| Sinochem Group said at the weekend it will pay US$3.07 billion for 40 percent of an oil field offshore Brazil.
Norway-based Statoil ASA will own 60 percent of the Peregrino field, 85 kilometers offshore Brazil in the Campos basin. The project is set to start production in early 2011.
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| A Statoil semi-submersible oil platform off the coast of Rio |
The deal is Sinochem's largest overseas takeover so far, China's fourth-largest oil company and the biggest chemicals trader said in a statement on its Website.
"The project will significantly expand the company's oil exploration business and consolidate the company's position as a global leader in the petrochemical industry," said Han Gensheng, president of Sinochem Corp.
The transaction awaits government approval in Chian and Brazil. |
