Beijing (CNS) - Sinopec International Petroleum Exploration and Production Corporation, a wholly-owned subsidiary of Sinopec Group, reached an agreement with fuel and oil firm Galp Energia SA (GALP.LB) of Portugal to acquire a 30 percent stake in its Brazilian unit for $3.54 billion on November 11.
The investment is projected to pay approximately $5.18 billion, said Sinopec in a statement. The transaction is still awaiting approval by the Chinese government.
Sinopec, China's second-largest refiner, embraced 303.27 million barrels of oil equivalent (BOE) in the first three quarters of this year, a 0.8% increase, and is expected to receive 21,300 BOE per day in 2015, reaching a peak of 112,500 BOE per day in 2024, according to the statement.
