P.M. BRIEFING : Taiwanese Buy Chunk of Houston
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HOUSTON — Oilman Roy M. Huffington has agreed to sell his Houston real estate and extensive Indonesian natural gas interests to an affiliate of Chinese Petroleum Corp., Taiwan’s national oil and gas company.
The deal is estimated to be worth at least $600 million and perhaps as much as $1 billion or more to the Houston-based Huffington Corp.
The agreement includes the equivalent of 11 city blocks in downtown Houston, 419 acres of undeveloped land next to Houston’s Intercontinental Airport and Huffington’s Indonesia petroleum interests that formed its financial backbone, officials said.
Chinese Petroleum Corp., through its 10-year-old Houston-based affiliate Opicoil America Inc., Monday signed a cash stock purchase agreement that includes Roy M. Huffington Inc. (Huffco) and the Abercrombie Co., Huffington’s real estate operation, officials said.
The 72-year-old oilman, who founded Huffington Corp. in 1958, announced in November that he planned to sell out and step down because of his age and his desire to sell to a bigger energy firm that would offer career advancement for the company’s employees, including 137 in Houston.
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