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CNOOC unit closes acquisition of parent firm's stake in coalbed methane company

CNOOC China Ltd. completed the acquisition of parent firm CNOOC Ltd.'s stake in coalbed methane firm China United Coalbed Methane Corporation Ltd. under an equity transfer agreement.

The transaction, which was announced Aug. 1 at a value of 5.34 billion Chinese yuan, closed Oct. 11.

CNOOC earlier said the deal presents an opportunity to develop its business in the clean energy and onshore China sectors.

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

As of Oct. 10, US$1 was equivalent to 7.12 Chinese yuan.