Sinopec Group (SHI), China’s second-largest oil and gas producer, will invest $7.1 billion in Repsol’s (REP) Brazilian unit.
Sinopec will buy new shares in the Spanish company’s Brazilian unit, giving the Chinese company a 40% stake, Bloomberg News said.
Repsol holds stakes in Brazil’s Santos, Campos and Espirito Santo basins, and plans to invest as much as $14 billion by the end of 2019.
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China’s Sinopec to Invest $7.1 Billion in Repsol Brazil originally appeared on DailyFinance on Fri, 01 Oct 2010 07:27:00.
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