Occidental Petroleum to sell Argentina assets to Chinese firm for $2.45 billion

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Westwood-based Occidental Petroleum Corp. has agreed to sell its oil and gas assets in Argentina to China Petrochemical Corp., parent of Sinopec Corp., for $2.45 billion, the Chinese company said in a news release.

Occidental holds interest in 23 production and exploration sites in Argentina, the release said. The concessions held proven reserves of 393 million barrels of oil equivalent, according to the release.

Officials at Occidental were not immediately available for comment.

-- Stuart Pfeifer