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Kuwait Foreign Petroleum buys BP's stake in Chinese gas field

Kuwait Foreign Petroleum Exploration Co (KUFPEC) has acquired the 34.3% stake held by British oil major BP in the Yacheng gas field in the South China Sea to for $308m in cash, Reuters has reported. Commercial production at Yacheng started in 1996. BP operated the field until January 1, 2004, when it handed over operations to project partner CNOOC . The company expects the deal to close in the second half of 2013.