aed sinopec joint venture...60pct sinopec, page-9

Prima facie, you'll be lucky to retain current prices but Macquarie have done exceptionally well under the current circumstances.

Key highlights of the transaction:
* The joint venture proportions will be 60pc SIPC, 40pc AED.
* SIPC will be the operator of the joint venture.
* The transaction values the assets at about $A1bn.
* The effective date, for economic purposes, of commencement of the joint venture will be March 31 2008.
* The transaction is subject to third-party consents including Government of the People's Republic of China, FIRB and NT Government.

"AED will utilise the funds received from the transaction to retire debt, settle its creditors and fund its joint venture interest and development opportunities."