Sinochem pays US$3.07 billion for stake in Brazilian oil field
July 15, 2010 | BY
clpstaff &clp articlesPRC state-owned Sinochem Group has purchased a 40% share in a Brazilian oil field for US$3.07 billion cash from Statoil, a Norway-based oil and natural…
PRC state-owned Sinochem Group has purchased a 40% share in a Brazilian oil field for US$3.07 billion cash from Statoil, a Norway-based oil and natural gas company. The Peregrino oil field is located in the Campos basin offshore of Brazil.
The transaction is subject to government approvals in Brazil and China. If approved, the acquisition will become the PRC's largest investment in the South American country. Representing Sinochem as both US and PRC counsel was a Baker Botts team led by partner Zhang Libin. Vinson & Elkins advised Statoil on UK and US law.
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