Oil giant says it is not interested in oilfield services company
Saudi Aramco has denied reports that it is looking to take a stake in the US’ Frac Tech International.
The oil giant issued the denial after reports appeared in Reuters saying that it was looking to team up with China’s Sinopec and China National Offshore Oil Corporation (CNOOC) to take a 30 per stake in the American oilfield services company.
Frac Tech makes hydraulic fracturing technology used in oil and gas exploration and sources have told Reuters that the company owners are looking to sell a 30 per cent share for about $2.2bn.
The oilfield services company specialises in fracturing equipment used in oil and gas shale exploration. Frac Tech is in talks for a number of joint ventures in the Middle East, China and Argentina.
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