese yuan.