An oil company announced a $3 billion deal to sell its oil futures business to a Chinese oil trader.
The deal, announced on Wednesday by China Oil Trading Corporation, or COVID-19, is the largest oil deal ever struck between China and an outside investor.
The oil company said the deal was part of its “aggressive” strategy to diversify the company’s portfolio of assets and cut costs.
“We are delighted to be working with the COVID group to strengthen COVID transmission,” said COVID Co-Founder and CEO Andrew Pincus.
“The combination of our expertise and the unique assets of COVID is a powerful combination that will enable us to achieve our long-term business goals.
The deal is an important step in our strategy to drive efficiency and lower costs for our customers and to provide a viable option for our global network of traders.”
The sale of the company is expected to close on July 20.COVID-18, which is sweeping through Asia, is caused by a coronavirus virus that has affected the global population.
The virus has killed more than 2.7 million people in Asia and the Pacific region, according to the WHO.
The virus has been spread through contaminated food and water and has been linked to several deaths in China.
The price of oil and other commodities has also skyrocketed, which has forced oil companies to cut costs and lay off thousands of workers.