Fosun International-backed Hainan Mining and Roc Oil completed the acquisition of Chinese natural gas assets of EOG Resources for $140m.

Fosun International-backed Hainan Mining, a China-based company principally engaged in the mining, mineral processing and sales of iron ores, and Roc Oil, an international petroleum company, completed the acquisition of Chinese natural gas assets of EOG Resources, a US oil and gas developer, for $140m. Although no reasons were given for the sale, the price of oil and gas has plummeted in the last year due to the Covid-19 pandemic. Houston-based EOG, which has run the Sichuan province gas field since 2008, posted losses of $604.6m last year on revenue of $11bn.