Sinopec buys 60 pct stake in Australian oil fields

Australia's AED Oil said Thursday it had sold a 60 percent stake in its Timor Sea oil fields to Sinopec, the second-largest crude producer in energy-hungry China.

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AED chairman David Dix said that under the 561 million dollar deal, AED and Sinopec would form a joint venture company to develop assets including the Puffin and Talbot fields in the Timor Sea.

AED estimates its Timor Sea oil reserves at 100 million barrels.

Australia is a key provider of the raw materials that China needs to fuel its booming economy, but until recently Chinese companies have invested little in the country.