Australian law reportedly states that all acquisitions in the country, including land and companies, made by foreign governments or their agencies will have to be approved by the Foreign Investment Review Board.
Sinopec reportedly agreed to buy a 60% stake in the company’s oil fields for A$600 million in March 2008. The two companies are also likely to announce a joint venture that will help them tap other business opportunities in the region. AED had reportedly put up its assets for sale due to falling production and unpaid debt.
AED is pleased to announce that it has been advised by Sinopec that the application to the Foreign Investment Review Board has been approved, Reuters quoted AED as saying in a statement.
