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China buys deep into Tullow, bringing stake to over €230m
CHINA has been quietly buying up shares in Aidan Heavey's Tullow Oil in recent weeks. Since the start of June, China's sovereign wealth fund has increased its stake in the Irish oil firm and now holds shares worth €230m.
The Chinese state company, which also owns major stakes in BP, Total and other big resources firms, owns a near 1.5 per cent stake in Tullow, following its most recent purchase of 520,000 shares in June. It paid nearly €8m. Tullow declined to comment.
Tullow, which was transformed from a sleepy North Sea oil explorer into the biggest single holder of African oil acreage, has close ties with the Chinese National Offshore Oil Company CNOOC. Last February, Heavey sold a one-third stake in Tullow's bumper Ugandan oilfield to the Chinese.
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