Hydrocarbon Processing Copying and distributing are prohibited without permission of the publisher
Email a friend
  • Please enter a maximum of 5 recipients. Use ; to separate more than one email address.



Sinopec confirms deal with Galp Energia to buy 30% of Brazil assets

11.11.2011  | 

China Petrochemical Corp. said Friday that it has signed an agreement to buy a 30% stake in the Brazilian unit of Portuguese oil company Galp Energia SA for $3.54 billion. Galp's assets in Brazil include four deep-water blocks in the Santos Basin, it said.

Keywords:

By WAYNE MA

China Petrochemical Corp. said Friday that it has signed an agreement to buy a 30% stake in the Brazilian unit of Portuguese oil company Galp Energia SA for $3.54 billion.

The transaction, which requires approval from the Chinese government, would allow state-owned Sinopec Group to obtain 21,300 bpd of oil equivalent of equity output in 2015, Sinopec said in a statement.

Under the agreement, subsidiary Sinopec International Exploration & Production Corp. will subscribe new shares to be issued by Galp, it said.

"Taking into consideration this investment and projected future capital expenditure, the total cash payout amounts to approximately $5.18 billion at closing."

Galp's assets in Brazil include four deep-water blocks in the Santos Basin, it said.

"It is expected that Sinopec will obtain 21,300 barrels of oil equivalent a day of equity output in 2015, reaching peak output in 2024 at 112,500 barrels oil equivalent a day," it said.


Dow Jones Newswires



Have your say
  • All comments are subject to editorial review.
    All fields are compulsory.

Related articles

FEATURED EVENT

GasPro North America

Sign-up for the Free Daily HP Enewsletter!

Boxscore Database

A searchable database of project activity in the global hydrocarbon processing industry

Poll

Should the US allow exports of crude oil? (At present, US companies can export refined products derived from crude but not the raw crude itself.)


67%

33%




View previous results

Popular Searches

Please read our Term and Conditions and Privacy Policy before using the site. All material subject to strictly enforced copyright laws.
© 2014 Hydrocarbon Processing. © 2014 Gulf Publishing Company.