Sinochem To Snap Up Stake In Statoil Field For $3B

Law360, New York (May 21, 2010, 12:42 PM EDT) -- China's state-owned Sinochem Group has agreed to pay $3.07 billion to acquire a 40 percent stake in a Statoil ASA oil field off the coast of Brazil in an all-cash deal.

The deal announced Friday, which is still subject to government approvals in both Brazil and China, is yet another signal of China's continued interest in acquiring energy assets around the world to support its growing economy.

Norway-based Statoil said that the deal would not change its own commitment to complete development of the Peregrino offshore...
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