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Anadarko selling China subsidiary for $1.08B

Anadarko Petroleum selling its Chinese unit to China's Brightoil Petroleum for $1.08 billion

Associated Press

HOUSTON (AP) -- Oil and gas company Anadarko Petroleum Corp. is selling its Chinese subsidiary for about $1.08 billion as it focuses more in North America.

Chinese energy company Brightoil Petroleum (Holdings) Ltd. is buying the unit, which owns Anadarko's stake in the Bohai Bay field off the coast of China.

Anadarko is shedding some international assets. It said last year that it was selling part of its stake in a property off of Mozambique for $2.64 billion.

But Anadarko has expanded its ownership in the Gulf of Mexico and boosted its U.S. capacity.

The Woodlands, Texas-based Anadarko said late Monday that the China sale is expected to close this year.

Shares rose 52 cents to $82.06 in morning trading.