Sinopec creates $18 billion JV with Repsol

Sinopec invests $7.1 billion in the Brazilian upstream oil subsidiary of Spanish oil company Repsol.

China Petrochemical Corporation Sinopec has agreed to invest $7.1 billion in the upstream Brazil subsidiary of Spanish oil company Repsol.

Repsol is one of the largest independent upstream operators in Brazil and was the country’s third-largest oil producer in 2009. It is the largest foreign owner of exploratory blocks in Brazil. Analysts commented that part of the value in Repsol Brazil lies in its offshore subsalt area where oil is found in very deep water thus development is costly.

Repsol Brazil is currently wholly owned by Repsol. Sinopec will be issued new shares in Repsol Brazil so that it will finally have a shareholding of 40%. The pre-money valuation agreed between Sinopec and...

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