China Petroleum & Chemical Corp (Sinopec) is considering acquiring Iraqi oil producer Gulf Keystone Petroleum, Bloomberg reported on Tuesday.
No final arrangements have been made, but Sinopec has reached out to Gulf Keystone, which might also attract other bidders, Bloomberg said, citing people familiar with the matter.
Gulf Keystone, which is based in Iraq's Kurdish region, had a market value of 328.1 million pounds ($416.7 million) as of Tuesday, but it has been struggling with drops in crude oil price and difficulties extracting payments, according to Bloomberg.
