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Frac Tech / FTS Signs China JV with Sinopec; Loses Market Share In US
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FTS International is reporting that they have entered into a 15-year joint venture agreement with the Sinopec Group (Sinopec). This joint venture collaboration is the culmination of a multi-year effort by both companies to bring FTSI’s hydraulic stimulation capabilities and expertise to China. Upon incorporation in China, the joint venture company, SinoFTS Petroleum Services Ltd.
(SinoFTS), will be owned 55% by Sinopec and 45% by FTSI. SinoFTS is the first oilfield services collaboration of its kind between a non-Chinese well completion company and a Chinese national oil company. SinoFTS will serve both Sinopec and other exploration and production companies throughout China.
As Sinopec leads the development of China’s unconventional oil and gas resources, estimated as the world’s largest…
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