View of the headquarters building of Fosun Group in Shanghai, China, Feb 20,?2014.?[Photo/IC]

Chinese conglomerate Fosun International's wholly owned subsidiary Transcendent Resources has closed acquisition of Australia's leading independent upstream oil and gas company Roc Oil Co Ltd with 2.36 billion yuan ($385million).

The takeover of Sydney-listed Roc Oil will entitle Fosun 92.6 percent of its shares, and oil assets in Australia, Malaysia and the UK's North Sea. Chinese production account for 72 percent of Roc Oil's total output.

Roc Oil produced 7,263 barrels of oil equivalent per day on average, with annual revenues of $250 million and gross profit of $96 million last year.

As a?Hong Kong-listed Chinese private company, Fosun's business involves real estate development, mining, pharmaceutical and retail. This is the first time that Fosun is attempting to develop business in overseas energy sector.

The company is willing to enter Chinese and global oil and gas market in a bid to raise its capability in oil and gas field management, as well as its investment ability. The company's management team will closely oversee this business after the deal, and continue to expand its footprint in domestic market.

Guo Guangchang, chief executive of Fosun International, said Fosun will optimize its expertise in industrial operation, and integrate its upstream oil production resources with the whole energy production chain, to help Roc Oil to maximize its effect in the whole value chain.

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